Funding and financing are clearly the top of the Commissioners’ minds.
The Royal Commission says it is looking at whether the current capital financing arrangements in Australia are enough for the future requirements of residential care and whether any improvements to these arrangements should be recommended – particularly if more people will be receiving care at home.
“In 2019, the Aged Care Financing Authority estimated that the combined total investment for new and rebuilt residential care places over the next decade will be about $55 billion,” the Commission bites,
“This compares to $16.7 billion in building approvals for new and rebuilt residential care places over the decade to 30 June 2020. However, people’s preference to remain at home as they age and the reflection of this preference through aged care policy and programs may reduce the amount of capital financing required in residential aged care over time.”
Citing its own research that has raised issues about the current arrangements – including their impact on the viability – the Commission has released a paper titled ‘Capital Financing for Residential Aged Care’.
You can download it here.
The paper examines the history of capital financing arrangements in residential care and how the current system operates, with questions for consideration and details on how to make a submission.
To make a submission, email: ACRCCapitalFinancing@royalcommission.gov.au.
In providing a submission, you can also:
- write to the Royal Commission at GPO Box 1151 Adelaide SA 5001 or
- telephone 1800 960 711 (between 8:00am-6:30pm ACDT Monday-Friday except on public holidays. Interpreter service available).
You don’t have long though – the final date to provide submissions is Friday, 2 October 2020.
Click here for more information.