How the 2023 Intergenerational Report might impact aged care BY SOPHIE DOYLE, RETIREMENT AND AGED CARE SPECIALIST
The recently released Intergenerational Report highlights trends and impacts over the next 40 years and highlights the significant impact of an ageing population. A major theme in the recent Intergenerational Report was the impact on Australia’s economy and society of an ageing population, which will lead to a rising demand for aged care over the next 40 years. This reinforces the importance of considering aged care needs ahead of a crisis situation. The care and support sector was singled out as one of the key sectors expected to grow over the next four decades as it expands to accommodate the needs of an increasing number of older Australians. In particular, the 85 plus age group is expected to triple over the next 40 years. Meeting demand will require ongoing investment and improvements in the delivery of aged care services. But with predictions of budget deficits for the next 40 years, the ability for the Government to fully fund the increasing cost pressures is limited. A greater and increasing share
8 DAY TOUR
Join us on an 8-day tour exploring Bundaberg and its surrounds, by visiting Mon Repo Conservation Park at night to watch the turtles hatch. Other highlights include a visit to the Bundaberg Distillery, Bundy Belle lunch cruise on the Burnett River and finishing on the Gold Coast with a night at the Outback Spectacular.
Turtlely Encounters in Highlights Bundaberg
February 2024
Bundy Belle Lunch Cruise Bundaberg Rum Distillery Mon Repo Conservation Park Outback Spectacular Show
of costs will likely need to be met by the person accessing care services, where they have the financial means to do so. Australians need to plan ahead for their aged care needs. Aged care considerations should form a key component of retirement planning to take into account the costs and related financial decisions. While longer life expectancies will see Australians spending more years in full health, on the flip side, we are also likely to experience an increased number of years in ill–health. This will in turn accelerate spending in health and aged care as well as demand for services and advice. As shown in the chart below, the average number of years that a person lives in ill–health has been steadily increasing across the last decades and this trend is expected to continue to grow. See Graph 1. Most Australians who reach old age will need aged care services. The Australian Government provides the majority of funding, across both residential aged care and home care services, with users contributing a small portion of the costs. Government spending on aged care is projected to grow from 1.1% of GDP to 2.5% in 2062–63 and aged care spending per
4 DAY TOUR
Famed for its gourmet experiences and picturesque countryside, Mudgee is one of Australia’s great food and wine destinations. Nestled by the beautiful Cudgegong River, the town still possesses the character and charm of its 19th-century past, with something for every kind of traveller. Come and join us as we explore the region.
Magical Mudgee Highlights
April 2024
Lithgow Silo Art Gulgong Wineries
Gooree Park Dunedoo Merriwa Honey Haven
Immerse yourself in the majestic wonders of our amazing country in 2024 8 DAY TOUR
Palmers are Taking Christmas in July to The Outback! Join us for 8 days of fun and frivolity as we decorate the coach for Christmas and head to “The Artback” to look around. This tour will feature a Christmas meal with all the trimmings as we tour Broken Hill and surrounds.
Christmas in July at l Highlights Broken Hil July 2024
Wilcannia Nyngan Broken Hill Wilcannia Silverton Heritage tours Local art galleries tour Christmas is July Dinner
Luxury Coach Tours from the Bush to the Beach 16
ON T H E C OA S T – OVER 5 5
Upcoming Day Tours
Book now! Enjoy one of our day trips exploring New South Wales.
Valentines at Fairground Follies Sydney Quarantine Station William the Fourth Hunter Wetlands Lake Macquarie Cruise with BBQ lunch Nepean Belle paddle-wheeler Thirlmere Rail Museum Leura Garden Festival Macadamia Farm, lunch and Fighter World
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