Federal Government strikes aged care deal reached to change funding for wealthy Australians

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Federal Government strikes aged care deal reached to change funding for wealthy Australians

The Government and Opposition have struck a deal on aged care that will lead to wealthier Australians paying more of the cost of their care in a bid to set the sector on a financially sustainable footing.

An expert taskforce in February recommended a raft of changes to funding arrangements including that people who were able to afford to pay more do so, although taxpayers would still cover the bulk of the costs of care.

The number of Australians in aged care is set to skyrocket over coming decades, with the population aged over 80 expected to triple over the next 40 years.

Prime Minister Anthony Albanese and Aged Care Minister Anika Wells on Thursday said the suite of reforms are “the greatest improvement in aged care in 30 years”.

“Reforms like this don’t happen everyday, they are once in a generation, and this is very significant,” Mr Albanese said.

The centrepiece is a $4.3b investment into a new system of home care, called “Support at Home”, to help 1.4 million Australians stay in their home as they age and come into effect from July 1, 2025.

While the government will commit 100 per cent of “clinical care” requirements, individual contributions will go towards independence and everyday living costs.

The government says the measures will save the budget $12.6bn over the next 11 years.

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