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SA to adopt 'new thinking' to get share of $4 trillion aged bonanza

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South Australia needs to start thinking differently about its ageing population in order to take advantage of the financial opportunities they bring, Ageing Minister Zoe Bettison said today.

Speaking at a forum highlighting the mature economy, which is estimated to account for more than AU$4 trillion across the Asia Pacific, Bettison said SA should accommodate all ages.

“We not only want South Australia to be a great place for the young, we want it to be a great place to age,” she said.

“Today’s forum will highlight how the South Australian government is making the business of ageing everyone’s business and developing opportunities for the mature economy.

“This is not so much a change in business, but rather a change in business mindset.

“Government, industry and the tertiary education sector will discuss the opportunities arising from population ageing on a local, national and global scale.”

The forum is facilitated by Associate Professor John Spoehr, executive director, Australian Workplace Innovation and Social Research Centre, (WISeR) and is part of the Mature Economy – The Business of Ageing Project undertaken by WISeR, co-funded by Office for the Ageing and the Stretton Centre.

It will contribute to the project findings and inform strategic and policy recommendations for SA.

Spoehr, a leader in integrated economic, industry and urban research and practice, said better understanding was needed about how new businesses and jobs could be generated around a smart response to ageing.

“Older people’s expectations for health and wellbeing, meaningful recreation and lifelong learning are creating demands for age-friendly communities, housing and technology.” he said.

“Across the Asia Pacific region, baby boomers will account for a US$3 trillion in household savings by 2017. And this market phenomenon is happening both globally and locally.

“Industries such as healthcare, housing, wellness, technology, transportation, tourism, education and finance will benefit from this growing market.”

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