If you're over 65 years of age you have a 'slim chance' of this happening
A survey by people2people found that was despite a growing demand for skilled workers and a shrinking, younger workforce.
Younger Australians were also preparing themselves to be working longer due to cost-of-living pressures and wage growth stagnation, the survey found.
People2people head of HR solutions Suhini Wijayasinghe told ACM, the publisher of this masthead, that in her 15 years at the frontline of recruitment, ageism was still an ongoing issue.
"When we are putting a suitable candidate, they might have a wealth of experience, be consistent, reliable but there seems to be this stereotype that they won't be able to adapt, they won't want to adapt or potentially that they will want to be a leader and be perceived as a threat," she said.
Ms Wijayasinghe said this mindset was misguided because older candidates are typically the most pragmatic.
"They are realistic," she said. "They want the consistency of going to work, they don't necessarily seek to climb the ladder."
"Employers should know that older people might give workforces the stability and longevity they need.
"They also understand the pressures businesses face and how remuneration may be impacted."
Addressing ageism in the workforce was an economic imperative, she noted.
"Baby boomers are heading to retirement, and Gen X is at senior levels, getting closer to retirement," she said.
"We have to accept the fact that our mindset has to change because we simply don't have enough young people to replace the outgoing generation."
By 2066, it is projected that older people will make up between 21 per cent and 23 per cent of the total Australian population, the Australian Institute of Health and Welfare found.
Australia's birth rate is also dangerously low, at 1.5 babies for every Australian adult woman.
"Inaction on age inclusion isn't just unfair - it's economically unsustainable," said Ms Wijayasinghe.
She said Australia was facing a situation "where the workforce is about to fall off the face of a cliff".
Ms Wijayasinghe advised older workers to "play the game and understand what the bias is" when preparing for job interviews.
"They need to be preemptive and provide context to whoever the prospective employer is", she said.
This includes making their expectations clear that they see the job as a long-term opportunity, not a stepping stone to a more senior position, as well as having a realistic discussion around remuneration.
"They should also show openness about being willing to receive feedback from someone more junior to them and to learning new things to alleviate the sense of competition," she said.
She said an employer cannot legally ask a candidate their age but was usually able to deduce it from a candidate's resume.
A recruitment firm has found that most Australians in its survey believe employers rarely or never hire people near or past the age of retirement and those over 65 years of age are generally excluded from employment.
A survey by people2people found that was despite a growing demand for skilled workers and a shrinking, younger workforce.
Younger Australians were also preparing themselves to be working longer due to cost-of-living pressures and wage growth stagnation, the survey found.
People2people head of HR solutions Suhini Wijayasinghe told ACM, the publisher of this masthead, that in her 15 years at the frontline of recruitment, ageism was still an ongoing issue.
"When we are putting a suitable candidate, they might have a wealth of experience, be consistent, reliable but there seems to be this stereotype that they won't be able to adapt, they won't want to adapt or potentially that they will want to be a leader and be perceived as a threat," she said.
Ms Wijayasinghe said this mindset was misguided because older candidates are typically the most pragmatic.
"They are realistic," she said. "They want the consistency of going to work, they don't necessarily seek to climb the ladder."
"Employers should know that older people might give workforces the stability and longevity they need.
"They also understand the pressures businesses face and how remuneration may be impacted."
Addressing ageism in the workforce was an economic imperative, she noted.
"Baby boomers are heading to retirement, and Gen X is at senior levels, getting closer to retirement," she said.
"We have to accept the fact that our mindset has to change because we simply don't have enough young people to replace the outgoing generation."
By 2066, it is projected that older people will make up between 21 per cent and 23 per cent of the total Australian population, the Australian Institute of Health and Welfare found.
Australia's birth rate is also dangerously low, at 1.5 babies for every Australian adult woman.
"Inaction on age inclusion isn't just unfair - it's economically unsustainable," said Ms Wijayasinghe.
She said Australia was facing a situation "where the workforce is about to fall off the face of a cliff".
Ms Wijayasinghe advised older workers to "play the game and understand what the bias is" when preparing for job interviews.
"They need to be preemptive and provide context to whoever the prospective employer is", she said.
This includes making their expectations clear that they see the job as a long-term opportunity, not a stepping stone to a more senior position, as well as having a realistic discussion around remuneration.
"They should also show openness about being willing to receive feedback from someone more junior to them and to learning new things to alleviate the sense of competition," she said.
She said an employer cannot legally ask a candidate their age but was usually able to deduce it from a candidate's resume.
A recruitment firm has found that most Australians in its survey believe employers rarely or never hire people near or past the age of retirement and those over 65 years of age are generally excluded from employment.
A survey by people2people found that was despite a growing demand for skilled workers and a shrinking, younger workforce.
