How about making the employment of the over-50's EXEMPT from Award pay rates and conditions - and leaving such determination to direct negotiation between employer and prospective (over-50's) employee?
Could have a back-lash on employment opportunities for younger workers and job-seekers, but this can only be balanced, in any event, by more job creation, more business, more industry - for all.

Then, what about reducing the overall welfare budget by finding a job for every able-bodied unemployed person (and providing more childcare for 8-year-olds and older, to allow more mums to take advantage of job opportunities)? Again, more job creation.

And, income tax rates could be increased for younger workers - perhaps on a sliding scale by age-group? Harsh, certainly, but may this not also be necessary, in the end result, to 'balance' the budget?

Of course, we could also increase skilled immigration in the 25-40 years-of-age bracket - but this may not be a highly-preferred option, and we would still need more jobs in any event.

No easy single solution, but perhaps a range of modest 'tweaking' (and much job creation) could reduce an impending 'storm' to mere tea-cup proportions.

(And, maybe pollies ought be subject to the same conditions as 'ordinary' folk - with no fancy retirement/resignation/leaving-office perks, and no pension until they reach the normal 'retirement' age.)