Tasmania’s population is ageing at a faster rate than any other Australian state or territory.                                                        The proportion of people aged 65 years and over may grow by almost 80 per cent over the next 20 years.                                                        On current trends, the number of people aged over 85 years is likely to double to around 16 000 over the next 20 years and double again by 2046.                                                        Tasmania’s working age population may peak within the next five years and then start to decline.                                                        As Tasmania’s population ages, the labour force participation rate may enter a period of long term decline.                                                        The number of households with children is likely to decline by approximately 13 per cent over the next two decades.                                                        In light of population ageing, Tasmania’s long term prosperity will largely rely on strong productivity growth.