Younger Australians were also preparing themselves to be working longer due to cost-of-living pressures and wage growth stagnation, the survey found.
People2people head of HR solutions Suhini Wijayasinghe told ACM, the publisher of this masthead, that in her 15 years at the frontline of recruitment, ageism was still an ongoing issue.
"When we are putting a suitable candidate, they might have a wealth of experience, be consistent, reliable but there seems to be this stereotype that they won't be able to adapt, they won't want to adapt or potentially that they will want to be a leader and be perceived as a threat," she said.
Ms Wijayasinghe said this mindset was misguided because older candidates are typically the most pragmatic.
"They are realistic," she said. "They want the consistency of going to work, they don't necessarily seek to climb the ladder."
"Employers should know that older people might give workforces the stability and longevity they need.
"They also understand the pressures businesses face and how remuneration may be impacted."
Addressing ageism in the workforce was an economic imperative, she noted.
"Baby boomers are heading to retirement, and Gen X is at senior levels, getting closer to retirement," she said.
"We have to accept the fact that our mindset has to change because we simply don't have enough young people to replace the outgoing generation."
By 2066, it is projected that older people will make up between 21 per cent and 23 per cent of the total Australian population, the Australian Institute of Health and Welfare found.
Australia's birth rate is also dangerously low, at 1.5 babies for every Australian adult woman.
"Inaction on age inclusion isn't just unfair - it's economically unsustainable," said Ms Wijayasinghe.
She said Australia was facing a situation "where the workforce is about to fall off the face of a cliff".
Ms Wijayasinghe advised older workers to "play the game and understand what the bias is" when preparing for job interviews.
"They need to be preemptive and provide context to whoever the prospective employer is", she said.
This includes making their expectations clear that they see the job as a long-term opportunity, not a stepping stone to a more senior position, as well as having a realistic discussion around remuneration.
"They should also show openness about being willing to receive feedback from someone more junior to them and to learning new things to alleviate the sense of competition," she said.
She said an employer cannot legally ask a candidate their age but was usually able to deduce it from a candidate's resume.
A recruitment firm has found that most Australians in its survey believe employers rarely or never hire people near or past the age of retirement and those over 65 years of age are generally excluded from employment.
A survey by people2people found that was despite a growing demand for skilled workers and a shrinking, younger workforce.
Younger Australians were also preparing themselves to be working longer due to cost-of-living pressures and wage growth stagnation, the survey found.
People2people head of HR solutions Suhini Wijayasinghe told ACM, the publisher of this masthead, that in her 15 years at the frontline of recruitment, ageism was still an ongoing issue.
"When we are putting a suitable candidate, they might have a wealth of experience, be consistent, reliable but there seems to be this stereotype that they won't be able to adapt, they won't want to adapt or potentially that they will want to be a leader and be perceived as a threat," she said.
Ms Wijayasinghe said this mindset was misguided because older candidates are typically the most pragmatic.
"They are realistic," she said. "They want the consistency of going to work, they don't necessarily seek to climb the ladder."
"Employers should know that older people might give workforces the stability and longevity they need.
"They also understand the pressures businesses face and how remuneration may be impacted."
Addressing ageism in the workforce was an economic imperative, she noted.
"Baby boomers are heading to retirement, and Gen X is at senior levels, getting closer to retirement," she said.
"We have to accept the fact that our mindset has to change because we simply don't have enough young people to replace the outgoing generation."
By 2066, it is projected that older people will make up between 21 per cent and 23 per cent of the total Australian population, the Australian Institute of Health and Welfare found.
Australia's birth rate is also dangerously low, at 1.5 babies for every Australian adult woman.
"Inaction on age inclusion isn't just unfair - it's economically unsustainable," said Ms Wijayasinghe.
She said Australia was facing a situation "where the workforce is about to fall off the face of a cliff".
Ms Wijayasinghe advised older workers to "play the game and understand what the bias is" when preparing for job interviews.
"They need to be preemptive and provide context to whoever the prospective employer is", she said.
This includes making their expectations clear that they see the job as a long-term opportunity, not a stepping stone to a more senior position, as well as having a realistic discussion around remuneration.
"They should also show openness about being willing to receive feedback from someone more junior to them and to learning new things to alleviate the sense of competition," she said.
She said an employer cannot legally ask a candidate their age but was usually able to deduce it from a candidate's resume.
