Cobar is a remote town in western NSW. For 30 years the local Council has been supporting Lillian Bray Village, a 34 bed hostel and care facility and now wants somebody else to take over given its losses. Ratepayers are subsidizing its $2.5 million annual budget by $200,000 a year. Between 2005 and 2010 it made losses of $335,000; in the past two years it made a surplus after subsidies of $14,000. This is a tip of the iceberg. Each week another Council declares it needs to unburden itself of a community care facility.
Breaking news: For Purpose Investment Partners’ aged care platform buys Graeme Croft’s Signature Care
For Purpose Aged Care Australia (FPACA), the aged care provider established by social impact investment vehicle For Purpose Investment Partners (FPIP), is moving forward on its vision of reaching 5,000 beds, acquiring 14 aged care homes – eight on...