The inaugural release of the Quarterly Financial Snapshot of the Aged Care Sector demonstrates the Albanese Government’s commitment to making the sector more transparent and accountable.
The snapshot draws on financial information collected from aged care providers for the first time, through the new Quarterly Financial Report.
The snapshot captures the period 1 July 2022 to 30 September 2022, prior to the implementation of major aged care reforms.
Importantly these results show the sector prior to implementation of the new Australian National Aged Care Classification (AN-ACC) funding model, which commenced from 1 October 2022.
Future snapshots will show the impact of the Government’s reforms in supporting 24/7 nurses and delivering increases in care minutes.
The snapshot shows residential aged care under significant strain, with 66 per cent of providers making a loss.
The Albanese Government is committed to publishing quarterly snapshots so Australians better understand how the aged care sector is performing.
Quotes attributable to Minister for Aged Care, Anika Wells:
“You can’t improve what you can’t measure which is why the Albanese Government is committed to stronger reporting and oversight in aged care.
“The snapshot shows the strain a decade of inadequate funding from the Coalition has put on the aged care sector.
“The new AN-ACC model has been implemented, funding for 24/7 registered nurses is rolling out and we have committed to funding the aged care workforce value case – these changes will support the future of Australia’s aged care service providers’ finances and operations for the long term.
“We will continue to work closely with aged care providers to deliver these reform measures—for older Australians today, and for many years to come.”