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The Advertiser
10 minutes ago
- The Advertiser
Aussie beef a hot commodity as US imports hit a high
US demand for Australian beef looks set to skyrocket as drought, disease and hefty tariffs hit other top cattle-producing countries. Australia exported more than 43,000 tonnes of beef to the United States in July, the highest volume since October 2024, according to a Bendigo Bank Agribusiness commodity report released on Tuesday. The extra demand came at the same time as the federal government announced it would allow imports of US beef that had been raised in Canada or Mexico but processed in America. Australia had faced pressure from President Donald Trump to ease the restrictions on beef as it sought exemptions from wide-ranging tariffs. As US herd numbers continued to dwindle due to drought in 2025, Americans have also been eating beef imported from Canada and Brazil. But with Brazil facing a 50 per cent tariff, Canada slipping further into drought and a US ban on Mexican beef due to a parasite infestation, America would have to source meat from elsewhere. Australian beef exports to the US would likely "skyrocket" as a result, according to the commodity report. "That is now three of (America's) top five import markets affected due to tariffs, a reduced herd or disease," it said. "This presents even greater opportunities for Aussie producers as the US looks to satisfy their own domestic demand with expected falling beef production." Australian cattle producers had anticipated that opening the gates to US-processed beef would have a limited effect on the domestic market. "The US is already importing bucket loads of beef from from Australia, so for it to come back the other way is unlikely," Craig Huf, a grazier and chair of the NSW Farmers Association far north coast branch, told AAP after the decision in July. "So, in the short term, we probably don't expect it to impact us." Cattle industry groups have called for an independent review into the government's decision to lift the US beef restrictions. "Australia has got some of the best biosecurity protocols in the world and the produce here is often bought because of its clean, green image," Mr Huf said. "So to jeopardise that is pretty risky, but here's hoping the science is right." The total export market has been "extraordinary" in 2025, with July the highest monthly export volume on record at just under 150,500 tonnes. For growers, widespread rainfall in July marked a turning point for winter crops across many states, the commodity report said. "After a late break and critically low soil moisture levels through June, the late July rainfall has given growers a renewed shot at achieving average yields or better," it said. "While it's come late, it arrived in time to stabilise crop potential, provided spring conditions remain favourable." US demand for Australian beef looks set to skyrocket as drought, disease and hefty tariffs hit other top cattle-producing countries. Australia exported more than 43,000 tonnes of beef to the United States in July, the highest volume since October 2024, according to a Bendigo Bank Agribusiness commodity report released on Tuesday. The extra demand came at the same time as the federal government announced it would allow imports of US beef that had been raised in Canada or Mexico but processed in America. Australia had faced pressure from President Donald Trump to ease the restrictions on beef as it sought exemptions from wide-ranging tariffs. As US herd numbers continued to dwindle due to drought in 2025, Americans have also been eating beef imported from Canada and Brazil. But with Brazil facing a 50 per cent tariff, Canada slipping further into drought and a US ban on Mexican beef due to a parasite infestation, America would have to source meat from elsewhere. Australian beef exports to the US would likely "skyrocket" as a result, according to the commodity report. "That is now three of (America's) top five import markets affected due to tariffs, a reduced herd or disease," it said. "This presents even greater opportunities for Aussie producers as the US looks to satisfy their own domestic demand with expected falling beef production." Australian cattle producers had anticipated that opening the gates to US-processed beef would have a limited effect on the domestic market. "The US is already importing bucket loads of beef from from Australia, so for it to come back the other way is unlikely," Craig Huf, a grazier and chair of the NSW Farmers Association far north coast branch, told AAP after the decision in July. "So, in the short term, we probably don't expect it to impact us." Cattle industry groups have called for an independent review into the government's decision to lift the US beef restrictions. "Australia has got some of the best biosecurity protocols in the world and the produce here is often bought because of its clean, green image," Mr Huf said. "So to jeopardise that is pretty risky, but here's hoping the science is right." The total export market has been "extraordinary" in 2025, with July the highest monthly export volume on record at just under 150,500 tonnes. For growers, widespread rainfall in July marked a turning point for winter crops across many states, the commodity report said. "After a late break and critically low soil moisture levels through June, the late July rainfall has given growers a renewed shot at achieving average yields or better," it said. "While it's come late, it arrived in time to stabilise crop potential, provided spring conditions remain favourable." US demand for Australian beef looks set to skyrocket as drought, disease and hefty tariffs hit other top cattle-producing countries. Australia exported more than 43,000 tonnes of beef to the United States in July, the highest volume since October 2024, according to a Bendigo Bank Agribusiness commodity report released on Tuesday. The extra demand came at the same time as the federal government announced it would allow imports of US beef that had been raised in Canada or Mexico but processed