The Audit Office has released a report that criticises the lack of controls on the money paid to care operators in the form of bonds which total $8 billion lodged by residents, and growing by 25% each year (or $2 billion p.a.). The average bond is now $190,000. The Government guarantees bonds and has had to pay out $19 million since 2006, thanks to the collapse of three aged care facilities. The Minister for Ageing, Justine Elliot, will be responsible fro responding to the Audit Report.
Think big. Think care campuses.
The gnarly problem: the lack of new ageing accommodation infrastructure over 20 years has hit the Baby Boomer demand bubble. Bad outcomes for old people are accelerating. Planning approval hurdles are cited as the root cause. Delay and bureaucratic...