House of Assembly Fifty-Third Parliament, Second Session (53-2) 53 2 Parliament of South Australia House of Assembly published Question Time Mature Economy Mature Economy The Hon. T.R. KENYON House of Assembly Newland Mature Economy The Hon. T.R. KENYON (Newland) (15:25): My question is to the Minister for Ageing. What work is being undertaken to leverage South Australia's ageing population profile for greater economic benefit? Members interjecting: The Hon. Z.L. BETTISON House of Assembly Ramsay Minister for Communities and Social Inclusion Minister for Social Housing Minister for the Status of Women Minister for Ageing Minister for Multicultural Affairs Minister for Youth Minister for Volunteers Mature Economy The Hon. Z.L. BETTISON (Ramsay—Minister for Communities and Social Inclusion, Minister for Social Housing, Minister for the Status of Women, Minister for Ageing, Minister for Multicultural Affairs, Minister for Youth, Minister for Volunteers) (15:26): I thank the member for the question. The Speaker House of Assembly The SPEAKER: The member for Unley is warned for the second and final time. The Hon. Z.L. BETTISON House of Assembly The Hon. Z.L. BETTISON: South Australia has a unique status in this country of having the oldest demographic profile of all mainland Australian states. We are part of a demographic shift that is occurring across much of the world. Indeed, approximately one-third of all South Australians are currently aged over 50 years, a proportion that will continue to grow over the coming decades. Importantly, in South Australia we are shifting the discussion around ageing. We are seeing our demographic profile with an optimistic mindset. The shift in population age will become a shift in markets, as older people seek to access not just existing but new products and services in line with their changing expectations of how life will be lived in the later years. Last year, the Office for the Ageing, in partnership with the Stretton Centre, commissioned the Mature Economy Project to explore the extent of this opportunity for South Australia. The project found emerging markets across tourism and leisure, emerging technologies, health and retail sectors and age-friendly housing and workplaces, just to name a few. The project also found that South Australia is well positioned to respond to the new demand in these new markets, to the benefit both of its economy and older South Australians. It is for this reason that I am pleased to have the opportunity to share with you the work underway to capture and consolidate these economic opportunities into a single mature economy business and jobs strategy for South Australia. A national first, this strategy will be developed under the leadership of Professor John Spoehr of the Australian Industrial Transformation Institute at Flinders University, and in partnership with Professor Frank Wagner from the Stuttgart-based Fraunhofer IAO, one of Germany's network of world leading Fraunhofer institutes. Not only will this strategy meet the needs and aspirations of our ageing population, it will also support us to grow markets beyond state and national borders, create South Australian jobs and bring the interests and investments of business, industry and government together for the benefit of South Australia. I am very pleased to be the minister setting this exciting new direction for the future of South Australia. I look forward to presenting this new strategy later this year.