Australia’s young people are here
Today (June 28) the Australian Bureau of Statistics (ABS) released detailed data from the 2021 Australian Census.
Immigration in Australia has been severely affected by the epidemic. In the fourth quarter of 2021, Australia's population growth rate was only 0.5%. Although it has rebounded from the bottom of growth, it is still sluggish.
But at the same time, young people in Australia are rising rapidly and are becoming the most important force driving social change in Australia.
So what do Australia’s population data reveal about Australia’s future growth trends? What challenges and opportunities will Australia’s demographic changes bring?
Let’s talk today.
Epoch-making significance
The 2021 Australian census is the first census since the outbreak, and the results of the census also have epoch-making significance.
ABS first used data to define what the most "average" Australian is: 30-39 years old, a couple with children, living near a major city, and an average weekly household income of 3,000 Australian dollars.
This is basically the same description as in 2016. But we can still see from the numbers that Australia is undergoing drastic changes.
The influx of immigrants
Australia's population is far more affected by immigration than natural growth.
We can also see from the growth composition of the Australian population that immigration contributes more to population growth than natural growth.
Since 1981, Australia’s fastest population growth period was precisely the period from 2004 to 2008, when immigration was most intense. The disruption of immigration during the epidemic has had a significant impact on Australia's population growth.
Accompanied by changes in supply and demand in the immigration market. India has surpassed China and New Zealand to become Australia's second largest source of overseas immigrants.
Before the outbreak, the number of immigrants to Australia was mainly controlled by the Australian government departments. After the outbreak, China's anti-epidemic policy will become the main reason affecting the growth rate of Chinese immigrants.
The rise of young people
Another major change in Australian society is that Australia is undergoing a violent intergenerational shift.
Compared with the results of 2016, the number of people with ancestors from Australia has exploded. This means a generation born in Australia is rising.
From the age structure, Millennials (born between 1981 and 1995) account for more than the baby boomers (born between 1946 and 1965) in the population for the first time, and they are rapidly becoming an integral part of Australian society. in the mainstream.
The growth of Australia's millennial population is mainly the result of the echoes of the baby boom and the wave of immigration.
Many people in the Millennial generation are the children of baby boomers . Because baby boomers have a large population, their children also have a large population, which is called the echo boom.
In the Australian immigration wave from 2004 to 2008, many families immigrated with their parents and children. A large number of Millennials entered Australia by immigrating with their parents.
As a result, Australia’s millennials are more diverse, come from different cultural backgrounds, and are more dynamic.
It is precisely because of the rapid rise of the millennial generation while the baby boomer still occupies the mainstream of society that Australian society has created huge demands for housing, education and infrastructure. As a result, these industries have experienced strong growth in the past.
However, as the baby boomers grow older, and the epidemic prevents new immigrants from replenishing their supply, some of the market demand that used to be hot has gradually decreased.
At the same time, new markets are gradually emerging, such as medical care and elderly care.
As the generational replacement in Australia further deepens, wealth will also be transferred between the new and old generations. According to estimates by the Australian Productivity Commission, the baby boom will transfer A$224 billion in assets by 2050.
Australia’s millennials will inevitably manage these assets in a revolutionary and younger way, creating a huge wealth management market.
Conclusion
Population is the most basic unit that constitutes an economy, and its structural changes will inevitably trigger huge changes in the economy and society. This change is fundamental, fundamental and unstoppable.
The Australian government needs to give more consideration to generational replacement in formulating reasonable population policies. Emerging industries that adapt to generational changes, industries that cater to the rise of Millennials and the aging of Baby Boomers are about to usher in new development opportunities.
