The Australian government is enticing couples to have more children, in a bid to balance aging of the nation's population. The demographic impact of the aging population has affected the economic growth of Australia.
An analysis conducted by many government agencies shows that the number of Australians in the age group of 65 or older will simply double by 2047; people aged 85 or above is slated to triple.
AdvertisementYet, there is no commensurate increase in the number of working people in Australia. This is thought to exert pressure on the nation's health, with rising health care costs.
The government has offered a bait to parents to add to their family- $4,000 will be offered to the parents of every of new born child. Workers are being inspired to seek extension of work beyond the retirement age of 65, and have offered various schemes to enhance productivity at the work place.
Australia is slowly recording progress in the birth rate,with an average of 1.8 children. But this is not enough. The required birth rate is 2.1 births per woman to compensate for the aging of the population.
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