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Roundtable tackles future investment in aged care

Three of Australia’s leading aged care organisations have met to discuss strategies that would encourage further investment in the sector.

HESTA, Industry Super Australia and the Council of Ageing hosted the roundtable in Melbourne earlier this week.

Attended by executives and several not-for-profit industry super funds, the event focused on how the $2 trillion superannuation sector could support aged care services and infrastructure.

With the first of the baby boomers due to turn 80 in 2026, demand for aged care services is forecast to see a drastic increase. According to the Aged Care Financing Authority, the residential aged care sector alone will need a further $35 billion to cater for this demand.

HESTA chief executive Debby Blakey said one of the biggest areas of concern would be dementia care.

“Dementia care in particular is an area of healthcare that has the potential to impact the lives of most Australians in some way; the disease is now the second leading cause of death in Australia (and the leading cause for women) and by 2056 there could be more than 1.1 million Australians living with the illness,” she said.

“The demand for dementia care across Australia is outstripping the available supply of services and facilities. Our investment in the Korongee village in Tasmania shows what can be achieved to address challenging social issues like dementia when the diverse skills and experience of different sectors is bought together.”

The group discussed implementing services that would help residents better plan for their aged care and navigate the complexities of the healthcare system.

“The aged care sector will be needing trusted institutions willing to invest in much-needed infrastructure,” COTA chief executive Ian Yates said.

“It would be terrific to see greater involvement amongst the industry super funds. Funds also have an important role to play in helping members get access to the best aged care through both advice and new product development.”

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