Aged care featured as a centrepiece of the 2021-22 Federal Budget handed down by Government on 11 May. The Budget outlined a 5-year aged care reform plan, at a cost of $17.7 billion.
With an ageing population and baby boomers heading towards care years, the Budget included a major focus on aged care aimed at restoring consumer confidence and increasing the quality of care.
Today over 1.3 million people access aged care services. The number of people over age 65 is expected to double to more than 7 million people by mid-century. This provides a great opportunity (and need) for financial planners to focus on supporting clients with aged care needs and discussions.
Click on the link below to download the Aged Care Steps analysis of aged care announcements in this year’s Budget.