Australians expected to work less, earn more
Updated: 2013-01-21 13:48
SYDNEY - Australians will work less, earn more and spend more leisure time online, eating out, playing sport and watching television and movies, a study released on Monday by the nation's business information research firm IBISWorld predicted.
It predicts the average Australian will earn 1,756 AU dollars ($1,847) a week for 29 or 30 hours' work in 2025, compared with an average 1,086 AU dollars for 32 hours work a week in 2013.
Australians are expected to have 78.5 leisure hours a week by 2025, up from 78.1 hours in 2013, with social media and shopping taking up most of that time, IBISWorld says.
IBISWorld says Australia's population is expected to grow by 1.6 percent a year, rising from 22.8 million in 2013 to 27.8 million by 2025, driven by immigration, growing birth rates and longer life expectancy.
"Net migration has been driven by policies to raise immigration levels in an effort to combat the impact of retiring baby boomers and to tackle the skills shortage," Australian general manager for IBISWorld Karen Dobie said in a statement on Monday.
"Our average life expectancy is creeping close to 82 years old; and our median age rising to 37.1, up from 36.9 in 2010, and it's apparent the coming decade will be one of rising demands on healthcare and new challenges for the economy," she said.
IBISWorld predicts Western Australia will lead population growth in the years to 2025 due to the mining boom, although New South Wales continues to be the nation's most populous state.
In terms of housing, IBISWorld anticipates the coming 10 years will see ongoing growth in high-rise apartment and inner city living in major metropolitan areas as housing affordability remains a concern.
Dobie said fewer Australians would rush to enter the housing market.
"Perhaps owning bricks and mortar is no longer the Australian dream," she said.
IBISWorld expects the average owner-occupier's home loan will rise from 300,000 AU dollars in 2012-13 to 678,000 AU dollars by 2024-25.