kpmg 2004 Group of Eight Human Resources and Industrial Relations Conference Forum: Work and life values in a world of choice Bernard Salt Author The Big Shift Partner KPMG Australia 19 August 2004

kpmg From the bush … out with RM Williams … in with Billabong & Rip Curl Suburban culture emerged during the 20 th Century Provincial coastal culture now ascendant Underpinned by lifestyle-seeking baby boomers Edna Everage; Neighbours 1985; Kath & Kim Inner city 5% Suburbia 58% Rural 18% Coastal 19% 1901 Inner city 25% Suburbia 15% Rural 52% Coastal 8%

kpmg 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000, Year Population Baby boomers just won’t die! Source: ABS Censuses; ABS Series B Projections September 2003

kpmg It doesn’t get any better after Boomers at their peak until June 2006 … then the slide begins

kpmg Boom Baby Boom … get in the groove now Born July 1946 – June 1961 Aged in 2004 Number: 4.1 million Fee free tertiary education: 1972–1987 Married by 23 … left home at 18 Property boom 1987–1989 and 1999–2003 Did not consider not having children Youth culture yielded “Free Love” Hippies, Punks, Dinks, Yuppies and now Seachangers Peak income earning period About 2015 — redirect national budget towards PBS

kpmg Generation Xcluded Born July 1961 – June 1976 Aged 28 – 43 in 2004 Number: 4.4 million HECS from 1987 … live with mum and dad Married by 30 Missed the property boom 1999–2003 No social prescription to have children Forged “urban chic” and the shift downtown Peak income earning period 2011–2021 About 2015 — tell Boomers: “you should have provisioned better for retirement in your time, not ours”