the Intergenerational Report highlights need for more housing
The Intergenerational Report comes out once every five years, and looks ahead to how Australia is set to change in the lifetime of the current generation. This year's edition reveals an Australian population that is both ageing and growing. In itself, this is not an issue, but without adequate new home building for this expanding populace, the country could find itself in dire straits.
The report projects that in 2054-55 there will be around 40,000 people who have celebrated their 100th birthday. This is 300 times the amount of centenarians there were in the country just forty years ago. With advances in health care and better living conditions, Australians can expect to live longer, healthier lives. In fact, the report suggests that Australians will enjoy some of the longest life expectancies in the world.
This raises a concern for the housing of this ageing generation - where will they fit in the Australian landscape going forward? For many the solution may be found in an increased tendency towards intergenerational housing solutions - such as mypods and other arrangements, that can see two or even three generations living comfortably on one property.
Other areas that are destined to increase the Australian population are a healthy fertility rate, which is expected to remain at around 1.9 children per woman, and immigration. All of these factors taken together point to a 1.3 per cent annual population growth.
"Australia will need more than 9 million new homes to meet the needs of the population projected in the Intergenerational report released today," said Wilhelm Harnisch, CEO of Master Builders Australia, in a March 5 statement.
With figures like these, it's easy to see the importance of the home building sector, not only to the Australian economy, but also to our future way of life.