Mr Richter has told the Fin Review that the industry has only delivered around 34,000 new beds in the last 10 years.

In 2016-17, just $2.1 billion in new construction work was completed, with $1.6 billion done in 2015-16.

“If we do nothing to address the $54 billion hole, we risk spiralling into a situation similar to the UK, where chronic under-funding of aged care infrastructure has led to nearly 1000 elderly people per day being needlessly stuck in hospital,” he said.

He says the $54 billion can be accessed through private investors – but how easy will it be to attract investment in the shadow of the Royal Commission?