Our latest insights

The Aged Care Taskforce (ACTF) is evaluating aged care funding mechanisms. In response to this review, Grant Thornton, in collaboration with banks, Private Equity firms and a small group of providers, prepared this report for the ACTF to describe the aged care sector in terms of its capital needs and suggests ways to make it an attractive investment sector compared to other industries.

Conversations with aged care providers at the close of 2022 identified four key themes that will take a front seat in Australia’s aged care sector in 2023 – the fundamentals of the sector (funding, regulation, governance), labour shortage and recruitment strategies, technology, and housing and aged care communities

Outrages around quality care shortfalls, COVID-19 outbreaks in residential aged care facilities, coupled with the recent Royal Commission into Aged Care Quality and Safety, have unfortunately painted a bad picture of the Australian aged care sector. This has affected the number of workers in the field and resulted in poor uptake of nursing degrees. That’s why many providers are relying on the approaching Federal Budget for investment to drive better outcomes in aged care by supporting its predominant capital – the workforce.

October’s Federal Budget announcement is expected to be heavily focused on policy and reform. With increasing pressure from an aging population, the aged care sector is feeling the impacts of system reforms, relentless cost pressures, the pandemic and other changes. Consumers have higher expectations and a greater choice of providers, services and pricing models, forcing organisations to compete in new ways. The operators that thrive will be those who are able to create new business models, realise operational efficiencies and stay one step ahead of their competitors. Change also brings great opportunity and an exciting future to look forward to.

As we commence 2022, the outlook for the aged care sector remains as clouded as it was at the beginning of 2021.

Changes to aged care financial report for 30 June 2021, including new legislated reporting requirements

Many commentators described the Royal Commission into Aged Care Quality and Safety as a once in a lifetime opportunity to reshape the industry to meet the needs of older Australians now and into the future.

The Royal Commission into Aged Care Quality and Safety (RCACQS) hands down its report on Friday (26 February 2021).

Demographic forecasts indicate that the demand for aged care services will continue to outstrip supply for the foreseeable future

Transitions in ageing are not consistent and systematic as they are described by our ageing systems. Sometimes they are incremental, sometimes accidental, sometimes monumental, and they are always personal. We can create something better.

A national series of roundtable events supporting our clients understand the Terms of Reference of the Royal Commission into Violence, Abuse, Neglect and Exploitation of People with Disability revealed the key concerns of industry leaders, as well as providing key learnings from our experience with the Aged Care Royal Commission.

As our aged care sector continues its journey of reform and change, providers are firmly focused on how to deliver better outcomes for those receiving care now and into the future.