Australian’s are living longer than previously, according to the most recent Australian Life Tables.
Accurium, the retirement and actuarial services company, says the Australian Life Tables 2010-2012 show “Australians born today are expected to live longer (on average) than those born five years earlier.”
The 2010-2012 Australian Life Tables were released by the Government Actuary in December 2014. The next batch of tables is due to be released in 2019.
The Life Tables show that a child born today has a life expectancy of 84.3 years if they are female and 80.1 if they are male. This is an increase of 0.6 years and 1.1 years, respectively, compared to the 2005-2007 Australian Life Tables.
The Australian Life Tables also show that a 65 year old man has a life expectancy of 84.2, an increase of 0.7 from the previous tables. A 65 year old female has a life expectancy of 87.1, an increase of 0.4 years.
However Accurium notes that “the data is a snapshot in time and they do not take into account the fact that we are living longer due to improvements in mortality.”
The mortality rates in the ALTs 2010-2012 are an estimate of those actually experienced over the 3 year period that the data covers. Life expectancies generated from these tables do not make any allowance for expected improvements in mortality rates over a person’s lifetime.
There has been a continued trend of increasing life expectancies, and so the Government Actuary makes a projection of future improvements. These figures show a life expectancy of 90.5 for males from birth, or 86.6 from age 65. Females have a life expectancy of 92.2 from birth and 89.0 from age 65.
Accurium notes that increasing longevity has “significant implications” for the retirement and superannuation systems.
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