Australia must increase migration to expand its tax base and slow the economic damage caused by Baby Boomers retiring, says KPMG partner and demographer Bernard Salt.

In his column published in The Australian, the property demographer who first wrote about the SeaChange phenomenon, says there will be a “bust” as Baby Boomer retire from the workforce and leave government coffers unable to collect as much tax.

“In addition to the issue of the baby bust eroding the taxpayer base, navigating the global financial crisis has resulted in additional debt,” Salt says. “Someone has to repay the double lot of $10 billion that spread so much cheer during the depths of the economic crisis.”

Salt argues younger workers must pay more tax or older retirees must restrain demand for healthcare and pensions – or Australia maintains high migration levels.

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