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.
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.