Exploring the future of aged care: Retirement communities set to play a pivotal role

By Newsdesk

March 13 2024
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The Retirement Living Council (RLC) has openly endorsed the Aged Care Taskforce report, viewing it as a vital guideline for both the government and service operators in shaping the future of aged care services in Australia.

Exploring the future of aged care: Retirement communities set to play a pivotal role

According to RLC Executive Director Daniel Gannon, the demographic shifts anticipated in the next two decades underline the urgent need for a sustainable and innovative aged care system. Gannon noted that with the expected 70 percent increase in the population of Australians over 75 by 2040, a so-called "silver tsunami", the nation is faced with impending socio-economic challenges.

These include a heightened demand for healthcare, social services, and aged care facilities. "The number of Australians aged over 75 will increase by 70 percent between now and 2040," stated Gannon.

He further elaborated on the looming consequences, saying, "This 'silver tsunami' will have far-reaching implications for the nation’s socio-economic outlook, including increased demand for healthcare, social services and aged care services."

The RLC supports the Taskforce's vision for a fair, innovative, and enduring system. Gannon criticized the current framework for its inability to keep pace with existing, let alone projected, demands.

He advocated for the role of privately funded retirement communities in delivering more efficient and cost-effective care and services to the aging population.

"Older Australians deserve access to quality care and wellbeing services, and the retirement living sector is uniquely equipped to deliver them more efficiently and effectively, therefore reducing costs for both government and the end user," Gannon said.

Positioning retirement communities as a solution, Gannon highlighted their potential to alleviate the government's financial burden while ensuring high-quality housing and care for older citizens.

He underscored the sector’s consumer-first approach and its evolution to meet the increasing expectations of older Australians.

Highlighting the financial efficacy, Gannon mentioned, "The RLC’s Better Housing for Better Health report found that retirement villages across the country save the government $945 million every year by delaying the entry of older Australians into aged care."

Moreover, Gannon pointed out the advantages of the recently released Shared Care framework.

This initiative is projected to enhance the efficiency of home care delivery within retirement communities, saving an estimated $100 million annually. In essence, the report from the Aged Care Taskforce, backed by the RLC, casts retirement communities as central to the future of aged care in Australia. As the demographic landscape evolves, these communities are poised to offer sustainable solutions to the challenges ahead.

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