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The federal government's latest Intergenerational Report has forecast how Australia will look in 2063 โ€“ and there are likely to be big impacts on our property market and wider economy.

Over the next 40 years, our population will increase from 26.5 million to 40.5 million, which means there will be significantly greater demand for housing.

The average person's real income (i.e. after inflation) will increase by about 50% over the next 40 years, which will take the average annual salary to about $143,000 in today's money.

Workers will need that extra money, because they'll probably be more heavily taxed. That's because the old-age dependency ratio (i.e. the ratio of older dependents to the working-age population) will increase as our population ages. Right now, for every 100 workers there are 26.6 dependents; by 2063, those same 100 workers will need to support 38.2 dependents.

Subiaco finance brokers are here to help

Interest rate rises are here, but you donโ€™t have to fear with the right broker on your side.

The team at Sonam Capital are here to empower you through financial knowledge. Weโ€™ll take the time to get to know you and your unique situation and speak in a language you can understand, with strategies you can implement for the best possible outcomes.

Nick, Wayne and Amanda at Sonam Capital are your Subiaco finance specialists.

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