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Health will comprise the single largest component of Federal spending, at 26% of total expenditure in 2060-61. Average spending on the NDIS for each participant is expected to increase from around $56k in 2020-21 to more than $80k in 2060-61. Demand for services and spending will increase. Increasing demand needs to be supported by a holistic healthcare network and service providers. We can help you respond, adapt and grow.
Forecasts suggest that Australia’s fertility rates are dropping, exacerbating issues around funding and supporting our ageing population.
Health spending will more than double over the next 40 years due, changes in preferences and the costs of using new health technology.
The COVID pandemic precipitated a mental health crisis as people adjust to new ways of working and living. Funding is increasingly directed towards general wellbeing support systems, including mental health services.
Australia’s primary care sector is undergoing a period of rapid structural change
The Aged Care Act 2024 has been in place for a month. Touted as a ‘once in a generation change’ to improve protections for consumers, it also seeks to stimulate investment in residential care services and improve care in the home with the new Support at Home Program.
The Federal Court’s $5.8M ACL decision signals a new era for privacy, cybersecurity, and governance in Australia. It reinforces that privacy and cyber obligations start Day 1 of any acquisition, governance failures will be scrutinised, and accountability cannot be outsourced. Boards must ensure robust oversight, deep cyber due diligence, and forensic incident response. With OAIC escalating regulatory enforcement, organisations face heightened legal, financial, and reputational risks.
Baby boomers affluence and expectations will irrevocably change the way aged care services are provided. They are the “grey nomads” – unprepared to simply take a back seat. This generation is taking control of their twilight years to enjoy their savings through travel and other lifestyle investments. They know what they want, how they want it, and where they want it – and are prepared to undertake the research to find services and providers that align with their lifestyle preferences. Opportunities to tailor services to meet a more sophisticated cohort could be the key differentiator in a tightly regulated market.
While the nation’s attention is fixed firmly on how we care for an ageing population, the marketplace is shifting imperceptibly and significantly in the background. There are mergers, acquisitions, divestments, restructures and consolidations in the works and we do not expect this trend to end any time soon.
Consumer demands and technological advancement will create new opportunities for existing health and aged care providers, as well as encourage disruptors into the market. With healthcare regulated and funded at a State level, aged care at a Federal level, and disabilities only recently brought together under the NDIS, it can be a minefield working through your compliance obligations. In addition, listed, private and for-purpose organisations each have their own requirements. Whether it’s tax, audit or risk, we cut through the compliance complexity to allow you to focus on the work that matters most.
A thoughtfully designed and implemented enterprise resource planning (ERP) system is a powerful tool can elevate the day-to-day running of your business and resourcing, providing more time for face-to-face care and people on the ground providing the services that matter most.
Australia's transition to real-time, instant payments is reshaping the financial landscape by phasing out traditional methods like cheques and direct debits. Businesses must update their systems to support instant transfers using mobile numbers or emails, affecting operational efficiency, security, and compliance. Although implementing new payment infrastructure requires an initial investment, moving away from legacy systems will enhance cash flow, reduce operational costs, and help maintain a competitive edge.
Grant Thornton’s expert audit approach will help you comply with regulations, and improve business strategies and internal processes.
Our finance and funding team works to access sources of finance, present your case to potential funders and negotiate a long-term sustainable relationship.
We work with clients at all stages of their business lifecycle – and through all their organisation’s major events – to navigate tax obligations.
Our consulting team supports its clients with hands-on and proactive advice on all aspects of their strategies for sustainable growth.
Grant Thornton’s expert audit approach will help you comply with regulations, and improve business strategies and internal processes.
We work with clients at all stages of their business lifecycle – and through all their organisation’s major events – to navigate tax obligations.
Our finance and funding team works to access sources of finance, present your case to potential funders and negotiate a long-term sustainable relationship.
Our consulting team supports its clients with hands-on and proactive advice on all aspects of their strategies for sustainable growth.
Principal & National Head of Health & Aged Care
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In the meantime, if you have any questions, please don't hesitate to contact us via communications@au.gt.com.
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