The Albanese Government has released the inaugural Quarterly Financial Snapshot of the Aged Care Sector, demonstrating its commitment to increasing transparency and accountability in the sector. The snapshot provides a detailed analysis of financial information collected from aged care providers for the first time through the new Quarterly Financial Report.
The report captures the period from 1 July 2022 to 30 September 2022, prior to the implementation of major aged care reforms. This allows for a clear understanding of the sector’s financial performance before the new Australian National Aged Care Classification (AN-ACC) funding model is implemented on 1 October 2022.
The snapshot highlights the challenges the aged care sector is facing, with 66 per cent of providers reporting losses. However, the Government’s commitment to stronger reporting and oversight, as demonstrated by the release of this snapshot, will support the future of Australia’s aged care service providers’ finances and operations in the long term.
The Government has committed to publishing quarterly snapshots to provide Australians with a better understanding of how the aged care sector is performing. Future snapshots will show the impact of the Government’s reforms in supporting 24/7 nurses and delivering increases in care minutes.
Minister for Aged Care, Anika Wells, emphasised the importance of the snapshot in supporting the sector, “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,” she added.