Family Business Blog
May 20, 2011
Demographics - The Issues for Family Business
Demographer Bernard Salt of KPMG (www.bernardsalt.com.au) was the keynote speaker at the recent FBA Victoria state conference. He spoke about population trends in Australia and the need to closely monitor the impact of these trends to identify future business opportunities.
Among the key trends Salt identified were –1. The changing profile of new immigrants to Australia. From the influence of migrants from Europe (particularly the Mediterranean countries) in the 50’s and 60’s, to Asian immigration in recent years.2. The impact of increasing life expectancy, an aging population and generational change has created a range of business opportunities and3. The shift from low skilled migrants who took a generation to establish themselves, to the current trend toward educated business migrants who will integrate into mainstream Australia much faster than in earlier years
These factors will result in changes in the demand for products, accommodation and other services for not just those communities, but all Australians. If family businesses want to prosper and be relevant in the future they need to identify opportunities early.
From a political perspective, Salt highlighted the need for Australian governments to establish meaningful migration targets to enable population growth, a key requirement for the economic growth which is a foundation for business growth.
Among the key trends Salt identified were –1. The changing profile of new immigrants to Australia. From the influence of migrants from Europe (particularly the Mediterranean countries) in the 50’s and 60’s, to Asian immigration in recent years.2. The impact of increasing life expectancy, an aging population and generational change has created a range of business opportunities and3. The shift from low skilled migrants who took a generation to establish themselves, to the current trend toward educated business migrants who will integrate into mainstream Australia much faster than in earlier years
These factors will result in changes in the demand for products, accommodation and other services for not just those communities, but all Australians. If family businesses want to prosper and be relevant in the future they need to identify opportunities early.
From a political perspective, Salt highlighted the need for Australian governments to establish meaningful migration targets to enable population growth, a key requirement for the economic growth which is a foundation for business growth.
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