Episode Details

The pace of change has never been this fast, yet it will never be this slow again.

They were the words of Justin Trudeau at the World Economic Forum even before the significant changes we have been experiencing in the last couple of years due to Covid.

Moving forward a raft of demographic changes are going to fall into place to make Australia look very, very different in 10 years' time – in 2031.

And this was the basis of a major research paper – Australia towards 2031 - by leading demographer Mark McCrindle, who is my guest on today's show to discuss the demographic, consumer, and behavioural trends that will be shaping our nation over the next decade.

It will be critical to understand these changes as a property investor because demographics will drive our destiny; but today's show will also be useful if you're in business or planning your future career or life.

Wouldn't it be nice to know what the world will be like in 2031?

Looking Forward to 2031

Only occasionally in history do massive demographic changes combine with huge social shifts, ongoing generational transitions, and unprecedented technological innovation so that within the span of a decade society altogether alters. Australia is currently in the mist of one such transformation.

These are not my words, but the words of my guest today leading demographer and futurist Mark McCrindle who has recently published a new report Australia Towards 2031 to help us understand the demographic, consumer and behavioural trends shaping our nation.

Some of the major trends from Mark's report:

• We'll be larger than we are now, but:
  • Australia's population will be slightly smaller, and less culturally diverse than it otherwise would have been. The next decade with higher healthcare, aged care, pension and economic stimulus will see higher costs, low revenues and more government deficits and debts then pre-Covid forecasts
• The demographic impact of Covid has largely been a slowdown in population growth as a result of delayed migration, combined with a slight drop in the fertility rate due to economic uncertainty.
• However, the speed at which we add 10 million people has increased
• Our cities and our CBDs have a bright future.
  • While work from home has been fine, long-time we're going to be connecting in a workplace a couple of times a week
  • This means that CBDs will also be lifestyle cities that are busy beyond work hours
• The future of work is hybrid – a mix of working remotely and in the workplace. That will have an impact on where we want to live and the types of property we'd like to live in
• Neighbourhood has become more important than ever. People are seeing more value in community.
  • People have reprioritized, value relationships, want connection, and want to make an impact
• Many Australians are looking at moving out of the big smoke into regional Australia.
  • And this will be more doable with flexible working more of us working from home or working wall flexible arrangements.
• With Australians living longer and working later, the workforce is becoming increasingly generationally diverse.
• Not all Australians feel ready for retirement
• Boomers are the generation most likely to feel prepared
• There is a gender gap, with females feeling less prepared than makes to be financially ready for retirement
• However, Australians are generally optimistic about their financial future
• COVID has accelerated our move toward a cashless society.

Resources:

Michael Yardney

Mark McCrindle – McCrindle – Experts in Human Behaviour

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