AUSTRALIA | The StewartBrown report Aged Care at the Crossroads (July 2024) emphasises the urgent need for funding reform to secure the financial sustainability of Australia’s residential aged care sector.
This reform is essential to address a looming shortage of beds required to meet current and future demand. The report, along with biannual Aged Care Sector Reports by the UTS Ageing Research Collaboration, highlights critical challenges facing the sector, including financial sustainability, provider viability, and workforce availability. These analyses provide an in-depth look at the pressures confronting aged care and underscore the need for timely, effective reform.
The survey is the largest financial benchmarking initiative in Australia’s aged care sector, gathering detailed data from 1,202 aged care homes, encompassing 99,214 beds, along with 68,226 home care packages from 210 approved providers.
This quarterly survey provides vital insights into financial performance trends and challenges at both the sector level and the individual facility or programme level. As a major source of data, it enables the aged care sector to gain a deeper understanding of the financial drivers and pressures impacting its sustainability and performance.
In the Taskforce Funding Reforms Analysis, StewartBrown highlights its strong support for the Aged Care Bill 2024, which was introduced in Parliament in September. This bill incorporates substantial funding reforms based on recommendations from the Aged Care Taskforce and aims to secure long-term financial stability for aged care providers. The bill has bipartisan support and is designed to create a strong foundation to meet the growing needs of Australia’s ageing population.
StewartBrown, a consistent advocate for fair and equitable funding, stresses the importance of implementing these reforms carefully to avoid unintended consequences. The organisation is committed to ongoing analysis of the bill’s financial impact on residential care, as additional legislative details are released.
The Aged Care at the Crossroads Report (July 2024) highlights a critical financial challenge within the residential aged care sector, which has suffered ongoing deficits. Over the last five years, the sector has accrued a total operating loss of $5 billion, reflecting significant financial strain. This report provides in-depth analysis and projections, offering a clear overview of the sector’s current financial challenges and underscoring the need for reform and ongoing financial support to address operational issues.
Through these reports, StewartBrown delivers thorough, evidence-based analyses that guide financial decision-making across the aged care sector, advocate for essential funding reforms, and inform industry stakeholders about emerging trends and sustainability efforts. The organisation’s ongoing work serves as a cornerstone for tackling financial challenges in aged care, aiding providers in preparing for future demands.
Read more here. StewartBrown - Taskforce Funding Reforms Analysis (September 2024) PDF
The StewartBrown Aged Care Financial Performance Survey (ACFPS) incorporates detailed financial and supporting data from over 1,100 residential Aged Care Homes and over 500 Home Care programmes across Australia. The quarterly survey is the largest benchmark within the aged care sector and gives invaluable insights into the trends and drivers of financial performance at the sector level, and at the individual home or programme level.
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