Striking a new generational bargain
Many of our expectations about older age are changing. People are living much longer, and are acquiring much more wealth. The average Australian aged 65 now expects to live well into their mid-80’s and to be a millionaire. These are tremendous achievements. But according to Mark Butler’s new book,Advanced Australia: The Politics of Ageing, we need to rethink our attitudes to ageing. And as shown in Grattan Institute’s report, The Wealth of Generations,we can no longer rely on the generational bargain, under which each generation of working Australians supported retirees while still improving its own standing of living. In this Policy Pitch event at State Library Victoria, Mark Butler and Grattan CEO John Daley discussed the policy implications of an ageing population.