Small enterprises are increasingly likely to be sold or folded with the owners’ offspring showing less interest in taking over the reins. It’s a dire situation compounded by many failing to have a retirement strategy.
Many investors chaff at the notion of sitting on “idle dough”; there’s a strong temptation to “do something”. But being liquid – and patient – proffers the opportunity to make the right investment decision at the right time.
Baby Boomers fall on the wrong side of the election divide
In all the federal election wash-up, what has been largely overlooked was the potential impact of the declining influence of the Baby Boomer vote. For the first time, those born between 1946 and 1964 were outnumbered by Gen X (1965-80) and Millennials (1980-95) in every state and territory – and the consequences for seniors could be far-reaching.
For if the political analysts have got it right and Labor is set for at least two terms in office, it will have done so without significant support from senior Australia, the only cohort to support the Opposition at the ballot box on May 3, with analysis showing that 85 per cent of the Coalition’s seats have a higher share of Baby Boomers and the Silent Generation (1928-45).
By contrast, Labor drew its support from the younger generations, particularly women, migrants and those who are tertiary educated. For the hardheads in Labor, the message is crystal clear – it’s these voters who will demand its policy focus. Seniors’ lobbying organisations won’t be locked out of Canberra, but they might find it hard to get a sympathetic ear, especially if it involves dollars and cents.
What will compound the situation is the fact Baby Boomers (at least in the eyes of the younger generations) have had an easy ride – especially on the highly contentious issue of housing – and that the pool of federal parliamentarians who are Baby Boomers is shrinking. [At 63, Prime Minister Anthony Albanese just scapes in as a Boomer.] The fact much of their wealth will pass on to the younger generations is often conveniently forgotten.
None of this is to deny that seniors’ organisations have valid policy objectives that should get Canberra’s attention. As Chris Grice, chief executive officer of the National Seniors Association (NSA), wryly points out, the younger generations will eventually join the ranks of the seniors. And for older Gen Xers, that will be sooner rather than later.
Ageing Australia, highlighting the Aged Care Act – one of the few policy areas where the Opposition and Labor achieved consensus in the last Parliament – is hopeful this reform agenda can continue in the Government’s second term
“We all want these reforms to succeed but the current timelines are so tight they border on the impossible,” says Ageing Australia chief executive officer Tom Symondson. “For the sake of older Australians, we need to get this right. Without more time we risk confusion for older people and providers alike.
“We have the chance to build an aged care sector that all Australians can be proud of, but we need a measured approach to reforms of such magnitude and that means more time to get them right. Failure is not an option. The last thing we want to see is an older person receiving a lower level of care on July 1, just because we rushed reforms. The runway is getting shorter by the day.”
For the advocacy organisation COTA Australia, the key issues are affordable dental care, rental and income support, cost-of-living relief, action on ageism and housing options for older women at risk of homelessness.
Patricia Sparrow, COTA Australia’s chief executive officer, says: “We look forward to working with the Government and Parliament to deliver on these issues, and to ensure that new commitments – such as the growing focus on productivity – reflect the needs and contributions of older Australians. Addressing these challenges is not just about supporting older people; it’s about building a fairer, stronger future for every generation.”
NSA’s wish list is not that much different – cost-of-living pressures; global market volatility; stability and certainty of retirement income; rising health costs; insecure and unaffordable housing; and delays in accessing high quality aged care.
“The issues facing older people are not behind us and will continue to be felt by current and future generations unless the government acts in a timely and appropriate manner to refine its policies,” Grice tells The Golden Times.
“Over the next 40 years, the number of Australians aged 65 and older will more than double and the number aged 85 and older and will more than triple. We must work now to get Australia’s policy settings right.”
These organisations are right; these policies are important – and not just for today’s seniors. But those hopeful of getting the Government’s attention should reflect on the issue of dental care. Despite overwhelming evidence that an oral health package for seniors would be fiscally positive in the longer term, it’s proving harder to extract from Canberra than a wisdom tooth. For senior organisations – and their memberships – it could be a long three years.
