Releasing Australia’s fourth Intergenerational Report, Joe Hockey described it as the “social compact between generations”, which would help “identify where the future opportunities will be” and “unlock the immense potential of our future”. According to the Treasurer, these opportunities are to be found in Australia’s older population - a “grey army” to drive productivity and prosperity.
By 2055, however, the large majority of Baby Boomers who make up this “grey army” of workers will no longer be alive. The remaining Boomers who by then will be aged somewhere between 70 and 90 will be highly unlikely or unable to contribute to the labour market in a productive manner. Any suggested increases in the labour force participation amongst this group are of course on the condition that this generation is willing to (re)negotiate with the government to work beyond the long held idea of retirement at 65. A prospective that seems unlikely.