More children plea not enough to solve aging problem

The Australian government's plea for couples to have more children, with "one for mum, one for dad and one for the country," has helped slow the aging of the nation's population, Treasurer Peter Costello said yesterday.

But Australia still faced slowing economic growth and a significant budget shortfall in 40 years due to the demographic impact of the aging population, Costello said.

"Demographic changes are still working against us," Costello said in an address to the National Press Club as he released a government analysis on the impact of an aging population.