population
AS NATIONAL BOUNDARIES BLUR WITH ADVANCES IN THE DIGITAL ECONOMY, CUSTOMERS ARE BECOMING INCREASINGLY SOPHISTICATED IN THEIR USE OF SOCIAL MEDIA AND THE WORLD WILL BE MORE GLOBALISED.
challenges," Jim Murphy, Executive Director of the Australian Treasury's Markets Group, told a conference in Melbourne this year. "If our demographic pressures are realised, then
spending is projected to exceed revenue [the so-called 'fiscal gap'] by 2.75 per cent of GDP in 40 years' time and net debt is expected to grow to around 20 per cent of GDP by 2049–50."
The world is getting smaller As national boundaries blur with advances in the digital economy, customers are becoming increasingly sophisticated in their use of social media and the world will be more globalised. Gallagher says the National Broadband Network
will provide a tremendous opportunity for companies to offer products and services to a wider range of global customers. "The NBN is designed to make Australia continue
to be the clever country and the world is only going to be smaller with that kind of infrastructure in place," he says. "By the year 2050, the world is going to look very different to how it looks now."
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Super solutions Demand for self-managed super is rising. Higher- income workers who receive employer super contributions may benefit from switching to a self-managed super fund, which can offer greater control and flexibility with investments. Investment in the post-GFC climate requires
more conservative financial planning, so clients are now more risk-averse, tending to favour real estate and term deposit solutions, rather than stock market options. Demand is increasing for reverse mortgages and
other superannuation and retirement strategies for people nearing retirement age.
RESOURCES
St.George Bank www.stgeorge. com.au/corporate- business/report- centre
David Gallagher www.mgsm.edu.au/ research-and-faculty/ faculty/professor- david-gallagher
