Forty years from now, an extra 13.8 million people will call Australia home, Intergenerational Report says

The number of Australians aged 85 and over is set to more than triple in the next 40 years as the country's population swells to 40.5 million – about 13.8 million more than the current population. Key points: The full intergenerational report will be released by Treasurer Jim Chalmers on Thursday Australia's population growth will slow to 1.1 per cent in 40 years Low fertility and increased life expectancy will age the population But according to new data from the 2023 Intergenerational Report, set to be released in full on Thursday, Australia's population will grow at a slower rate in the next four decades, than any other 40-year period since federation. The report will reveal the growth of Australia's population will slow to 1.1 per cent over the next 40 years, compared to 1.4 per cent over the past 40 years, with the level of net overseas migration assumed to remain fixed at 235,000 people. Care economy boom The report outlines that over the next 40 years, Australia's population will also age, with low fertility and increased life expectancies, two contributing factors. With Australia's population ageing, Treasurer Jim Chalmers, who will release the report on Thursday, said the growth in the care economy would be "one of the most prominent shifts in our society over the next 40 years."