How is Australia changing?

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The 2006 census results have been published and show how the population of Australia is changing. Our population is growing and we are getting older. The typical family is changing but our income is increasing.

Here are some highlights between 2001 and 2006.

More people
Our population grew by about one million or 6% and there continues to be slightly more females than males. There were about 16,000 more babies born in 2006 than in 2001 but overall most of the growth has come from immigration. The number of Australian born residents fell slightly to be about 71% of the population with most migrants coming from UK, New Zealand, Italy, China and Vietnam.

A growing population means increased demand for housing, infrastructure and services which fuels growth in the economy, leading to more jobs and opportunities.

Getting older
The average Australian is now age 37, two years older than in 2001. Almost 25% of the population is aged over 55 - 700,000 more than in 2001. Older people are also living longer and it is estimated that by 2015, there will be 2.4 million people over age 85.

New and expanded services will be required to cater for the needs of an older population. Based on these figures it is easy to see why Governments want us to work longer and be more productive.

Families
There are 5.2 million families but the number of families with ‘Mum, Dad and the kids’ has fallen to just over 45%. The number of couples with no children has risen to 37% reflecting the number of younger couples putting of having children and ‘empty nesters’ whose kids have left home.

Government policies to reverse this trend have had some success with a mini baby boom in the last few years.

Wages and expenses
The buoyant economy has fed into wages with the average household income rising 24% over the five years from $40,664 to $53,404. On the other hand, rents rose 31% and mortgage repayments rose 50% over the same period.

Lower tax rates and higher Government benefits mean many people and families have more money than in 2001. Of course it is not just how much you receive but how you spend or save it that makes the difference in your financial well being.

Change can be threatening but also creates opportunities if you plan carefully. Call us to start putting your finances on a new path.

Source: Australian Bureau of Statistics 2006 Census

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Please contact our nearest office if you would like more information on this topic.

Bentleys Chartered Accountants and Business Advisors has offices in:

Australian capital cities Sydney, Melbourne, Brisbane, Adelaide, Perth, Canberra

Regional and suburban Dubbo, Gosford, Ipswich, Maroochydore, Newcastle, Tamworth

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