By Roger Maynard, Australia Correspondent
SYDNEY - AUSTRALIA is to target young, skilled, professional migrants to fill the gap in a rapidly ageing population caused by retiring baby boomers.
The latest policy initiative aims to avert a serious shortage of workers in Australia at a time when employees are retiring in greater numbers than ever before.
Immigration Minister Kevin Andrews admitted that the country's ageing population was creating major economic and social challenges for the country.
'Two things are happening,' he said.
'One is we are living longer, which is a great outcome. The other is that we have not been reproducing ourselves for about 40 years.
'The combination of these factors means year by year, the average age of the population grows older and that is compounded by a third factor - namely that the last great demographic shift in Australia was the baby boom from the end of the Second World War.'
The answer, he said, lay in attracting young, skilled professionals 'who will contribute to a cohesive society'.
Australian migration trends are already reflecting this new government policy.
Out of the 148,200 people granted permanent residence in the year 2006-7, almost 98,000 gained entry for their skills.
Most of them came from the United Kingdom, followed by India, China, South Africa and Malaysia.
The top occupation for skilled stream entrants was accountancy, followed by computer professionals and nurses.
Mr Andrews made no secret of the reasoning behind the government's thinking.
He said: 'Australia is competing for skilled workers with Europe, the US, Canada and New Zealand - we simply have to ensure that we build a productive nation where business can continue to thrive in the future.'
Like Singapore, Australia faces a pronounced ageing of its population for the foreseeable future.
By the year 2044, a quarter of Australians will be over the age of 65, about double the present level.
One recent government report calculated that the current population trend could have serious economic and fiscal consequences, pointing to the increased cost of health care and the impact of lower productivity.
Only an increase in net migration and fertility could address the problem, the Productivity Commission concluded.
Commenting on the findings at the time, the commission's chairman Gary Banks said: 'The ageing of our population is a long-term phenomenon, but its effects will be felt sooner than many imagine.
'The action of governments today will determine how well Australia copes with ageing pressures in the future.'
Like Singapore, Australia wants to encourage older people to stay at work longer.
New superannuation laws now make it much more financially attractive for employees of a mature age to remain in the workforce and ease their way into retirement.
Under recently introduced legislation, salaries can be pumped into a pension fund and withdrawn tax-free, providing a strong financial incentive for men and women to remain at work longer.
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Really? That makes this one of the best news i have heard so far.
Come to think of it, how often is news good news anyway?
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