in America. Australia had faced pressure from President Donald Trump to ease the restrictions on beef as it sought exemptions from wide-ranging tariffs. As US herd numbers continued to dwindle due to drought in 2025, Americans have also been eating beef imported from Canada and Brazil. But with Brazil facing a 50 per cent tariff, Canada slipping further into drought and a US ban on Mexican beef due to a parasite infestation, America would have to source meat from elsewhere. Australian beef exports to the US would likely "skyrocket" as a result, according to the commodity report. "That is now three of (America's) top five import markets affected due to tariffs, a reduced herd or disease," it said. "This presents even greater opportunities for Aussie producers as the US looks to satisfy their own domestic demand with expected falling beef production." Australian cattle producers had anticipated that opening the gates to US-processed beef would have a limited effect on the domestic market. "The US is already importing bucket loads of beef from from Australia, so for it to come back the other way is unlikely," Craig Huf, a grazier and chair of the NSW Farmers Association far north coast branch, told AAP after the decision in July. "So, in the short term, we probably don't expect it to impact us." Cattle industry groups have called for an independent review into the government's decision to lift the US beef restrictions. "Australia has got some of the best biosecurity protocols in the world and the produce here is often bought because of its clean, green image," Mr Huf said. "So to jeopardise that is pretty risky, but here's hoping the science is right." The total export market has been "extraordinary" in 2025, with July the highest monthly export volume on record at just under 150,500 tonnes. For growers, widespread rainfall in July marked a turning point for winter crops across many states, the commodity report said. "After a late break and critically low soil moisture levels through June, the late July rainfall has given growers a renewed shot at achieving average yields or better," it said. "While it's come late, it arrived in time to stabilise crop potential, provided spring conditions remain favourable." US demand for Australian beef looks set to skyrocket as drought, disease and hefty tariffs hit other top cattle-producing countries. Australia exported more than 43,000 tonnes of beef to the United States in July, the highest volume since October 2024, according to a Bendigo Bank Agribusiness commodity report released on Tuesday. The extra demand came at the same time as the federal government announced it would allow imports of US beef that had been raised in Canada or Mexico but processed in America. Australia had faced pressure from President Donald Trump to ease the restrictions on beef as it sought exemptions from wide-ranging tariffs. As US herd numbers continued to dwindle due to drought in 2025, Americans have also been eating beef imported from Canada and Brazil. But with Brazil facing a 50 per cent tariff, Canada slipping further into drought and a US ban on Mexican beef due to a parasite infestation, America would have to source meat from elsewhere. Australian beef exports to the US would likely "skyrocket" as a result, according to the commodity report. "That is now three of (America's) top five import markets affected due to tariffs, a reduced herd or disease," it said. "This presents even greater opportunities for Aussie producers as the US looks to satisfy their own domestic demand with expected falling beef production." Australian cattle producers had anticipated that opening the gates to US-processed beef would have a limited effect on the domestic market. "The US is already importing bucket loads of beef from from Australia, so for it to come back the other way is unlikely," Craig Huf, a grazier and chair of the NSW Farmers Association far north coast branch, told AAP after the decision in July. "So, in the short term, we probably don't expect it to impact us." Cattle industry groups have called for an independent review into the government's decision to lift the US beef restrictions. "Australia has got some of the best biosecurity protocols in the world and the produce here is often bought because of its clean, green image," Mr Huf said. "So to jeopardise that is pretty risky, but here's hoping the science is right." The total export market has been "extraordinary" in 2025, with July the highest monthly export volume on record at just under 150,500 tonnes. For growers, widespread rainfall in July marked a turning point for winter crops across many states, the commodity report said. "After a late break and critically low soil moisture levels through June, the late July rainfall has given growers a renewed shot at achieving average yields or better," it said. "While it's come late, it arrived in time to stabilise crop potential, provided spring conditions remain favourable."
The Advertiser
35 minutes ago
- The Advertiser
NBN lifted by more people shifting to fibre from copper
Broadband wholesaler NBN Co has posted a rise in annual earnings as more Australians upgraded from aging copper technology to fibre in record numbers to connect to the internet. The Australian government-owned entity's earnings for 2024/25 jumped eight per cent to $4.2 billion, in line with guidance, as revenue rose four per cent to $5.7 billion. More than 430,000 premises were upgraded from legacy copper connections to fibre, which was more than double from 2023/24, taking the total to over 805,000. The shift to faster speeds and full fibre connections also drove demand for higher-speed internet tiers and lifted data usage across the country. Average monthly data downloads per premise rose more than 10 per cent - from 460GB in June 2024 to 508GB in June 2025, NBN said on Tuesday. As well, the number of homes and businesses connected via fibre to the premises grew by 23 per cent to 2.7 million - making it the dominant fixed-line technology on its network. Almost nine million premises are now connected to the NBN