Graph 6  Australia is, of course, not unique in having to deal with the challenge of an ageing workforce. Indeed, the changes taking place in a number of other advanced economies are much starker than those that are taking place here (Graph 7).
Our relatively high population growth, which includes a flow of relatively young immigrants, means that a number of countries in Western Europe as well as Japan and South Korea are further along in this journey than we are. From our perspective, this provides us with an opportunity to learn from their experiences.