This new CICTAR report and Submission to the Royal Commission on Aged Care reveals that Australia’s largest non-profit residential aged care operators, like their for-profit counterparts, suffer from a lack of accountability and appear to prioritise investment and growth over care.
An analysis of available public financial reports and government funding data on 9 large non-profit operators reveals a pattern of extracting revenue from government-subsidised residential aged care to fund property investments. In all cases, except where federal funding was cut due to failure to meet basic accreditation standards, government funding and resident fees more than covered the cost of operating residential aged care. However, most large non-profit operators reported losses due to continued property investments, not a lack of income.
Read full report.