Australia’s residential aged care and home care sector is operating at a loss with a recent survey finding that each bed is losing over $7,000 (US$4,700) per year—a loss in excess of $345 million for the September quarter.
This follows a 2022 population report that found Australia’s ageing population could pose a strain on the economy due to longer life expectancies, declining fertility rates, and a surge in baby boomers entering retirement.
According to a recent financial performance survey report by StewartBrown, which analyses records from 1,182 of Australia’s more than 2,500 nursing homes, the average loss for residential aged care homes in all geographic sectors during the September 2022 quarter was $21.29 per bed per day….