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.
Three years after $1B+ valuation, RetireAustralia faces $850M sale
Infratil and NZ Super put its jointly owned business RetireAustralia on the market in March 2022 with a reported price tag of over $1 billion. With its profits soring, the joint owners announced it was off the market in December 2023. In April last...