Baby boomers' retirement has 'dire' consequences
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Industry groups are warning of dire consequences unless the Federal Government adopts a population policy by 2013.
The Australian Chamber of Commerce and Industry has decided to lead the way in developing a policy to cope with the mass exodus from the work force as baby boomers retire.
The Victorian Employers Chambers of Commerce and Industry's Andrew Rimington says there will be a 20 per cent drop in aged workers by 2020.
He says current fertility and migration rates will not make up the loss.
"The impacts of a shrinking available work force will be a negative impact on industry and productivity, lower participation rates, it will impact on our gross domestic product and standards of living," he said.
Mr Rimington says the government must act quickly to ward off a significant drop in productivity post-2030.
"Presently, per year the workforce grows by about 180,000 people and within just a 12-year period for the whole decade of 2020 to 2030 that will drop to 18,000 per year and that gives a proportion of the problem that we face."
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