This paper is not a research paper. It is only a working paper. Perhaps it could best be described as two researchers thinking aloud, trying to sort out what we know, what we do not know, what areas we ought to explore, the context within which issues might develop, and what general questions ought to be asked. The sections of the paper are all self-contained. Section I raises value and policy issues in introducing the paper. Section II provides a profile of Australia's elderly population. Section III raises and analyses some of the contemporary issues in Australian social gerontology. Section IV discusses some of the values which will shape outputs and outcomes. Section V describes and analyses income and services presently available. Section VI discusses political power of the elderly. Section VII summarises the issues and points to research questions, some of which will be taken up in the very near future.