Submission to Financial System Inquiry. COTA has had a long history of active interest in the financial system to ensure it meets the
needs of older people.
The terms of reference for this inquiry focus on the role of childcare in facilitating
increased workforce participation, particularly of women, and optimising children’s
learning and development. COTA’s interest is in the role that grandparents play in
providing child care for their grandchildren.
Australia’s population is ageing and this will accelerate as the baby boomers move into older age. In 2011 there were 3 million people over the age of 65, making up around 14 per cent of the population and this figure will rise to over 8 million in 2050 or 25 per cent of the population.