Shoalhaven Business Dinner

Ray White’s Jamie Gossage, David Thorpe and Shane Hilaire recently attended a business dinner, where Australia’s economic future was the prominent topic.

Former Reserve Bank of Australia Governor, Bernie Fraser, was the guest speaker at the Shoalhaven Business Chamber Dinner, and shared some remarkable insights including:

• In 1930, Australia had 7 ½ workers to every 1 retired;
• In 1990, Australia had 5 workers to every 1 retired;
• If that trend continues, we will have 2 ½ workers to every 1 retired in 40 years.

Australia’s growing aged population will affect our productivity as a country. There is also the issue of increasing medical costs associated with an ageing population, which will put further stress on the economy.

Mr Fraser also predicted that America and Europe are fading as super powers, and the emerging (or developing) countries, such as China and India will overtake them in coming years. The good news is that Australia’s relationship with these emerging countries is strong, and should therefore hold us in good stead.

Mr Fraser’s comments reinforce how important it is to financially prepare for the future, today.