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Government must start planning for retirement now
20 February 2012
One of Australia’s largest community based seniors lifestyle and care providers has backed a Business Council of Australia (BCA) pre-budget submission which calls on the government to start planning for an ageing population by funding future commitments now.
IRT Chief Executive, Nieves Murray, said it was no secret that there would be added pressure on an already struggling aged care sector as demand strips supply over the next decade, however, putting funding in place now would allow providers security for planning.
“The recommendations of the BCA go to the core of the aged care sector’s wishes over the coming budget and beyond. If we do not see an increase in funding and long-term financial security in this industry, the short-supply of care places will hit not in 20 years, but inside this decade,” Ms Murray said.
“Seniors deserve to age well and we must plan and prepare for an aged care system that is efficient, effective and responsive to consumers. There must be clear choices for senior Australians and we must be able to provide for future needs.
“In Australia, we will need more than 82,000 new aged care beds before 2020. The investment cannot come from the sector until there is financial security into the future, and a new funding model to provide flexibility to operators and consumers alike,” Ms Murray said.
The BCA Budget Submission: Preparing for a better future stated:
Australiahas been well served by the publication of a series of Intergenerational Reports (IGRs) that have increased awareness and transparency of the costs associated with an ageing society. However, the government’s existing fiscal rules do not convert the output from the IGR into an explicit fiscal rule. It is prudent to begin to provision for the projected fiscal gap arising from intergenerational pressures by targeting (or setting aside) a modest proportion of the budget surplus as a percentage of GDP to deal with these expected future funding pressures.(see http://www.bca.com.au/Content/101938.aspx page 4)
For further information please contact:
Seth Tenkate
Communications Coordinator
Phone: 4221 6653 or 0419 789 841
Note to Editors: Please refer to IRT as “IRT” not “Illawarra Retirement Trust” – thank you
About IRT: IRT is one of Australia’s largest community based seniors lifestyle and care providers. It has been providing seniors lifestyle and care solutions for over 40 years. IRT manages communities in more than 30 locations across the Illawarra, South Coast of NSW, Sydney and Canberra and provides solutions to over 6000 customers.
