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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Wednesday, 03 June 2020

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Retirement

Aged care policy changes a budget possibility

By Miranda Brownlee · April 24 2018

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Retirement

Aged care policy changes a budget possibility

By Miranda Brownlee
April 24 2018

Reading:

Aged care policy changes a budget possibility

By Miranda Brownlee · April 24 2018

Reading:

With the aged care space having undergone a number of major reviews recently, one aged care advice specialist predicts the government may introduce new policies for aged care services in the budget.

Aged Care Steps director Louise Biti said there were seven major reviews done on aged care last year, and there are still some reviews in process this year.

“The government is yet to release any policies from any of those yet because they are still formulating that,” said Ms Biti.

Ms Biti said there will be further changes in the future in this space, and some of these may appear in the upcoming May budget.

“I don't know what they're going to come up with, but there are a few changes I would take a punt on but all of them will be focused on greater contribution by the user or at least a more equitable contribution by some consumers,” she explained.

“I would bet on there being a couple of small things in this years' budget. There may be some reforms around helping the aged care sector have better visibility on how they manage their businesses and the viability of their businesses.”

Ms Biti predicts that the government will continue to shift its allocation of funds towards home care, because for every person that they fund in residential care, they can fund around two to three home care packages.

“So they can get a much better reach, it's more flexible, because you don't have to have people all in one location, they can be anywhere in Australia. There is still a lot of work to be done on the home care side,” she said.

Ms Biti said there are currently 50,000 home care packages in the market, and there’s roughly another 50,000 people on the waiting list with no packages and another 35,000 on that waiting list with a package lower than they would like and need.

“If the government was to say well we'll just throw enough money to fund all of those, they'd need over another billion dollars. There's no way they're going to do that,” she said.

“So some of the things the government will need to do is look at how do we shift more of that cost back to consumers, how do we make sure that the packages that consumers have got aren't just being stripped out with fees, and getting more competition in the space as well.”