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
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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
Ageing population is a worldwide pattern; it has major implications for the way in which programs designed to support older people are funded. While social security and means-tested social assistance programs for long-term care protect the living standards of the poor, middle income groups face under-appreciated risks, such as outliving their capital or needing expensive long-term care. This will cause economic, social, and political implications of a rapidly ageing population, which will affect society and businesses.
People are living longer because of significant improvements to health care system that has occurred over a five-year period, a drop of individuals who smoke has resulted in a decline of people who suffer from smoking-induced conditions like lung and heart disease, the numbers of people who smoke have gone from 19 percent to 16 percent. Moreover, a fall in child and infant death rates by 20 percent from 2007 - 2012 has also added to increased life expectancy. Falling fertility rates (TFR) have also been declining which is also a cause of an ageing population. The fertility rate have been falling for an extended period, with TFR, being its highest in 1961 at 2.1 but since then it has gradually declined and in 1999 it was at its lowest of 1.75 and as 2014 was 1.80 and now in 2016 is
The Australian population is showing an increase each year from previous years. The natural increase of births minus deaths is on the rise and can be contributed to the nations advancement of healthcare technology increasing life expectancy and lower infant mortality and a decrease in fertility rates, mean we as a nation are living longer (Australian Bureau of Statistics, 2011). Life expectancy rates have also risen due to the
Eldercare Market- This market is growing considerably annual as the baby boomer generation is starting to retire. By 2030, the US Census Bureau predicts, almost a fifth of the population will be over the age of 65.
The Australian Government has identified that Australia’s population is ageing (Department of Health and Ageing, 2012). Rather than viewing this changing shift as an inconvenience due to the affect that ageing will have on labour supply, economic output, infrastructure requirements and governments’ budgets, the government has taken
Due to increase in life expectancy, the population of people over 65 has been increase dramatically, and it is estimated that in
Worldwide demographic change has resulted in an amplified elderly population. The United Nations predict a two fold increase to 22% by 2050 in the proportion of people aged 60 years and over. [1] Similarly it is estimated by 2034 a quarter of the UK population will be 65 years and over. [2] This
There has been steady growth in the residential aged care industry between 2002 and 2012 according to Baldwin, et al. (2015). It is expected that over the next ten years there will be a rapid expansion of the residential aged care industry which will lead to a considerable growth in government expenditure (Baldwin, et al. 2015). Also, there is a prediction that the population aged older than 70 years will increase over the next ten years (Baldwin, et al. 2015). This will impact on the decisions made by the Australian Government as to how the aged care industry will be structured (Baldwin, et al.
care are showing dramatic and sustained growth and make up a majority of the total job growth
Whilst these difficulties have primarily occurred externally due to previously stated socio demographic trend of an ageing population, a number of internal factors have augmented the issue. The firm’s capacity to attract and retain younger volunteers becomes a more prominent subject, as is the current organisational structure, which fails to establish a clear division of labour or leadership.
Another question that arises now is whether everyone in Australia is getting access to the medical facilities? The answer to that question is yes. All medical facilities is not evenly distributed but the government of Australia is trying hard to give everyone has access to at least the basic medical facilities especially the indigenous communities of Australia.
up (Parliament of Australia, 2012). For the purpose to support the increasing number of old
The world population is growing at a rapid pace and the global population is estimated to be around 9 billion in 2050. With the accelerated growth of the global population comes similar growth amongst aging societies. Aging societies is defined as the increased longevity of life amongst a population of people within a developed or developing country and considered to be those age sixty and older. In 1950, the percentage of the global population that was over age 60 was 8%, but it’s projected to reach 21.1% by 2050.
The aging population is also known as demographic aging and is described as the shift in age distribution. The current population trend in the United Sates is the working age group comprised of people ranging from ages 20-65 years old. Over the next forty years, the population is expected to be made up mostly of the retired age or people over the age of 65 and the rapid growth of the older population will elevate the number members to about 88.5 million people by the year 2050. Because of the increasing diversity of this country, the future older population is going to include a large number of racial and
Population ageing is a major global demographic trend. As the life expectancy continues to increase, the proportion of elderly people rises simultaneously. For instance, the life expectancy in Japan was 79 years old (World Trade Organisation, 2014) in 1990, the number then raised to 84 years old (World Trade Organisation, 2014) in 2012 and accounted for 39% (World Bank Data, 2014) of the whole Japan population.