Experts from across the aged care sector will meet in the nation’s capital today to discuss future funding models – including the role of increased consumer contributions – as the Government grapples with the growing cost of aged care spending.
The Financial Sustainability Summit at Old Parliament House will see representatives from the major aged care providers, unions, consumer groups, academics and public policy specialists gather to debate the optimal funding model for aged care over the next 20 to 30 years.
Attendees will include COTA CEO Pat Sparrow, the HSU’s Lloyd Williams, UTS Prof. Mike Woods and StewartBrown Senior Partner Grant Corderoy.
- What role can taxation, levies, and social insurance play in the long-term financial sustainability of the aged care system to deliver quality care?
- What are the benefits and outcomes, risks and barriers to each policy option?
- What role can changes to consumer contributions, including means testing, pre-funded financial products, and pay as you go, play in ensuring an equitable and sustainable aged care system?
- If adopted, what principles should underpin consumer co-contributions?
Both the Federal Government and the Opposition have indicated that they are also considering these same questions.
In the May Budget, Treasurer Jim Chalmers announced the formation of an Aged Care Taskforce to “review funding arrangements for aged care” – including increased consumer contributions – with its report due later this year.
Last Sunday, Prime Minister Anthony Albanese released the Australian Government’s draft National Strategy for the Care and Support Economy which also pointed to the need for a national conversation on the sustainable funding of aged care.
Media reports also suggest that Opposition leader Peter Dutton has provided in-principle support for increased consumer contributions in aged care to ensure the system remains financially viable.
Could we see action on Plan B sooner rather than later?