network, including 31 per cent on fibre to the premises. "Looking to the future, it is NBN's aim that our 500 Mbps wholesale speed tier becomes Australia's most popular NBNn plan," CEO Ellie Sweeney said. NBN was set up in 2009 as a government business enterprise to design, build and operate a wholesale broadband access network for the nation. Broadband wholesaler NBN Co has posted a rise in annual earnings as more Australians upgraded from aging copper technology to fibre in record numbers to connect to the internet. The Australian government-owned entity's earnings for 2024/25 jumped eight per cent to $4.2 billion, in line with guidance, as revenue rose four per cent to $5.7 billion. More than 430,000 premises were upgraded from legacy copper connections to fibre, which was more than double from 2023/24, taking the total to over 805,000. The shift to faster speeds and full fibre connections also drove demand for higher-speed internet tiers and lifted data usage across the country. Average monthly data downloads per premise rose more than 10 per cent - from 460GB in June 2024 to 508GB in June 2025, NBN said on Tuesday. As well, the number of homes and businesses connected via fibre to the premises grew by 23 per cent to 2.7 million - making it the dominant fixed-line technology on its network. Almost nine million premises are now connected to the NBN network, including 31 per cent on fibre to the premises. "Looking to the future, it is NBN's aim that our 500 Mbps wholesale speed tier becomes Australia's most popular NBNn plan," CEO Ellie Sweeney said. NBN was set up in 2009 as a government business enterprise to design, build and operate a wholesale broadband access network for the nation. Broadband wholesaler NBN Co has posted a rise in annual earnings as more Australians upgraded from aging copper technology to fibre in record numbers to connect to the internet. The Australian government-owned entity's earnings for 2024/25 jumped eight per cent to $4.2 billion, in line with guidance, as revenue rose four per cent to $5.7 billion. More than 430,000 premises were upgraded from legacy copper connections to fibre, which was more than double from 2023/24, taking the total to over 805,000. The shift to faster speeds and full fibre connections also drove demand for higher-speed internet tiers and lifted data usage across the country. Average monthly data downloads per premise rose more than 10 per cent - from 460GB in June 2024 to 508GB in June 2025, NBN said on Tuesday. As well, the number of homes and businesses connected via fibre to the premises grew by 23 per cent to 2.7 million - making it the dominant fixed-line technology on its network. Almost nine million premises are now connected to the NBN network, including 31 per cent on fibre to the premises. "Looking to the future, it is NBN's aim that our 500 Mbps wholesale speed tier becomes Australia's most popular NBNn plan," CEO Ellie Sweeney said. NBN was set up in 2009 as a government business enterprise to design, build and operate a wholesale broadband access network for the nation. Broadband wholesaler NBN Co has posted a rise in annual earnings as more Australians upgraded from aging copper technology to fibre in record numbers to connect to the internet. The Australian government-owned entity's earnings for 2024/25 jumped eight per cent to $4.2 billion, in line with guidance, as revenue rose four per cent to $5.7 billion. More than 430,000 premises were upgraded from legacy copper connections to fibre, which was more than double from 2023/24, taking the total to over 805,000. The shift to faster speeds and full fibre connections also drove demand for higher-speed internet tiers and lifted data usage across the country. Average monthly data downloads per premise rose more than 10 per cent - from 460GB in June 2024 to 508GB in June 2025, NBN said on Tuesday. As well, the number of homes and businesses connected via fibre to the premises grew by 23 per cent to 2.7 million - making it the dominant fixed-line technology on its network. Almost nine million premises are now connected to the NBN network, including 31 per cent on fibre to the premises. "Looking to the future, it is NBN's aim that our 500 Mbps wholesale speed tier becomes Australia's most popular NBNn plan," CEO Ellie Sweeney said. NBN was set up in 2009 as a government business enterprise to design, build and operate a wholesale broadband access network for the nation.
The Advertiser
36 minutes ago
- The Advertiser
The great inheritance 'myth': why most kids won't get a windfall
Mainstream media has been describing - even counting down - to the "Great Wealth Transfer", but just how many Australians will be impacted by it? The concept relates to Baby Boomers passing down their wealth to their offspring, in what is believed to be around a whopping $3.5 trillion in shares, property, cash and other assets by 2050, according to the Australian Government's Productivity Commission. But what many people don't realise is not everyone will be gifted an inheritance and if they are, it will probably be a lot lower than they think - but experts say there are good reasons why. "An inheritance is still a rare event," Terry Rawnsley said KPMG Urban Economist. "They don't have a sense of the relativities across the rest of society." Read more from The Senior: Mr Rawnsley told The Senior that Baby Boomers are "running down their wealth" in later years, leaving less money to leave their family. "The average inheritance - it's only about $125,000," he said. "The top most wealthiest families, they're the ones having the big ticket inheritances, while everyone else is having a more modest one." Mr Rawnsley said the danger of publicising a so-called Great Wealth Transfer can lead people to believe "a big inheritance is coming through" because it is still not talked about amongst friends or even family. The urban economist said the Great Wealth Transfer as a whole did involve a lot of money being distributed but when looking at an individual, the amount is "not that dramatic". He also said wealthy people with the most amount