Eimer M. It is nothing to do with increased age requirements at all. As far as Australia is concerned there never was an age limit for "retirement" apart from before the 1989 pilot's strike where the AFAP forced an age 60 retirement which neatly removed perfectly competent pilots who simply loved to fly, out of the system. In Europe the retirement age varies country to country from 60 to 63.
In Asia at the moment there are hundreds of 200 hour pilots graduating from flying schools each year who will move directly into the second in command seat of Boeings and Airbus. Best of luck to them, too. Look the other way as far as flight safety is concerned, of course. But Australia has always had a vast oversupply of pilots and that will never change.