South Australia is looking to get the most out of the $3 trillion baby boomer market in Australia and the Asia-Pacific region.

Experts were on hand at the recent launch of the ‘Mature Economy Business and Jobs Strategy’, commissioned by the South Australian Government.

The strategy papers are being developed by Flinders University’s Professor John Spoehr and Germany’s Fraunhofer IAO Professor Frank Wagner, world leaders in identifying new technologies and harnessing profit from the lucrative market.

It is all part of the State Government’s vision outlined in Prosperity Through Longevity: South Australia’s Ageing Plan, 2014-2019. 

The strategic framework, due for release this year, aims to turn the basic demand and supply economics of an ageing population into a financial boon for South Australia by meeting their growing needs at home.

Proponents say it could help South Australia place itself at the epicentre of a booming new mature economy, tailored to meet the health and lifestyle aspirations of older residents.

This market will spend their savings on lifestyle, leisure, and maintaining their independence in areas such as medical devices and assisted technologies, says Professor Spoehr, Director of the new Australian Industrial Transformation Institute at Flinders University.

“This translates into new business opportunities and jobs that may not exist yet, or are still in their infancy,” Professor Spoehr says.

Services and innovative products such as assisted technologies also would be spurred by Australian Government policies such as Consumer Directed Care and the National Disability Insurance Scheme, he says.

“The Mature Economy Business and Jobs Strategy will ensure that far from being overlooked, mature citizens will be valued, delivering economic and social dividends.

“It will bring together the interests and investments of these organisations and institutions into a coherent and collaborative whole for the benefit of South Australia.

“This partnership will ensure we have access to international knowledge and expertise in this area and will ensure we look at opportunities not just on a state level, but nationally and internationally as well.”

South Australia Minister for Ageing, Zoe Bettison, says that with around a third of the State’s population now aged over 50, it is clear that they present increasing economic opportunities for business, industry and social ventures.

“This strategy will set a clear direction to ensure South Australia is at the forefront of efforts to maximise business and job opportunities generated by the ageing population over the next decade,” Ms Bettison said.