The Treasurer's Intergenerational Report: Remarks from a Maturing and Wellbeing Viewpoint Hal Kendig Personnel of Wellbe.


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The Treasurer's Intergenerational Report: Remarks from a Maturing and Wellbeing Viewpoint Hal Kendig Personnel of Wellbeing Sciences College of Sydney (H.Kendig@usyd.edu.au Outline 1. Relevant Remarks on the IGR 2. New lodging measurements 3. Maturing and Efficiency (quickly)
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The Treasurer’s Intergenerational Report: Comments from an Aging and Health Perspective Hal Kendig Faculty of Health Sciences University of Sydney (H.Kendig@usyd.edu.au

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Overview 1. Logical Comments on the IGR 2. New lodging measurements 3. Maturing and Productivity (quickly) 4. Maturing and Health Issues 5. Research Directions 6. Maturing Advocates

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1a Contextual Observations The estimation of straightforward long haul arranging Long term projections, transient financial objectives, and future vulnerabilities The rising genuine ways of life (1.75% anticipated) Older People and Aging Populations

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1b Babyboomers The significance of Cohorts The child\'s measure blast companion Ongoing Attitudes and desires Mid-life amassing of assets The Periods of history in which new associates will be developing more established Relative work deficiencies ahead More age-accommodating states of mind?

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1c Some components of Babyboomers people in general myths appeared differently in relation to their assorted qualities (particularly by social class) Relatively better off monetarily yet few have enough retirement investment funds separated from their homes (dread) Relatively better instructed and more ladies have had vocations Problematic and blended wellbeing directions more versatile, less kids, less wedded Likely desire holes

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1d Incomes: International Comparison of Relative Aged Incomes (66-75 yrs as a % of general mean; around 2000) – from Peter Saunders SPRC UNSW “The pay gap”

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1e Mean Equivalised Disposable Incomes by Age, 2003-04 – Saunders SPRC

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1f Electoral Politics: The Electorate (age 65+ as a % of age 18+) – from Peter Saunders SPRC

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2a The IGR and the Missing Housing Chapter Yates, J., Kendig, H, Phillips, B., Milligan, V. what\'s more, Tanton, R. Maintaining decent amounts: The Australian System and intergenerational supportability Final Report for the Australian Housing and Urban Research Institute, Sydney, February 2008. A joint exertion by the University of Sydney and NATSEM at the University of Canberra

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2b Projected Population in Housing Stress

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2c Rates of lodging anxiety under diverse situations

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2d Housing and Future IGRs? Lodging as a feature of an IGR for Australia (going past financial matters for the Australian Government)?

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3. More seasoned People and Productivity Working Longer in accordance with living longer and work lack? Esteeming intentional commitments more than empowering others to work More from Deborah Schofield…

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4a Older People and Health Expenditure IGR anticipated increment on wellbeing consumption from 3.8 % of GDP in 2006-07 to 7.3 % in 2046-47 State Governments vital as well (wellbeing as 100% of NSW spending plan in 2030s?) And are more seasoned individuals under-served and over-faulted?

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4b Productivity Commission and Aging ‘ ‘While the potential monetary and financial outcomes are incredible, populace maturing does not right now speak to a crisis’ (Productivity Commission, 2005) Cost Projections (not expectations) By 2044-45 Age-Related Fiscal Gap of 7% of GDP Health use: 5.7 to 10.8% GDP -a third because of populace maturing -2/3rds rising interest and innovation Aged consideration consumption: .5% to 2% -essentially private consideration 1% yearly genuine pay development given unassuming profitability rises

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4c Productivity Commission (proceeding with) Demand and new advancements [not ageing] have added to greater part of expansion in wellbeing use in recent years [Productivity Commission 2005] ‘Improvements in the proficiency, viability, and efficiency of Australia’s wellbeing framework would improve the significant wellspring of financial weight at its origin’ Equity attentiveness toward helpless more seasoned individuals Productivity Commission 2005

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4d. Maturing and Older People are Central to Mainstream Health Hospital detachments per 1000 persons, by age, 1993-94 to 2001-02 Nationally and universally more established individuals are the real medicinal services clients Complex and endless analyses: cardio vascular, diabetes, pneumonia, bones, teeth, dementia, wooziness Productivity Commission 2005

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4e. Where to from here … ? Accord between State & Federal Governments ? (overcome accuse amusements) Investment in way of life and counteractive action , and in proceeded with backing for wellbeing post intense consideration Continued interest in intense consideration while contributing ‘up’ and ‘down’ stream Real interest in individual focused consideration ; eg UK master patient project (Beasley) Fighting Ageism in the wellbeing framework (Philps)

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5. Huge Picture Research Directions An Australian Health and Retirement Survey Understanding later life wellbeing directions and wellbeing and consideration administrations (connecting studies and office information)

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6 Aging Advocates Agendas The 2007 Election – Minimal Age Politics (McLucas versus Pine face off regarding) National Seniors Platform (and Peter Brady tomorrow) Commonwealth State Relations (and IGR) Financial Security (insurance and security nets) Health Care (Pharmaceuticals and Dental) Aging at Home (Care and social confinement) Residential Aged Care; Elder Abuse; Superannuation Raise the single annuity from 60 to 66% couple rate Grandparent Support; National Transport concessions Community Connection; Employment; Broadband; Environmental Legacies Employment Incentives COTA/Over 50s (Ian Yates later today)

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Some Further Reading A. Borowski, A,. Encel, S. furthermore, Ozanne, E. Life span and Social Change in Australia ,. Sydney: University of New South Wales Press, 2007. Hamilton, M. & Hamilton, C. (2006). People born after WW2 and retirement: Dreams, reasons for alarm and tensions . Examination paper number 89. September 2006. Sydney: The Australia Institute. Kendig, H., Gibson, D., Harding, A., Hugo, G., Richardson, S., Saunders, P. also, Telford, B. (2004) The maturing of Australian culture: Economic, financial, and societal ramifications. In Future summit 2004: Report of the first yearly future summit , Sydney, 18-24 Kendig, H., Fisher, J., and Yates, A. :The Aging Tsunami: Implications for Health Care Financing and Care Models’ paper introduced to Australia’s Aging Population Summit, Financial Review, Brisbane, August, 2007. Philp I 2007 A Recipe for Aged Care, Redesigning Healthcare for Older Australians, IQPC, 22-23 August 2007 Productivity Commission Research Report 24 March 2005 “Economic Implications of an Aging Australia Quine, S., Bernard, D. & Kendig, H. (2006). Comprehension child boomers’ desires and arrangements for their retirement: discoveries from a subjective study. Australasian Journal on Aging, 25(3), 145-150. Yates, J., Kendig, H, Phillips, B., Milligan, V. also, Tanton, R. Supporting decent amounts: The Australian System and intergenerational manageability Final Report for the Australian Housing and Urban R

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