On 17 December 2018 the Government provided its Mid-Year Economic and Fiscal Outlook update for the 2018/19 year. In making the announcement it also included several measures that impacts directly on the aged care sector.
June 2018 Aged Care Sector Reports Released
The StewartBrown June 2018 Aged Care Financial Performance Survey (ACFPS) incorporates detailed financial and supporting data from over 974 residential aged care facilities and over 24,952 home care packages across Australia. The quarterly survey is the largest benchmark within the aged care sector and provides an invaluable insight into the trends and drivers of financial performance at the sector level and at the facility or program level.
Royal Commission into Aged Care Quality and Safety
On 16 September the Prime Minister announced the establishment of a Royal Commission into the aged care sector. Consultation is underway until 25 September to develop the Terms of Reference, which the Government anticipates will include:
2018 Financial Year Listed Aged Care providers analysis report
Overall, the financial results reflect the sector trends of pressure on revenue due to the FY18 freeze on ACFI indexation and ACFI scoring changes; occupancy pressures; and increases in staff costs.
As in prior periods, Estia and Regis both have a net tangible liability which is due to the fact the intangible assets are greater than the net tangible assets.
The ratio of liquid cash assets as a percentage of debt has decreased for all three providers due to the lower levels of cash and cash equivalents held.
StewartBrown - Aged Care Workforce Strategy Taskforce Submission (June 2018)
StewartBrown was invited to make a submission to the Aged Care Workforce Strategy Taskforce by the Chairman, Professor John Pollaers. The Submission includes: a summary of benchmarking survey results, commentary on the industry and an organisational analysis.
