Population projections: We’re getting older and having fewer babies
Kanebridge News
    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,599,192 (-0.51%)       Melbourne $986,501 (-0.24%)       Brisbane $938,846 (+0.04%)       Adelaide $864,470 (+0.79%)       Perth $822,991 (-0.13%)       Hobart $755,620 (-0.26%)       Darwin $665,693 (-0.13%)       Canberra $994,740 (+0.67%)       National $1,027,820 (-0.13%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $746,448 (+0.19%)       Melbourne $495,247 (+0.53%)       Brisbane $534,081 (+1.16%)       Adelaide $409,697 (-2.19%)       Perth $437,258 (+0.97%)       Hobart $531,961 (+0.68%)       Darwin $367,399 (0%)       Canberra $499,766 (0%)       National $525,746 (+0.31%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 10,586 (+169)       Melbourne 15,093 (+456)       Brisbane 7,795 (+246)       Adelaide 2,488 (+77)       Perth 6,274 (+65)       Hobart 1,315 (+13)       Darwin 255 (+4)       Canberra 1,037 (+17)       National 44,843 (+1,047)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 8,675 (+47)       Melbourne 7,961 (+171)       Brisbane 1,636 (+24)       Adelaide 462 (+20)       Perth 1,749 (+2)       Hobart 206 (+4)       Darwin 384 (+2)       Canberra 914 (+19)       National 21,987 (+289)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $770 (-$10)       Melbourne $590 (-$5)       Brisbane $620 ($0)       Adelaide $595 (-$5)       Perth $650 ($0)       Hobart $550 ($0)       Darwin $700 ($0)       Canberra $700 ($0)       National $654 (-$3)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $730 (+$10)       Melbourne $580 ($0)       Brisbane $620 ($0)       Adelaide $470 ($0)       Perth $600 ($0)       Hobart $460 (-$10)       Darwin $550 ($0)       Canberra $560 (-$5)       National $583 (+$1)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 5,253 (-65)       Melbourne 5,429 (+1)       Brisbane 3,933 (-4)       Adelaide 1,178 (+17)       Perth 1,685 ($0)       Hobart 393 (+25)       Darwin 144 (+6)       Canberra 575 (-22)       National 18,590 (-42)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 6,894 (-176)       Melbourne 4,572 (-79)       Brisbane 1,991 (+1)       Adelaide 377 (+6)       Perth 590 (+3)       Hobart 152 (+6)       Darwin 266 (+10)       Canberra 525 (+8)       National 15,367 (-221)                HOUSE ANNUAL GROSS YIELDS AND TREND         Sydney 2.50% (↓)       Melbourne 3.11% (↓)       Brisbane 3.43% (↓)       Adelaide 3.58% (↓)     Perth 4.11% (↑)      Hobart 3.78% (↑)      Darwin 5.47% (↑)        Canberra 3.66% (↓)       National 3.31% (↓)            UNIT ANNUAL GROSS YIELDS AND TREND       Sydney 5.09% (↑)        Melbourne 6.09% (↓)       Brisbane 6.04% (↓)     Adelaide 5.97% (↑)        Perth 7.14% (↓)       Hobart 4.50% (↓)       Darwin 7.78% (↓)       Canberra 5.83% (↓)       National 5.76% (↓)            HOUSE RENTAL VACANCY RATES AND TREND       Sydney 0.7% (↑)      Melbourne 0.8% (↑)      Brisbane 0.4% (↑)      Adelaide 0.4% (↑)      Perth 1.2% (↑)      Hobart 0.6% (↑)      Darwin 1.1% (↑)      Canberra 0.7% (↑)      National 0.7% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 0.9% (↑)      Melbourne 1.4% (↑)      Brisbane 0.7% (↑)      Adelaide 0.3% (↑)      Perth 0.4% (↑)      Hobart 1.5% (↑)      Darwin 0.8% (↑)      Canberra 1.3% (↑)        National 0.9% (↓)            AVERAGE DAYS TO SELL HOUSES AND TREND         Sydney 28.7 (↓)       Melbourne 30.7 (↓)       Brisbane 31.0 (↓)       Adelaide 25.4 (↓)       Perth 34.0 (↓)       Hobart 34.8 (↓)       Darwin 35.1 (↓)       Canberra 28.5 (↓)       National 31.0 (↓)            AVERAGE DAYS TO SELL UNITS AND TREND         Sydney 25.8 (↓)       Melbourne 30.2 (↓)       Brisbane 27.6 (↓)       Adelaide 21.8 (↓)       Perth 37.8 (↓)       Hobart 25.2 (↓)       Darwin 24.8 (↓)       Canberra 41.1 (↓)       National 29.3 (↓)           
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Population projections: We’re getting older and having fewer babies

ABS projections for the next 50 years point to migration as the pathway to population growth

By Bronwyn Allen
Fri, Nov 24, 2023 9:52amGrey Clock 3 min

Australia’s ageing population is clearly evident in the latest round of population projections just released by the Australian Bureau of Statistics (ABS). The median age in Australia is currently 38.5 years. By 2071, this will increase to between 43.8 years and 47.6 years.

The ABS comments: “Of the changes projected to occur in Australia’s population, ageing is generally considered to be the most dramatic, with significant changes to the age structure of the population. Ageing of the population is a trend which has been evident over recent decades as a result of fertility remaining below replacement level and declining mortality rates.

