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Ageing with Dignity: Retirement Living Council Highlights $3.5 Billion in Potential Savings for Aged Care Sector

on the Thursday, October 12, 2023

The Retirement Living Council (RLC) has provided the Commonwealth Aged Care Taskforce with a range of solutions and opportunities to address the challenges of keeping the aged care sector operational, fair and equitable in the face of soaring costs. 

RLC Executive Director Daniel Gannon said the submission makes clear that the sector – which houses more than 260,000 older Australians – is uniquely equipped to reduce costs and resource load on government funded health and aged care. 

“The retirement living industry is at a pivotal juncture, evolving from a property-focused sector in years gone by to one that focuses on health, wellbeing and care,” Mr Gannon said.  

“It is critical that government understands these opportunities as it plans for the significant increase of older Australians and aims to keep the aged care sector operational. 

“The population shift forecast by the 2023 Intergenerational Report will have socio-economic impacts on the nation, including the housing supply shortage and the pressure on an already struggling residential aged care sector. 

“For these reasons, the Retirement Living Council has made a submission to the current Aged Care Taskforce review into funding models.” 

Mr Gannon said the RLC’s submission attempts to speak to some of the differences between retirement living and aged care, but also some of the great opportunities in front of us. 

“Residents are on average happier, healthier and more socially connected and active than older Australians not living in age-friendly communities,” he said.  

“Importantly, they have reduced interactions with GPs, reduced presentations at hospitals, and delayed entry into aged care – a lot of upsides for governments.  

“The value in these efficiencies to government is almost $3.5 billion per annum, meaning government can continue to provide health and aged care services to Australians who need it most.” 

Click to read the Retirement Living Council's Retirement Census

About the RLC

The Retirement Living Council is the national leadership group for the retirement living sector, championing policies that deliver age-friendly homes and better services in retirement communities.

More than 260,000 senior Australians live in approximately 2,500 retirement communities across the country, with an over-75s market share of 12.6 per cent.

There are 4.6 million people around Australia aged over 65 today – this number will grow to 7.1 million by 2043.

Importantly, the sector generates almost $3.5 billion in annual savings to governments through reduced interaction with healthcare systems and delayed entry to aged care.

The RLC sits within the Property Council’s national advocacy team and is the most powerful voice of the sector, representing national retirement village and senior living community operators.