By Michael Bachelard/The Sydney Morning Herald
August 13, 2020 — 7.30pm
Some of Australia’s biggest not-for-profit nursing home providers are claiming financial harship to argue they need millions of dollars in extra government funding even though they are generating large cash surpluses.
While smaller nursing homes – still the bulk of the industry in Australia – are genuinely struggling according to analysis from the Centre for International Corporate Tax Accountability and Research, the financial reports of the largest church and charity-run nursing home businesses show they are “generating substantial incomes”.
Between them, nine large operators examined in the report generated $180 million in net cash from operations and invested tens of millions in property from their aged care revenues “to expand their business,” author Jason Ward wrote.
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