Wayne Freeman Chong, PhD - Caregiving Scientist and Speaker’s Post

Parliament's Health Select Committee is hearing what many in the aged care sector have been saying for years—our current funding model is broken. From residential care providers warning about financial unsustainability, to concerns about the impact of asset testing on families, the message is clear: urgent change is needed. Despite over a decade of warnings, the pressure on aged care facilities is only increasing, and the cost of that care is skyrocketing. Without a long-term solution, many fear facilities may close, leaving our most vulnerable without the support they need. This is why the Aged Care Association are calling for a ministerial task force that includes sector experts, peak bodies, and stakeholders. This collaborative approach will ensure any new funding model is sustainable, fair, and designed to meet the real needs of both providers and the people they care for. Read more: https://lnkd.in/gPZgKRCX #HealthSelectCommittee #AgedCare #HealthcareCrisis

The first insight into the Rules for aged care funding has arrived this week, focussing largely on participant costs This is the summary of the proposed rules prepared for the senate inquiry: https://lnkd.in/gvBAkCgp FWIW the Home Care Package information looks navigable. When it comes to the residential section let’s just say that when I am sitting in governance roles, if a member of management submitted this sort of mess as their best summary of a sales model designed for financially unsophisticated retail customers, I would send them back to re-write either the report or the underlying model. For those looking at financial planning thresholds, the proposed dollar values of residential aged care means testing thresholds are on page 25 #agedcareaustralia #agedcare G5 Strategic

🏠 Changes to residential aged care are coming. Find out what these updates mean for your care plans and financial obligations. 🏥 Get the full breakdown here. Read more: https://hubs.la/Q02TWzcg0 #agedcare #financialplanning #carechanges

Big changes are on the horizon for the aged care sector in Australia, including a $5.6b investment in quality, access, and viability. Find out how the new funding models and reforms will affect providers and why strategic planning is crucial for the year ahead: https://okt.to/T1S9hG #AgedCare #Reforms

Significant changes coming into affect for Aged Care. Below is a fantastic summary of the key changes

After almost five years out of active employment in the aged care sector, I am still contributing to thought leadership around where the sector might head as the future opens before us. The Report is crafted in the silence of waiting for an Australian Government response to the Recommendations from the Aged Care Taskforce and further drafting of a new Australian Aged Care Act due to take effect from 1 July 2025. The Report can be found at https://lnkd.in/gpVN5bei. This Report provides some historical context of aged care in Australia, including remnant policy influence crafted in the mid 1900s. The Report describes in some detail some of the funding challenges that residential aged care providers face, and the challenges for home care services to respond to the need to keep people out of residential aged care. The underfunding and debt challenges of residential care that were described in detail by the Royal Commission into Aged Care Quality and Safety have persisted, along with evidence of inadequate governance, continuing serious incidents and substandard care, and system reviews that offer inconsistent and untimely solutions to an Australian problem of how to care for our elders. The continuing silence around a broad response to the Aged Care Taskforce is indicative of the perpetual kicking of the aged care can down the road for others to deal with. With both aged care and the NDIS there is a sleeping giant of long term affordability, the use and value of taxation to fund systems, and whether Australia can afford to not demand more in terms of payment from those that use the respective systems. I have outlined sixteen recommendations for urgent action in the sector, including the trial transfer and AN-ACC funding of vacant residential aged care places to the home care package segment of the aged care sector, and, echoing a 2020 Gratton Institute report, recommending a major trial of alternate payment of accommodation costs in two States.

The recent blueprint for reform in the Australian Aged Care Sector, as outlined in MinterEllison's article, promises greater regulatory clarity and potential growth for investors. Key Takeaways: ➡ Regulatory Reform: The Commonwealth Government's Exposure Draft of the New Aged Care Act and the Aged Care Taskforce's final report suggest significant changes to improve financial viability and increase consumer contributions. ➡ Market Dynamics: With Australia's ageing population and increasing demand for high-quality home care, the sector is poised for growth. The discontinuation of the ACAR system has also enhanced market contestability, driving quality improvements. ➡ Investment Potential: The proposed reforms could provide the much-needed certainty for funding, making the sector more attractive for investments. For those interested in exploring investment in the private sector, feel free to get in touch. 🔗 https://rb.gy/ekr1re

Australia is introducing significant changes to aged care, including a new means-testing formula and more funding to help older Australians remain at home. Wealthier individuals will contribute more toward their care, while providers may retain portions of accommodation deposits. These reforms aim to invest $930m into the sector over four years and save $12.6bn in the next decade. Though welcomed by providers, questions remain about the financial impact on individuals entering aged care in the future!!! #AgedCare #AgeingAsia #HealthcareInnovation #QualityCare #AgeWithLove

The Aged Care Taskforce’s (ACTF) final report has been released, with a clear focus on improving sustainability of the sector and ensuring fairness for both its workforce and those in care. Many key issues, particularly around financial sustainability, have been evaluated by the ACTF and agrees with the need for change to meet the emerging demand from an ageing population, including the need for further funding. But is it enough, and is it developed with the next generations in mind? Read more about our insights into the final report, the key recommendations referenced and what else is needed to determine future viability and ongoing sustainability in the aged care system. https://okt.to/L9jAdX #agedcare #grantthornton #ACTF

The Final Report of the Aged Care Taskforce was issued last week. It is to be commended for identifying and discussing the major issues that face the sector today. What we need to understand is how the report will inform the new Aged Care Act. It must be an urgent priority for government to release consultation on the Act to date, and also the detail that was absent from the exposure draft. Further, we need to hear from Government whether the recommendations of the Taskforce will be fully supported and fully funded. With the announcement of the Fair Work Commission on aged care wages, providers will be expecting that the additional costs will be met and fully funded in the forthcoming budget. This will need to include funding for leave liabilities and superannuation. Does the modelling that has been released incorporate these costs? Lastly, what does this men for the future of aged care, and the experience of consumers and workers in the decades ahead? Does the Taskforce Report go far enough for us to understand what that future looks like, or it is an extension of current thinking?