to give will likely to give it to their children who are also typically rich - so there won't be a great equalising wealth event - just a changing of the guard. Mr Rawnsley said Baby Boomers are living longer and are using their savings to pay for living expenses or aged care, ending up with not "much at all" - which is then typically needed to be shared by more than one person. "If you think about the quintessential million-dollar house in the middle ring suburbs [12-25 km from a CBD], even that's getting chopped up between two or three kids, which brings that average down," he said. Mr Rawnsley said many Aussies are also unaware of the cost involved with aged care and it's "just not on their radar". "When older people do end up in aged care, it might be a pretty quick transaction," he said. "So it might be, 'Grandma's going pretty well. Oh, she's had a fall. She's now kind of in need of that more intensive care. We need to get her into a home. Oh, wow, it's three-quarters of a million dollar surety." Mr Rawnsley recommends parents and children talk earlier about expenses later in life, including the "fairly hefty amounts to secure an aged care bed". From January 1 2025 aged care providers can now charge a whopping $750,000 a room in their facility for new residents - up from $550,000 - without needing approval from the Independent Health and Aged Care Pricing Authority (IHACPA), according to the Department of Health, Disability and Ageing. The staggering amount is a deposit, or Refundable Accommodation Deposit (RAD), that people pay when entering a nursing home and when they leave, they or their family is refunded the balance that was not used. Even though not every aged home will charge the new amount, RADs are generally very steep. National Seniors Australia CEO, Chris Grice, agrees many of the Generation X cohort set to inherit from their parents would be shocked to know just how much aged care costs have increased. "That deposit enables you to secure a spot," he said. "And in a lot of cases, people have got to sell the home in order to raise that money." Mr Grice said many people don't know they usually have to sell their family home to go into aged care and said it is not fair after years of sacrifice. "You made choices. You decided to not go on a holiday, or not drink or not smoke," he said. "Or 'I'm going to put money in Super or I'm going to do whatever in order to set myself up for retirement and set my family up'." The CEO doesn't think the Government should see everyone's sacrifice as something they "can get their hands on". Mr Grice said the cost of health care across the board will also be going up on November 1, especially for in-home care services. "The structure insofar as how much you will have to pay out of your own pocket, whether you are a pensioner, part pensioner, or self-funded retiree, is going to dramatically increase," he said. Mr Grice said inheritance is also a "myth" because not everyone will get one, as not every parent has something to pass down. The media talking about the Great Wealth Transfer can normalise inheritance, leading people to believe it is a "given" rather than a privilege not everyone gets, which has the potential to lead to financial elder abuse. "The narrative is not helpful in terms of creating a generational divide," he said. Share your thoughts in the comments below, or send a Letter to the Editor by CLICKING HERE. Mainstream media has been describing - even counting down - to the "Great Wealth Transfer", but just how many Australians will be impacted by it? The concept relates to Baby Boomers passing down their wealth to their offspring, in what is believed to be around a whopping $3.5 trillion in shares, property, cash and other assets by 2050, according to the Australian Government's Productivity Commission. But what many people don't realise is not everyone will be gifted an inheritance and if they are, it will probably be a lot lower than they think - but experts say there are good reasons why. "An inheritance is still a rare event," Terry Rawnsley said KPMG Urban Economist. "They don't have a sense of the relativities across the rest of society." Read more from The Senior: Mr Rawnsley told The Senior that Baby Boomers are "running down their wealth" in later years, leaving less money to leave their family. "The average inheritance - it's only about $125,000," he said. "The top most wealthiest families, they're the ones having the big ticket inheritances, while everyone else is having a more modest one." Mr Rawnsley said the danger of publicising a so-called Great Wealth Transfer can lead people to believe "a big inheritance is coming through" because it is still not talked about amongst friends or even family. The urban economist said the Great Wealth Transfer as a whole did involve a lot of money being distributed but when looking at an individual, the amount is "not that dramatic". He also said wealthy people with the most amount to give will likely to give it to their children who are also typically rich - so there won't be a great equalising wealth event - just a changing of the guard. Mr Rawnsley said Baby Boomers are living longer and are using their savings to pay for living expenses or aged care, ending up with not "much at all" - which is then typically needed to be shared by more than one person. "If you think about the quintessential million-dollar house in the middle ring suburbs [12-25 km from a CBD], even that's getting chopped up between two or three kids, which brings that average down," he said. Mr Rawnsley said many Aussies are also unaware of the cost involved with aged care and it's "just not on their radar". "When older people do end up in aged care, it might be a pretty quick transaction," he said. "So it might be, 'Grandma's going pretty well. Oh, she's had a fall. She's now kind of in need of that more intensive care. We need to get her into a home. Oh, wow, it's three-quarters of a million dollar surety." Mr Rawnsley recommends parents and children talk earlier about expenses later in life, including the "fairly hefty amounts to