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Aged care reforms revealed

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This Budget foreshadows significant change for the aged care sector.

The Government has announced a $17.7 billion package that also contains serious reforms in response to the recommendations of the Royal Commission into Aged Care Quality and Safety (Royal Commission). These reforms are intended to provide greater choice for residents, more competition among providers and greater accountability for the quality of care.

We expect many aged care providers, and related industries, will see opportunities for growth or divestment as the regulatory landscape evolves over the next 5 years.

For some providers, increased regulatory burden or scrutiny may motivate consolidation or exit from the sector; for others, there may be opportunities to expand and collaborate.

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Aged care reforms revealed
A snapshot of the areas of significant change announced in the 2021 Federal Budget.

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LATEST THINKING
Insight
On 2 August 2022, the Aged Care and Other Legislation Amendment (Royal Commission Response) Bill 2022 was passed (Aged Care Bill), introducing important regulatory changes to Australia’s aged care sector. The Bill makes numerous legislative amendments, including to the Aged Care Act 1997 (Cth) (Aged Care Act) and the Aged Care (Transitional Provisions) Act 1997 (Cth) (Transitional Provisions Act), and responds to various recommendations made by the Royal Commission into Aged Care Quality and Safety (Royal Commission) Final Report (Report). The Report identified the provision of substandard aged care services and perceived systemic failures in the aged care sector.[1]

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