The Aged Care Bill 2024 (draft new Aged Care Act) was tabled in Parliament on 12 September 2024 with bipartisan support for Chapter 4 "Funding for Aged Care Services". The Bill included the funding reforms resulting from the Aged Care Taskforce Report (Aged care reforms and reviews | Australian Government Department of Health and Aged Care).
StewartBrown has been very supportive of the Taskforce Recommendations and the Government's clear desire to ensure the financial sustainability of the aged care sector to meet the current and future demands of older Australians. With bipartisan support through parliament, a strong foundation will be established for the future.
Implementing major funding policy changes, such as has been included in the Aged Care Bill, will often create varying levels of consternation that unintended consequences are avoided. These will need to be addressed as they are identified.
StewartBrown has strongly advocated for these funding reforms for the past 4 years and will continue to support fair and equitable funding reform into the future.
The attached paper provides initial modelling and analysis of the financial impact of the reforms on residential aged care. This analysis will continue as more detail becomes available through the release of the Rules that will underpin the new Act.
StewartBrown will also be distributing analysis and commentary on the funding reforms and new design of the Support at Home program over the next week.
These reforms are important first steps in ensuring that the sector becomes and remains financially sustainable. As reforms continue to evolve, StewartBrown will continue to support the sector with detailed analysis and evidence-based advocacy.
StewartBrown - Taskforce Funding Reforms Analysis (September 2024) PDF
