"An implication of this change in the age structure of the population that will increasingly attract the attention of the business community is the impact on the workforce. According to the Retirement Income Modelling Unit in Treasury (and ABS projections), the working age population currently grows by
180 000 each year. In the decade starting from around 2020 the working age population will only grow by
140 000 over the whole decade. Growth peaked in 1999 and from now on there will be steady decline in the rate of growth (Bacon 2000, p. 9)
as will labour force growth. ABS labour force projections anticipate a decline in growth of the labour force from 1.6 per cent in 1998-99 to 0.4 per cent in 2015-16 (ABS 2000c, p. 3)."
Source.
http://www.facs.gov.au/research/op02/sec3.htm
For the longer term thinkers, the Federal governments own analysis makes sober reading.