Australian housing construction will help economy as population grows

 

The Australian Bureau of Statistics (ABS) has released the latest figures which indicate Australia's population is set to double to 46 million by 2075.

 

Short term projections show Australia’s population nearing 26 million by 2020 and 29 million by 2030.

 

These projections indicate strong demand for housing will continue to be a feature of the economy, according to the Housing Industry Association (HIA).

 

The ABS also predicts the ageing population will continue to impact the demography as a result of sustained low fertility and increasing life expectancy. 

 

In 2012 Australia's median age was 37 years old; by 2040 it could be 40.5 years.

 

The numbers prove we need more emphasis on housing supply from policymakers, according to the HIA, housing policy over the past decade hasn’t been given the priority it deserves.

 

The Urban Development Institute of Australia’s National President Cameron Shepard says the quality of life in our cities will be threatened if infrastructure and housing provision don’t keep up with population growth.

 

The ABS figures clearly show that as a nation we need to be putting more resources into planning and managing the growth of our cities.

 

Bernard Salt, a demographer and partner at KPMG, says dealing with the ageing population will be most important as the population is unlikely to decentralise on mass.

 

Salt says the issue of efficiency will come into play when services are required for a larger population so the inner and middle distance suburbs with access to large job markets will come under scrutiny as desirable places in which to live.