Shaping the Future of Aged Care: Insights and Priorities for Reform

Australia's aged care sector is at an inflection point. Surging demand driven by an ageing baby boomer population, intensifying cost pressures, and a landmark new Aged Care Act — centred on the rights of older Australians to quality care — are reshaping the sector in fundamental ways.

In response, the Actuaries Institute has established an Aged Care Working Group to inform policy development aimed at improving outcomes for older Australians while supporting the long-term financial sustainability of the sector.

The Working Group has identified four immediate priority areas for reform:

1. Transparency of costs and quality — making it easier for consumers to understand aged care costs and meaningfully compare providers across both cost and quality metrics
2. Means testing simplification — reducing the complexity of an exceptionally complicated means-testing framework that presents a significant barrier to informed decision-making
3. Navigation and information access — developing tools and resources that help older Australians and their families access information with greater confidence
4. Provider solvency standards — establishing robust solvency standards to further strengthen the financial resilience of aged care providers over time.

The working group will outline work to date in each of these areas.

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