The economic potential of older Australians.

The Advisory Panel on the Economic Potential of Senior Australians presented the final report to the Federal Government on 12 December 2011.  The panel’s series of three reports together identify the issues, barriers and possible solutions to realising the economic potential of senior Australians. After consulting across the country with every sector of the community (government, not-for-profit organisations, academics, peak representative bodies and individuals) the panel makes recommendations in its third report, "Realising the economic potential of senior Australians: turning grey into gold".

The Government established the Advisory Panel in March 2011 to identify and examine the economic and social opportunities presented by the growing community of older Australians. They looked at participation in its broadest perspective, to ask how Australia can best harness the life experiences and intellectual capital of senior Australians.

The Advisory Panel was chaired by Mr Everald Compton AM who was at the helm of National Seniors Australia for 35 years until the end of last year. The two other members of the Advisory Panel were Professor Gill Lewin and Professor Brian Howe AO.

The panel’s recommendations cover all eight terms of reference originally provided by the Government, covering the areas of  the National Broadband Network, the environment, age discrimination, workforce participation and learning, health, volunteering, housing, and planning.

Everald Compton, the Chair said: “to make the most of Australians’ achievement of living longer and healthier lives, individuals, organisations and the nation must anticipate, plan for and invest in this longer life.”

“We see housing as fundamental to enabling individuals to participate in society. Without secure, appropriate and affordable housing individuals face great difficulty engaging in daily life. The importance of the supply of affordable housing for older Australians is reflected in our final report along with a number of other strategies to position Australia now, and into the future”.

“Of particular importance will be the ability of seniors to stay in the workforce for a significant period after they reach the ‘traditional age for retirement’ and their ability to serve Australia as volunteers. We also want senior Australians to help turn Australia into a powerhouse of philanthropy”.

“As the ageing of the population will coincide with a revolution in technology, we will need a holistic, creative approach by governments to implement policies that facilitate the participation of older people in all aspects of the economy, community and society”.

Read more on the Seniors Housing Online News and Information page.