This figure is projected to more than double by 2065.
Almost half a million people are living with the disease responsible for the most deaths in Australia.
Dementia Australia has revealed the number of Australians living with dementia this year has increased to an estimated 446,500.
This figure is projected to more than double to over one million people by 2065.
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The condition is the nation's biggest killer, affecting both sufferers and their families.
The data also revealed an estimated 29,000 people aged 18 to 65 are living with young onset dementia, which could increase to an estimated 41,000 by 2054.
Meanwhile, an estimated 1500 children live with childhood dementia in Australia.
In 2026, there are an estimated 145,700 people living with all forms of dementia in NSW, which is projected to increase to an estimated 252,800 by 2054.
Dementia Australia chief executive Professor Tanya Buchanan said the number of people developing dementia rapidly increasing.
"There is a critical demand for a national program to promote brain health throughout our lives as well as a pressing need to provide quality care and support services for people of all ages living with dementia, their families and carers," Professor Buchanan said.
"Dementia Australia is calling for essential investment from the federal government in implementing the National Dementia Action Plan, a ten-year government framework released in late 2024 aiming to improve the lives of people living with dementia and their carers.
"Australia is recognised internationally for its strengths in dementia care, support and research, but the system still has areas that need improvement.
"Funding the delivery of the National Dementia Action Plan is essential for all Australians impacted by dementia."
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