secure an aged care bed". From January 1 2025 aged care providers can now charge a whopping $750,000 a room in their facility for new residents - up from $550,000 - without needing approval from the Independent Health and Aged Care Pricing Authority (IHACPA), according to the Department of Health, Disability and Ageing. The staggering amount is a deposit, or Refundable Accommodation Deposit (RAD), that people pay when entering a nursing home and when they leave, they or their family is refunded the balance that was not used. Even though not every aged home will charge the new amount, RADs are generally very steep. National Seniors Australia CEO, Chris Grice, agrees many of the Generation X cohort set to inherit from their parents would be shocked to know just how much aged care costs have increased. "That deposit enables you to secure a spot," he said. "And in a lot of cases, people have got to sell the home in order to raise that money." Mr Grice said many people don't know they usually have to sell their family home to go into aged care and said it is not fair after years of sacrifice. "You made choices. You decided to not go on a holiday, or not drink or not smoke," he said. "Or 'I'm going to put money in Super or I'm going to do whatever in order to set myself up for retirement and set my family up'." The CEO doesn't think the Government should see everyone's sacrifice as something they "can get their hands on". Mr Grice said the cost of health care across the board will also be going up on November 1, especially for in-home care services. "The structure insofar as how much you will have to pay out of your own pocket, whether you are a pensioner, part pensioner, or self-funded retiree, is going to dramatically increase," he said. Mr Grice said inheritance is also a "myth" because not everyone will get one, as not every parent has something to pass down. The media talking about the Great Wealth Transfer can normalise inheritance, leading people to believe it is a "given" rather than a privilege not everyone gets, which has the potential to lead to financial elder abuse. "The narrative is not helpful in terms of creating a generational divide," he said. Share your thoughts in the comments below, or send a Letter to the Editor by CLICKING HERE. Mainstream media has been describing - even counting down - to the "Great Wealth Transfer", but just how many Australians will be impacted by it? The concept relates to Baby Boomers passing down their wealth to their offspring, in what is believed to be around a whopping $3.5 trillion in shares, property, cash and other assets by 2050, according to the Australian Government's Productivity Commission. But what many people don't realise is not everyone will be gifted an inheritance and if they are, it will probably be a lot lower than they think - but experts say there are good reasons why. "An inheritance is still a rare event," Terry Rawnsley said KPMG Urban Economist. "They don't have a sense of the relativities across the rest of society." Read more from The Senior: Mr Rawnsley told The Senior that Baby Boomers are "running down their wealth" in later years, leaving less money to leave their family. "The average inheritance - it's only about $125,000," he said. "The top most wealthiest families, they're the ones having the big ticket inheritances, while everyone else is having a more modest one." Mr Rawnsley said the danger of publicising a so-called Great Wealth Transfer can lead people to believe "a big inheritance is coming through" because it is still not talked about amongst friends or even family. The urban economist said the Great Wealth Transfer as a whole did involve a lot of money being distributed but when looking at an individual, the amount is "not that dramatic". He also said wealthy people with the most amount to give will likely to give it to their children who are also typically rich - so there won't be a great equalising wealth event - just a changing of the guard. Mr Rawnsley said Baby Boomers are living longer and are using their savings to pay for living expenses or aged care, ending up with not "much at all" - which is then typically needed to be shared by more than one person. "If you think about the quintessential million-dollar house in the middle ring suburbs [12-25 km from a CBD], even that's getting chopped up between two or three kids, which brings that average down," he said. Mr Rawnsley said many Aussies are also unaware of the cost involved with aged care and it's "just not on their radar". "When older people do end up in aged care, it might be a pretty quick transaction," he said. "So it might be, 'Grandma's going pretty well. Oh, she's had a fall. She's now kind of in need of that more intensive care. We need to get her into a home. Oh, wow, it's three-quarters of a million dollar surety." Mr Rawnsley recommends parents and children talk earlier about expenses later in life, including the "fairly hefty amounts to secure an aged care bed". From January 1 2025 aged care providers can now charge a whopping $750,000 a room in their facility for new residents - up from $550,000 - without needing approval from the Independent Health and Aged Care Pricing Authority (IHACPA), according to the Department of Health, Disability and Ageing. The staggering amount is a deposit, or Refundable Accommodation Deposit (RAD), that people pay when entering a nursing home and when they leave, they or their family is refunded the balance that was not used. Even though not every aged home will charge the new amount, RADs are generally very steep. National Seniors Australia CEO, Chris Grice, agrees many of the Generation X cohort set to inherit from their parents would be shocked to know just how much aged care costs have increased. "That deposit enables you to secure a spot," he said. "And in a lot of cases, people have got to sell the home in order to raise that money." Mr Grice said many people don't know they usually have to sell their family home to go into aged care and said it is not fair after years of sacrifice. "You made choices. You decided to not