Federal Budget: no more aged care funding cuts - $99.3B over 5 years

The sector has been assured of stable funding for the near future at least, after the Government elected to maintain its funding at $99.3B over the next five years.

The peak bodies had been pushing hard in recent weeks for the levels to stay the same after last year’s $1.2B cuts to ACFI.

'Workforce' was acknowledged as a priority, with $33M allocated over three years to help aged care and disability providers increase their workforce including $1.9M to develop an aged care workforce strategy. It’s estimated 1.1M more workers will be needed across both sectors by 2050 – most in aged care.

$3.1M will also be spent to upgrade the MyAgedCare platform – the only new aged care funding announced.

In good news for downsizers and village operators, Scott Morrison (pictured) also announced over-65s will be able to make a non-concessional contribution of up to $300,000 ($600,000 for couples) to their super from the proceeds of selling the family home, from 1 July 2018, provided the property has been owned for at least 10 years.

Credit: Sydney Morning Herald