Tuesday, 16 April 2024
    More money needed for aged care
    14
    Jun
    Aged Care

    More money needed for aged care

    Australians could be required to pay more tax to help fund aged care — and rich, older Australians could be forced to pay even more, ABC News reports.

    Aged Care Minister Anika Wells has announced the details around a new task force that has been asked to recommend how best to fund aged care.

    Speaking at the National Press Club, Ms Wells acknowledged that pressures on the system, both in capacity and costs, would increase in the years ahead.

    "We must act now, the baby boomers are coming," she said.

    "Within a decade, our nation will have, for the first time in history, more people aged over 65 than under 18.

    "We are going to need a fair and equitable system to meet the needs of baby boomers who, with their numbers and determination to solve problems, have shaken every single system they've come across."

    The new task force, chaired by the minister, will be required to report back to government with its recommendations by the end of the year.

    Nigel Ray, who previously was the executive director of the World Bank Group, is the deputy chair.

    Shadow Aged Care Minister Anne Ruston raised concerns about the independence of the task force, with the minister as the chair.

    “[This] causes concerns that this will lead to less genuine consultation and the minister putting forward policy solutions to her own government,” she said in a statement.

    A total of $23.6 billion was spent on aged care in 2020-21.

    The figure increased to $24.8 billion in 2021-22 and the expected figure this financial year is $30 billion.

    Aged care expenditure is expected to reach $42 billion by 2026-27.

    FULL STORY

    Aged care task force looking at new taxes, and more self-funding for wealthy elderly Australians (ABC News)

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