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While there was no specific funding attributed to the recommendations by the Aged Care Taskforce (ACTF), including co-contributions by consumers, there is a sizeable allocation of unspecified funding for the sector.
This is welcomed news as the funding will enable the sector to continue to negotiate on legislative reform funding and other initiatives ahead of the release of the new Aged Care Bill.
It provides an opportunity for industry stakeholders, including Aged & Community Care Providers Association (ACCPA) to advocate for better outcomes within the announced policy framework of the Governments.
You can read our insights into the ACTF report here as well as perspectives on the aged care sector following our recent roundtable series with the Commonwealth Bank of Australia and CEOs nationwide here.
Our hospital systems are stretched under the strain of increased demand for services. There have been efforts to streamline hospital systems and other healthcare services. However, these improvements are inconsistent and not yet part of a regular, system-wide process. The Budget provided some additional funding to improve systems reform, but more would be welcomed.
While the investment in improving access to workforce is welcome, it does not seem enough to address the supply of nursing staff and medical practitioners – particularly in rural and remote Australia.
With funds available, it is incumbent on the Government – in conjunction with providers – to develop clear and achievable strategies to deliver more medical resources for all parts of the health system.
As a national team, we can mobilise easily to assist both local and national clients on various fronts. Leveraging the collective expertise of our colleagues in strategy, financial modelling, technology, workforce optimisation, insolvency, organisational culture, and beyond, we stand ready to support your ambitions and challenges in the Health and Aged Care industry.
The Aged Care Act 2024 has been in place for a month. Touted as a ‘once in a generation change’ to improve protections for consumers, it also seeks to stimulate investment in residential care services and improve care in the home with the new Support at Home Program.
The Federal Court’s $5.8M ACL decision signals a new era for privacy, cybersecurity, and governance in Australia. It reinforces that privacy and cyber obligations start Day 1 of any acquisition, governance failures will be scrutinised, and accountability cannot be outsourced. Boards must ensure robust oversight, deep cyber due diligence, and forensic incident response. With OAIC escalating regulatory enforcement, organisations face heightened legal, financial, and reputational risks.
The health and aged care industry in Australia is complex and there are a range of challenges and opportunities for the banking sector which can be explored in relation to its various sub-sectors.
