"But Ken Phillips, work reform director at the the Institute of Public Affairs, says neither [political] parties position seems to acknowledge Australia is on the verge of a"demographic tsunami", which would have dire consequences for the labour market.
He cites an Access Economics report saying that while there were 140,000 new job entrants in 2006-07, this figure would fall to 50,000 by 2011-12, representing a shortfall of 290,000 over the next five years - a shortfall driven by population ageing and the retirement of baby boomers.
Demographic Tsunami Ahead, Page 61, Australian Financial Review, 22 Oct 2007