INTRODUCTION
Aged Care in Australia – Industry Overview
Population ageing require more health care services. Australian Aged care system is comprises of public, private and community institutions that provide services to old people. The Australian aged care system is globally recognised for high quality services, regulations, government funding and co-operation between government, community and service providers. Aged care services in Australia available to people, both in the form of residential services and home based services (The Australian trade commission 2015). Residential care is provided at the aged care facility, it is provided to those people who need high care. It provides living…show more content… In recent years, the number of residential care places has increased; this is just because of increase the provision by profit providers, especially in major cities.
Economic opportunities and challenges of this industry in future:-
This section will outline the opportunities and challenges facing a firm in aged care Industry by using Population, Productivity and Participation, which are key drives of economic growth.
Table 1. Population Projection ( Millions) Age range 2014-2015 2054-2055 0-14 4.5 6.9 15-64 15.8 23.8 65-84 3.1 7.0 85 and over 0.5 1.9 Total 23.9 39.7
1. POPULATION
According to Intergenerational report (2015), Australia’s population will grow and change over next 40 years. There will be increase in population of old people and less number of young people in coming future. Table1. Shows that there will be increase in total population and people aged 65 above will more than double as compared to current period. Table 2. Life expectancy ( Years) Male 91.5 95.1
Female 93.6 96.6
Above table shows the increase in life expectancy of male and female in next 40 years.
Expansion in aged care services and places
There will be more demand for aged care