- Katie O’Keeffe to spearhead Human Capital offering in Melbourne
- Grant Thornton appoints new National Head of Business Risk Services
- Tianne Nagy-Jones recognised with ARITA President’s Award
- The UK’s Tech Rocketship Awards take off in Australia and New Zealand
- Robert Powell recognised with Family Business Australia’s inaugural Accredited Advisor Award
- “Western Australia is superbly situated to thrive and prosper”
- Proportionate regulation can help protect banking customers
- Grant Thornton appoints new Human Capital partner
- Darren Scammell joins Grant Thornton
- Life Sciences sector booming and more buoyant than ever
- Grant Thornton welcomes new leaders
- Victoria backs TPP and benefits of Free Trade
- Aged care boardroom briefing with Federal Minister highlights opportunities and challenges for the sector
- volt bank receives Australia’s first restricted ADI licence
- Grant Thornton advises Jupiter Mines on one of the largest IPOs in the metal and mining industry
- Grant Thornton acts for Turi Foods on merger with global food supplier
- Grant Thornton appoints new Partner as part of its ongoing investment in Financial Services
- Grant Thornton Australia continues to bolster its consulting capabilities with the appointment of new technology Partner
Aged care boardroom briefing with Federal Minister highlights opportunities and challenges for the sector.
In 2016 there were 3.7 million Australians aged 65 and over – about 15% of the population. By 2056 there could be as many as 8.7 million older Australians – equating to 22% of the population. This upward trend is expected to continue with implications for the economy, our healthcare system and our aged care providers.
To explore this topic, Grant Thornton and Commonwealth Bank of Australia hosted an executive boardroom breakfast with the Honourable Ken Wyatt, Minister for Aged Care and Indigenous Health on Thursday, 14 June.
Minister Wyatt explained what the benefits are for residents and providers across the aged care sector with an additional $5B investment from the May federal budget. Those benefits include increased home care packages, more funding for mental health, and enhancement of the My Aged Care website – initiatives that are very much welcomed by the sector.
Guests of the breakfast endorsed the generous budget that will help the industry. Though there remain some concerns. Those concerns are around the potential replacements for the Aged Care Funding Instrument (ACFI) – specifically that uncertainty around ACFI is de-incentivising current investment where any replacement reduces the amount of money available to the sector for the delivery of care. There are also concerns that care responses may be diminished and quality compromised.
“The resoundingly clear message from the room is that aged care providers are passionate about delivering the best care possible, for every person, in every bed, every day,” said Darrell Price, National Head of Health & Aged Care for Grant Thornton Australia.
Grant Thornton is supporting providers in how we translate additional funds from the budget to an investment cycle that will not only create more beds for residents and consumers but also greater degrees of workforce improvement.