Times are changing...

Times are changing. In a relatively short period of time the Australian, Tasmanian and worldwide economic climate has dramatically altered. This climate is yet another unprecedented scenario that requires a strategic, well thought out approach on a global scale and further ads to the challenges of the unprecedented scenario of worldwide population ageing.

While initial reactions are to scale back and batten down the hatches to ride out the storm, it is important to keep a longer term strategy in mind in terms of skill and workforce development.
While the current economic climate and the impact on superannuation investments may delay the retirement intentions of the large baby boomer cohort, they will retire eventually. These baby boomers have a wealth of knowledge and experience, qualifications and skills that cannot be replaced overnight. Sooner rather than later, more people will be exiting the workforce than entering it. It is important over the longer term that investment in skill development remains paramount, so that those remaining in the workforce and those entering it are well equipped, educated and appropriately trained to maintain productivity in the workplace.