go on a holiday, or not drink or not smoke," he said. "Or 'I'm going to put money in Super or I'm going to do whatever in order to set myself up for retirement and set my family up'." The CEO doesn't think the Government should see everyone's sacrifice as something they "can get their hands on". Mr Grice said the cost of health care across the board will also be going up on November 1, especially for in-home care services. "The structure insofar as how much you will have to pay out of your own pocket, whether you are a pensioner, part pensioner, or self-funded retiree, is going to dramatically increase," he said. Mr Grice said inheritance is also a "myth" because not everyone will get one, as not every parent has something to pass down. The media talking about the Great Wealth Transfer can normalise inheritance, leading people to believe it is a "given" rather than a privilege not everyone gets, which has the potential to lead to financial elder abuse. "The narrative is not helpful in terms of creating a generational divide," he said. Share your thoughts in the comments below, or send a Letter to the Editor by CLICKING HERE. Mainstream media has been describing - even counting down - to the "Great Wealth Transfer", but just how many Australians will be impacted by it? The concept relates to Baby Boomers passing down their wealth to their offspring, in what is believed to be around a whopping $3.5 trillion in shares, property, cash and other assets by 2050, according to the Australian Government's Productivity Commission. But what many people don't realise is not everyone will be gifted an inheritance and if they are, it will probably be a lot lower than they think - but experts say there are good reasons why. "An inheritance is still a rare event," Terry Rawnsley said KPMG Urban Economist. "They don't have a sense of the relativities across the rest of society." Read more from The Senior: Mr Rawnsley told The Senior that Baby Boomers are "running down their wealth" in later years, leaving less money to leave their family. "The average inheritance - it's only about $125,000," he said. "The top most wealthiest families, they're the ones having the big ticket inheritances, while everyone else is having a more modest one." Mr Rawnsley said the danger of publicising a so-called Great Wealth Transfer can lead people to believe "a big inheritance is coming through" because it is still not talked about amongst friends or even family. The urban economist said the Great Wealth Transfer as a whole did involve a lot of money being distributed but when looking at an individual, the amount is "not that dramatic". He also said wealthy people with the most amount to give will likely to give it to their children who are also typically rich - so there won't be a great equalising wealth event - just a changing of the guard. Mr Rawnsley said Baby Boomers are living longer and are using their savings to pay for living expenses or aged care, ending up with not "much at all" - which is then typically needed to be shared by more than one person. "If you think about the quintessential million-dollar house in the middle ring suburbs [12-25 km from a CBD], even that's getting chopped up between two or three kids, which brings that average down," he said. Mr Rawnsley said many Aussies are also unaware of the cost involved with aged care and it's "just not on their radar". "When older people do end up in aged care, it might be a pretty quick transaction," he said. "So it might be, 'Grandma's going pretty well. Oh, she's had a fall. She's now kind of in need of that more intensive care. We need to get her into a home. Oh, wow, it's three-quarters of a million dollar surety." Mr Rawnsley recommends parents and children talk earlier about expenses later in life, including the "fairly hefty amounts to secure an aged care bed". From January 1 2025 aged care providers can now charge a whopping $750,000 a room in their facility for new residents - up from $550,000 - without needing approval from the Independent Health and Aged Care Pricing Authority (IHACPA), according to the Department of Health, Disability and Ageing. The staggering amount is a deposit, or Refundable Accommodation Deposit (RAD), that people pay when entering a nursing home and when they leave, they or their family is refunded the balance that was not used. Even though not every aged home will charge the new amount, RADs are generally very steep. National Seniors Australia CEO, Chris Grice, agrees many of the Generation X cohort set to inherit from their parents would be shocked to know just how much aged care costs have increased. "That deposit enables you to secure a spot," he said. "And in a lot of cases, people have got to sell the home in order to raise that money." Mr Grice said many people don't know they usually have to sell their family home to go into aged care and said it is not fair after years of sacrifice. "You made choices. You decided to not go on a holiday, or not drink or not smoke," he said. "Or 'I'm going to put money in Super or I'm going to do whatever in order to set myself up for retirement and set my family up'." The CEO doesn't think the Government should see everyone's sacrifice as something they "can get their hands on". Mr Grice said the cost of health care across the board will also be going up on November 1, especially for in-home care services. "The structure insofar as how much you will have to pay out of your own pocket, whether you are a pensioner, part pensioner, or self-funded retiree, is going to dramatically increase," he said. Mr Grice said inheritance is also a "myth" because not everyone will get one, as not every parent has something to pass down. The media talking about the Great Wealth Transfer can normalise inheritance, leading people to believe it is a "given" rather than a privilege not everyone gets, which has the potential to lead to financial elder abuse. "The narrative is not helpful in terms of creating a generational divide," he said. Share your thoughts in the comments below, or send a Letter to the Editor by CLICKING HERE.
