Workforce Tomorrow - Adapting to a more diverse Australian labour market
A report, released on 24 November 2005 by the Hon Kevin Andrews MP, former Minister for Employment and Workplace Relations, shows that Australia faces a potential shortfall of 195,000 workers between 2004-05 and 2009-10 as a result of population ageing. That is, while employment is expected to continue to grow at a solid pace over these five years, it is likely to be substantially less than it could be if the age structure of the adult population were to have remained unchanged.
The effects of population ageing are projected to vary substantially across industries, occupations and regions over these five years, but most firms are likely to be adversely affected and will have to tailor their responses to their differing circumstances. The projections in the report were conducted by the Centre of Policy Studies at Monash University using the MONASH model of the Australian economy.