Page 4 - 1. What Wealthy Means to Australians in 2023

2 . HO W HOM E O W N E R S H I P
D EL I V ER ED S E C U R I T Y

The Australian nation has undergone significant demographic
and social change over the last 50 years.

Immigration rates have increased. Superannuation Guarantee introduced
Workforce participation rates have in 1992 was intended to assure
jumped. Young people have postponed Australians of dignity and of a level of
commitment to marriage from early- to independence in retirement.
late-20s. Life expectancy has increased. One of the most important social shifts
Even the nature of work has changed: has been the rise of the individual. In
there’s fewer manufacturing jobs, more a direct comparison between the way One of the most important
knowledge worker jobs. Australians live in 2023 with the way we social shifts has been the

Generally social change takes effect lived 60 years ago in 1963 it is evident rise of the individual.”
slowly but occasionally there are events that that there is now more ‘alone time’
across the lifecycle.
that serve as markers of seismic shifts.
The introduction of No-Fault divorce This is due to changes in thinking about
in 1975 freed many Australians from commitment; it is also a dividend of
the burden of unhappy marriages. The increased life expectancy.

Graphic 1. Lifecycle shift: Change in the Australian life stages, 1950-2023

2023 Child Adolescence Adult Lifestyle Retired Old 84

1990 Child Teen Adult Old 77

1950 Child Adult Old 69

0 10 20 30 40 50 60 70 80 90

Source: ABS, The Demographics Group

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