Business Environment Profiles - Australia
Published: 16 May 2024
Population aged 50 and older
9505424 People
2.2 %
This report analyses the Australian population aged 50 and older, including all citizens and residents. A resident is someone that has been residing in, or plans to reside in, Australia for 12 months or more over a 16-month period. The data for this report is sourced from the Australian Bureau of Statistics and is measured in people residing in Australia at the end of each financial year.
We measure the upstream and downstream ramifications on thousands of industries so businesses can monitor their external operating environment. Explore membership options today.
Our industry reports include 35+ pages of data, analysis and charts, including:
You need a Membership for access
to this data.
You need a Membership for
access to this data.
IBISWorld expects the population aged 50 and older to increase by 2.4% during 2023-24, to reach 9,505,424 people. The size of this demographic is expected to continue growing during the year, due to continued advancements in healthcare and medical technology. The health consciousness index is also expected to continue its upward trend in 2023-24, signifying that Australians are increasingly looking after their health and wellbeing and living longer as a result.
The population aged 50 and older has grown strongly over the past five years. However, this growth is expected to be slower than the increases throughout the 2000s, when much of the baby boomer generation were reaching 50 years old. The baby boomer generation includes people that were born between 1946-47 and 1964-65, when birth rates increased substantially due to post-war government policies that actively promoted population growth.
Growth in the population aged 50 and older was strong in 2010-11. However, growth in this demographic slowed in subsequent years, after the youngest baby boomers turned 50 in 2013-14. Nevertheless, growth in the population aged 50 and over still exceeds the growth of the total population. The strong growth in this demographic is due to the ongoing effect of the baby boomer generation and increasing life expectancy. Overall, IBISWorld forecasts the population aged 50 and older to grow at a compound annual rate of 2.2% over the five years through 2023-24.
IBISWorld forecasts the population aged 50 and older to reach 9,718,896 people in 2024-25, which ...
Gain strategic insight and analysis on thousands of industries.