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New funding for the Centre for Population Ageing Research will strengthen the evidence base for improving wellbeing in later life.

Longer lifespans are one of humanity’s most extraordinary achievements. But with an ageing population reshaping society, this is a crucial moment to ensure older people and future generations are well supported.

“Population ageing is a major mega-trend this century, generated not only by increasing life expectancy but also by declining fertility,” says 91ɫ��Ƭ Scientia Professor John Piggott, Director of the Centre for Population Ageing Research (CEPAR). “We need to anticipate the challenges and make changes to optimise social and economic outcomes for an ageing world.”

Prof. Piggott has secured $4.95 million in funding from the Department of Health, Disability and Ageing to inform the evidence base for statistical and economic analysis of the impacts of the ageing population in Australia and the Asia-Pacific, including potential impacts to aged care and retirement, household decision making relating to old age, modelling of mortality and morbidity, and deepening the understanding of Asia and Pacific population dynamics.

The funding marks a new chapter for CEPAR as a research centre at the 91ɫ��Ƭ Business School.

“91ɫ��Ƭ has been the home of CEPAR since its first term of ARC Centre of Excellence funding in 2011, advancing multidisciplinary research on population ageing, building an evidence base to inform policy, product development and community awareness,” Prof. Piggott says. “Now, as part of the 91ɫ��Ƭ Business School, we look forward to collaborating more closely with the excellent academics there, especially within the Schools of Economics, and Risk and Actuarial Studies.”

91ɫ��Ƭ Business School Interim Co-Dean Scientia Professor Richard Holden said the Centre would drive innovative approaches to address population ageing.

“The integration of CEPAR within the 91ɫ��Ƭ Business School elevates our standing as a leader in public policy research,” Prof. Holden said. “The Centre will generate evidence-based insights and deliver practical solutions to the complex challenges of population ageing, helping people live more fulfilling lives as they grow older.”

Research priorities and policy challenges

In its new form, CEPAR will develop innovative strategies for sustainable social policy and retirement support. The research team will support governments, financial service providers, regulators and individuals.

CEPAR will also examine the economic impact of ageing, mortality and morbidity trends, as well as aged care and demographic change.

For Prof. Piggott, ageing is not just a challenge, but an opportunity for innovation. He believes retirement policy should foster wellbeing in later years by improving economic development, healthcare delivery and social support systems.

“Good retirement policy should make sure people whose earnings capacity has been exhausted don’t end up poor,” he said. “It should provide ways to effectively manage the risks of old age.

“Policymakers are looking for ways to make this transition so that it won’t place extreme stress on the economy or people’s circumstances, rather than simply letting it unfold.”

An older demographic is expected to slow labour force growth, and reduce the growth of national income and tax revenues. It will increase demand for social protection programs, especially health and aged care services. Prof. Piggott said that it was important to continue to encourage longer workforce participation, supported by re-skilling programs and improvements in health at older ages.

“Policy can only go so far in providing safety nets,” Prof. Piggott said. “Some of our work will focus on new financial products to help manage the risks that inevitably come with ageing.”

Changing demographics transform the challenges policymakers face, Prof. Piggott said.

“While Australia is well-placed to tackle these challenges, we shouldn’t rest on our laurels.

“Our two-way engagement and research program involves the active exchange of information between CEPAR, policymakers and industry practitioners to support knowledge dissemination, research translation and the identification of knowledge gaps to help inform future research.”