Hi. It’s Matt here. Welcome back to Easy Home Business Blog. What I wanted to talk about this week was the report that the Australian Government had just released, what they call the Intergenerational Report.
What they’re actually talking about is the future of Australia, how we would interact in the future, what it’s going to look like, the economy, population, all these types of things.
One of the things that they’re trying to do now is they’re trying to explain to people that they need to work longer as we age into the future because they know and they actually [inaudible 00:35] in to the fact that they do not have the money and the budget to fund people in retirement.
They’re trying to say that mature age people are going to have to work late into their 70s even, so that they can actually keep them off the pension and also productive in the workforce.
The thing they’re worried about is the fact that there won’t be enough younger people coming through the ranks right now to help the economy to be able to pay the taxes and to support the mature age people.
What they also said in this report was that they believe that technology is going to help with taking, what they say, is the heavy lifting of the economy.
The economy, it needs to grow about three percent a year to create enough jobs to support the population growth because we have people moving to this country every year, there’s population growth organically.
What they’re saying is the economy is not growing fast enough to create enough jobs. This is creating quite a dangerous ploy for the government to try and divvy up down the track.
Another thing that they’re not taking into account even though they say that they believe technology would take care of some of the heavy lifting to create more productivity in the market place. I think that they’re not quite getting it.
The reality is that 40 percent of all existing current jobs will not exist in 20 years time. That’s frightening when you think about the reality of people outsourcing their employees to other countries.
Most employers, if they have the ability to do that, are looking for ways to do it. We’re seeing big companies like Qantas, they’re all outsourcing, the big telcos are all outsourcing and also downsizing their work force.
If you combine that with the reality of the economy, it’s not growing enough to create jobs. We’re staring down the barrel of a proper problem when it comes to employment and unemployment in the future. What does this mean to you?
All this means is that you need to start thinking about how are you going to take care of your own future. How are you going to support yourself and quite possibly, how are you going to be supporting your family in the future as well.
The reality is, if there’s no pension, you could possibly be the one who has to be responsible for looking after your mature family.
What we need to do is start to think about, how do we create our own income? How do we look after ourselves and then our family? What are the ways we’re going to do that.
Of course, you need to have some sort of extra income over and above a job because jobs are insecure. Let’s face it, you’ve got one income coming in. If that goes, then the reality is there could be hardship for many people down the track.
Take action. Educate yourself. Think about how you can start to create an income from home or yourself, or create your own business because that’s where the future is for most people.
Hope this is helpful for you. Don’t let all the economy scare you. You just take action and take matters into your own hands. Bye for now.