>Between 1996 and 2016, the proportion of Australia's population aged 15-64 years remained fairly stable, decreasing from 66.6% to 65.9% of the total population. During the same period, the proportion of people aged 65 years and over increased from 12.0% to 15.3% and the proportion of people aged 85 years and over almost doubled from 1.1% of the total population in 1996 to 2.0% in 2016. Conversely, the proportion aged under 15 years decreased from 21.4% to 18.8%.
If this is the first you've heard of the West and many Asian nation's pending Demographic Inversion, I suggest you do some research. China, Japan, most of the EU have serious issues ahead as a result of now going on three generations of birthrates below replacement level.
Baby boomers exiting the workforce, along with lower birth rates (and some increasing anti-immigrant sentiment that curtails the normal set of solutions) will lead to issues with healthcare affordability and end of life care. But these are issues that all Western countries are dealing with, and I have no reason to believe that Australia would be harder hit than many others due in part to the success of our mandatory saving schemes.
The success of the mandatory saving schemes will probably work for a while, but the current property crisis in Australia is going to put an end to that eventually. Give it another 30 or 40 years once the non-boomers that have been unable to buy a place to live (and have therefore being paying rent their whole lives and will continue to do so in retirement) and there will be an even worse crisis.
