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The Australia n retirement age has been “steadily increasing” over the past two decades, but a plateau uncovered in the latest retirement data shows the nation’s ageing population have reached their limit for now. Both men and women are now expected to retire at the oldest age on average since the early 1970s, accounting giant KPMG said.
The findings, based on labour force census data and monthly labour force survey averages, don’t just capture Australians ageing into the over-55 category, but also people coming out of retirement. It suggests there was a surge of older workers returning to work, or staying in work, to fill labour shortages or kill lockdown boredom during COVID. But KPMG said that the recent plateau suggests senior workforce growth will not continue.
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