Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Report Focuses on Economic Benefits of Ageing

Hon John Carter

Minister for Senior Citizens

2 May 2011

Media Statement

Report Focuses on Economic Benefits of Ageing

It is time to look at the economic benefits of ageing baby boomers rather than just the burdens, Senior Citizens Minister John Carter said today.

Launching the Ministry of Social Development report The Business of Ageing, Realising the economic potential of older people in New Zealand: 2011-2051, Mr Carter said valuing the skills, knowledge and economic power of older people would benefit New Zealand’s economic competitiveness in the next 40 years.

“There is a growing realisation of the economic potential of older people and this report is a discussion-starter that presents new research on the subject,” Mr Carter said.

It looks at enabling older people to remain active in the workforce and tapping into the growing consumer market an ageing population presents.

“We need to think outside the square to maximise the opportunities that come with an ageing population that is like no other before it. This report poses some exciting possibilities,” Mr Carter said.

“In January this year, the first of New Zealand’s baby boomers (born between 1946 and 1964) reached 65 years of age.

“In less than 20 years, one million people in New Zealand will be over the age of 65, compared to about 560,000 today. And in 40 years, one in four people will be aged over 65, compared to one in eight today.

“People over 65 are predicted to be our only growth market in terms of demography. They will become one of the most significant consumer markets in New Zealand. They will have their own needs and preferences that are quite different from earlier generations of older people, and also quite different from younger people.

“Baby boomers will be healthier, better educated and have more spending power than any other generation reaching 65 in New Zealand’s history.

“They want to stay active and keep working. Flexible work options could drive job growth and help us respond to projected skill and labour shortages.

“Government cannot work in isolation to develop priorities for older people, so buy-in from the business sector, employers and people of all ages is essential to capture the possibilities this report outlines.

“I hope the report broadens the discussion about our ageing population to something more than the sustainability of a pension system and the perceived economic burden of the aged. The flip-side of that coin is the opportunities of a largely fit, active and economically powerful demographic.”

The report can be found at:

www.msd.govt.nz/about-msd-and-our-work/publications-resources/research/business-of-ageing/index.html

Key facts

The research models three scenarios over the next 40 years to show the contribution to the economy those aged 65 and over are expected to make:

• more older people will participate in the workforce - by 2051, older people could account for one in 10 New Zealand workers

• the economic value of older people’s paid and voluntary work will increase - their earnings from employment could rise from just over $1 billion to about $10 billion

• older people’s contribution to tax revenue will increase - from about $200 million today to about $1.8 billion

• older people will spend more - from about $11 billion now to more than $45 billion.

John Carter's speech is attached: http://img.scoop.co.nz/media/pdfs/1105/John Carter Speech.pdf

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On How The US Supreme Court Is Undermining American Democracy

If Joe Biden is elected President next week, here comes the bad news. If Biden tries to defend Obamacare, combat climate change (via say, a variant of the Green New Deal) or tries to improve the access of US women to abortion services , he will run afoul of a Supreme Court dominated by judges likely to rule that such matters must be left to the states like Missouri and Alabama to manage as they see fit. Meaning: Even if Biden had a radical agenda, this would be unlikely to survive the current bench on the Supreme Court... More>>

 

Gordon Campbell: On National Being Shafted By Its Own Creation

As it licks its wounds, let’s hope the National Party can still find time to look back with some pride at what it has achieved in Epsom. The Act Party’s nationwide success on Saturday night has been a tribute to National’s foresight, and to its ... More>>

ALSO:

Green Party: 'Fruitful Discussions ... Further Discussions To Have'

The Green Party says there is a negotiation going on with the Labour Party, but there are more discussions to be had. More>>

ALSO:


Border: No Changes To Border Exemptions After Fishing Crew Test Covid-19 Positive

The cases were detected after routine day three testing but the immigration minister and air commodore agree there's no need to change border exemptions. More>>

PSA: Labour-Led Government Has Mandate For Transformation, Equality And Transparency

The Public Service Association welcomes the progressive electoral landslide New Zealand voters delivered on Saturday, and the union says its members look forward to implementing policies that reduce poverty and inequality, support affordable housing ... More>>

ALSO:


Election: ParityBOT_NZ Processed Nearly 200,000 Tweets To Find And Fight Online Abuse Over The NZ Election

Auckland, New Zealand: Of the almost 200,000 tweets directed at women candidates that Areto Labs’ proprietary election Twitter bot, ParityBOT_NZ, processed over the New Zealand election period, nearly 4,000 were classified as toxic and triggered ... More>>

Stats NZ: New Report Shows Significant Changes To New Zealand’s Climate

Climate change is already happening in New Zealand and could have a profound impact on future generations of New Zealanders, a new report from the Ministry for the Environment and Stats NZ says. Our atmosphere and climate 2020 , released today, includes analysis ... More>>

ALSO:

Judith Collins: Obese People Must Take Responsibility For 'personal Choices'

National Party leader Judith Collins has described obesity as a weakness and says people should not 'blame systems for personal choices'. More>>

Māori Party: Poll Reveals Tamihere On Cusp Of Historic Māori Movement Election Victory

John Tamihere’s election campaign is on the rise and on track to return the Māori Party to parliament, a new Māori TV poll has revealed. The poll released on 11 October during the seventh and final Māori TV Maori Electoral campaign coverage has Tamihere ... More>>


 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels