Commissioners Tony Pagone (formally appointed Chair of the Royal Commission) and Lynelle Briggs will now hand in their Final Report three-and-a-half months after its 12 November deadline having been granted a second extension due to the disruption caused by the pandemic.
As we reported here, the Royal Commission put its proceedings on hold in late March, suspending all hearings, workshops and group consultations.
While hearings are due to resume next week in Melbourne (along with our Daily COMMISSION newsletter) and the Commission has continued to release its own research and consultation papers, the Commissioners acknowledged providers would be focused on their COVID-19 responses.
The extension will see the Royal Commission wrap up 10 months after its original reporting date of 30 April 2020 – and almost two-and-a-half years after Prime Minister Scott Morrison first announced the inquiry in September 2018, just one day before the ABC’s Four Corners program aired its ‘Who Cares?’ investigation into the sector.
The sector will now be asking the question: how long until the reforms recommended by the Royal Commission are put in place? And how long until the Government provides funding certainty for providers?
The February reporting date means the Government will be cutting it fine to make any major funding announcements in the May 2021 Budget.
And as we have covered in recent days, the listed providers have attracted much attention from potential investors, but reports suggest interested parties were holding off until the Royal Commission findings in November.
With 60% of providers operating at a loss according to StewartBrown, what impact will this have on investor confidence?
