At a time when the economy is experiencing labour shortages, increasing labour force participation amongst experienced older workers could boost GDP by $29 billion, according to KPMG Australia. <\/p>\n
The opportunity to better utilise experienced older workers comes as Australia slips from 17th to 24th globally in workforce participation among 55\u201364-year-olds. <\/p>\n
According to OECD data Australia\u2019s labour force participation rate was 69% in 2025. This is well below leading countries including Sweden (84%), Japan (82%), Estonia (81%), and New Zealand (80%) who all have more than four fifths of the 55\u201364-year-old workers contributing to the economy.\u00a0 <\/p>\n
The new modelling estimates that an increase of the workforce participation rate to 77%, driven by retaining older workers aged 55-64 years old, would add 240,000 more workers, translate into $16.7 billion in additional wages, and $12.3 billion extra profit for business which would have amounted to an additional $29.0 billion in GDP per year.\u00a0 <\/p>\n
\u201cMaintaining older talent is a multi-billion-dollar opportunity sitting in plain sight if we can get the settings right,\u201d said KPMG Urban Economist, Terry Rawnsley. <\/p>\n
\u201cWe have a large pool of experienced, work-ready people, yet businesses are still struggling to fill roles. Closing that gap is one of the most practical ways to ease labour shortages, boost economic activity and taxation revenue.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"At a time when the economy is experiencing labour shortages, increasing labour force participation amongst experienced older workers…\n","protected":false},"author":2,"featured_media":742229,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[10968,64,63,4816,44],"class_list":["post-742228","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australia","tag-10968","tag-au","tag-australia","tag-media-release","tag-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/742228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=742228"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/742228\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/742229"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=742228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=742228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=742228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}