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Australian Treasurer Wants Older People To Work Beyond 65 To Help The Economy

Australian Treasurer Wants Older People To Work Beyond 65 To Help The Economy

Josh Frydenberg wants people to get some modern skills and delay that trip down the French Riviera

Stewart Perrie

Stewart Perrie

Most working Aussies will be looking forward to retirement when they hit the age of 65. They'll get access to their superannuation and hopefully spend the rest of their days travelling through Europe, maybe even spending their kids' inheritance on their way.

But Australia's treasurer wants potential retirees to delay that process a bit.

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Josh Frydenberg has signalled his wish that older Australians should work beyond retirement age so they can give the economy a bit of a boost.

The Treasurer gave a speech on Tuesday night where, as per the The Daily Telegraph, he called for older Aussies to learn some modern skills and jump back into the workforce.

"As a nation, we need to effectively leverage the three P's - population, participation and productivity - to meet this challenge," Mr Frydenberg told the Committee for Economic Development of Australia.

"At $19 billion per annum, our interest bill is more than double what we invest in childcare and nearly as much as we spend on schools.

"Our debt burden represents not just a cost to the budget and therefore every taxpayer, but also an opportunity cost as it constrains the government's ability to invest in other areas.

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"If we don't remain fiscally disciplined today, the next generation will have to pick up the bill tomorrow."

The call to action sparked a big debate across the country, with opposition leader Anthony Albanese commenting: "Older Australians are not responsible for the fact that we have wage stagnation, for the fact that we have low economic growth, for the fact we have retail trade figures that are the worst since the 1990s, for the fact that unemployment has gone up, and for the fact that interest rates have been reduced to under one percent."

However, Council of the Ageing chief executive Ian Yates said: "This isn't about forcing people to work longer than they want to or are physically able to, it's about supporting Australians to work longer who choose to do so, and creating and capitalising on opportunities for them to do so.

"A significant proportion of people aged between 65 and 75 are still working and more would do so if age discrimination and lack of support weren't such barriers to remaining in the workforce, often from the 50s onwards."

Mr Frydenberg knows that it's a tough sell, especially considering 80 percent of education happens before an Australian turns 21.

"This will have to change if we want to continue to see more Australians stay engaged in work for longer," he said.

Featured Image Credit: Sky News

Topics: News, Australia