The Morrison Government today announces an additional $22 million to ensure senior Australians can access sustainable, high-quality residential care, under a new round of funding through the Business Improvement Fund (BIF).
Minister for Aged Care and Senior Australians, Richard Colbeck, said latest investment underlined the Government’s commitment to strengthen the business framework for providers across the country.
The Morrison Government invested in nearly 200 residential aged care providers through the first round of the BIF to improve service delivery and viability and ensure the needs of senior Australians are met.
It brings the total investment to more than $100 million since March 2020.
This includes $26.8 million as part of an extended first round of the Business Improvement Fund to support an additional 54 providers, a majority of which are in regional and rural areas.
“The BIF provides grants to providers who may be facing financial challenges, particularly those located in regional, rural and remote areas,” Minister Colbeck said.
“Improving the financial stability of residential aged care enables providers to focus on what really matters, high quality care for their residents.”
Masonic Care Tasmania CEO, Jackie Howard, said the organisation’s residential aged care services, several located in regional Tasmania, has benefited significantly from support it received through the fund.
“This funding has brought us forward, at least a couple of years faster than if we had to do the improvements ourselves. It's certainly taking this organisation to where it's never been before,” Ms Howard said.
“It will allow us to have some robust core IT infrastructure across our residential aged care facilities. This will help us future proof the business,” Ms Howard said.
Minister Colbeck said the Morrison Government is improving the sustainability of aged care to meet the demands of a competitive market aligned to the Royal Commission into Aged Care Quality and Safety final report recommendations.
“Our investment and commitment to continue to support the sustainability of the aged care sector is about putting the needs of senior Australians front and centre.
“This investment will enable our diverse senior Australian community to access quality residential aged care no matter where they live,” Minister Colbeck said.
“Aged care providers are also encouraged to use the Government’s Business Advisory Service to gain free, independent and confidential business advice for improving operations, which will ultimately result in better services being delivered to consumers.”
Eligible providers can apply for the Business Improvement Fund to implement improved business strategies, as identified by the Business Advisory Service, such as restructuring business operations and upgrading of financial management or IT systems.
Business Improvement Fund applications are now open through GrantConnect.
Today's funding announcement is part of the Australian Government's Structural Adjustment Program, to improve operations and viability to meet the demands of a strengthened aged care market.