One of those key issues was increasing user pays in aged care, and there was broad agreement on the need for consumers to pay a greater share towards the cost of their care.

Nick Mersiades, director of aged care at Catholic Health said: greater consumer contributions wouldn’t come from income sources and government should be looking at the equity in people’s homes.

“The challenge in terms of future financing is very much around equity release and finding a sensible way around that,” he said

Likewise, Mr Yates (COTA) said current user contributions and fee structures should be reformed, and consumers needed a clear statement outlining their care needs, how those needs translate into a cost and what government is going to contribute.

“We need to develop a more sophisticated, widely available and competitively priced equity release market which could be an important part of financing later life care and support needs,” Mr Yates said.

 

Source: Release of ACFI review is imminent – Australian Ageing Agenda