The proportion of children aged 0-14 years is projected to decline from 18% in 2022 to between 13% and 16% in 2071. The working age population aged 15-64 years is projected to decrease from 65% to between 59% and 60% in 2071. People aged 65 years and over will increase from 17% in 2022 to between 25% and 27% in 2071.

Overall, our population will swell from 26 million as of 30 June 2022 (and 26.5 million today) to between 34.3 million and 45.9 million by 2071. We’ll see a stronger growth rate of between 1.2% and 1.7% per annum over the next decade, but over the entire projection period, the growth rate will average out to between 0.6% and 1.1% per year.

Australia’s population growth is comprised of natural increase (births minus deaths) and net overseas migration (migrant arrivals minus migrant departures). Migration will play a bigger role in our population growth than natural increase, according to the projections.

In 2021-22, there was a natural increase of 117,400 people in Australia. In 2071, the ABS projects natural increase to range from 104,500 people per year to 118,000 per year. If Australia had no migration at all over the projection period, the population would fall to 23.9 million by 2071. The ABS says Australia’s birth rate has been declining for many decades.The fertility rate peaked in 1961 during the baby boom at 3.5 babies per woman. The replacement level is considered to be 2.1 babies, but we haven’t been there since 1975. The current average is 1.64 babies per woman.

Australian women are also having their babies later in life. The ABS comments: “Over the past 10 years, age-specific fertility rates have been declining for the younger age groups (women below age 30), whilst remaining stable among women aged 30 years and over, representing a continuing shift in fertility towards older ages.

The ABS expects net overseas migration gains of between 9.2 million and 14.1 million people in total over the next 50 years. NSW and Victoria will continue to attract the lion’s share of Australia’s new arrivals. NSW will attract 35.8% and Victoria will bring in 32.8%. NSW will receive between 63,000 and 97,900 migrants (net) per year from 2032, whileVictoria will receive between 57,400 and 90,200. 

In terms of net interstate migration, or the movement of Australian residents between states, Queensland is expected to remain the favourite destination. The Sunshine State overtook Victoria in 2016-17 and this trend remains. It was turbocharged during COVID-19 when remote working prompted many people to leave NSW and Victoria. Queensland’s NIM rate more than doubled from 22,600 people in 2018-19 to 48,800 people in 2021-22.

Australians are expected to continue loving big city living. The unique concentration of our population is a factor keeping metro property prices as high as they are today. As of 30 June 2022, 67% of us were choosing to live in one of eight capital cities. This trend will continue, however, Melbourne is projected to overtake Sydney as Australia’s largest city sometime between 2032 and 2046. Its population will grow from just over 5 million in 2022 to between 6.5 million and 9.9 million by 2071.

The states with the highest concentration of capital city residents are currently Perth, Adelaide and Melbourne, and this trend will continue. Perth is currently home to 80% of West Australian residents and this will either remain the case or rise slightly to 81% over the next decade. Adelaide is home to 78% of South Australia’s population and this will rise to between 79% and 80%. Currently, 76% of Victorians choose to live in Melbourne and this will either stay the same or lift to 77% by 2032.



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Call to cut corporate carbon footprints is loudest from inside organizations, outweighing demand from customers and regulators, survey finds

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The pressure on companies to cut their carbon footprint is coming more from within the organisations themselves than from customers and regulators, according to a new report.

Three-quarters of business leaders from across the Group of 20 nations said the push to invest in renewable energy is being driven mainly by their own corporate boards, with 77% of U.S. business leaders saying the pressure was extreme or significant, according to a new survey conducted by law firm Ashurst.

The corporate call to decarbonise is intensifying, Ashurst said, with 30% of business leaders saying the pressure from their own boards was extreme, up from 25% in 2022.

“We’re seeing that the energy transition is an area that is firmly embedded in the thinking of investors, corporates, governments and others, so there is a real emphasis on setting and acting on these plans now,” said Michael Burns, global co-head of energy at Ashurst. “That said, the pace of transition and the stage of the journey very much depends from business to business.”

The shift in sentiment comes as companies ramp up investment in renewable spending to meet their net-zero goals. Ashurst found that 71% of the more than 2,000 respondents to its survey had committed to a net-zero target, while 26% of respondents said their targets were under development.

Ashurst also found that solar was the most popular method to decarbonise, with 72% of respondents currently investing in or committed to investing in the clean energy technology. The law firm also found that companies tended to be the most active when it comes to renewable investments, with 52% of the respondents falling into this category. The average turnover of those companies was $15.1 billion.

Meanwhile, 81% of energy-sector respondents to the survey said they see investment in renewables as essential to the organisation’s strategic growth.

Burns said the 2030 timeline to reach net zero was very important to the companies it surveyed. “We are increasingly seeing corporate and other stakeholders actively setting and embracing trajectories to achieve net zero. However, greater clarity and transparency on the standards for measuring and managing these net-zero commitments is needed to ensure consistency in approach and, importantly, outcome,” he said.

Legal battles over climate change and renewable investing are also likely to rise, with 68% of respondents saying they expect to see an increase in legal disputes over the next five years, while only 16% anticipate a decrease, the report said.

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