Aged Care Financing Authority Established

The Federal Government has establishment an Aged Care Financing Authority (ACFA), as part of its aged care reform program.

The Minister for Ageing Mark Butler said the new body would advise on pricing and financing issues across the aged care sector.

The Government has appointed Lynda O’Grady to Chair the Authority and Professor Graeme Hugo to be Deputy Chair.

Other ACFA members are Ian Yates, Nicolas Mersiades, Sue Lines, Paul Gregersen and Sally Evans.

“The members of the Authority have substantial experience and significant standing across a variety of industries, including the aged care sector,” Butler said.

“The Government has worked with providers, financiers and consumer representatives to make sure the scope of the Aged Care Financing Authority is sufficient to meet investment needs and provide value for money for consumers.

“The Aged Care Financing Authority will provide independent advice to the Government on pricing and financing issues, informed by consultation with consumers, and the aged care and finance sectors.”

The Authority is part of the $3.7 billion Living Longer Living Better aged care reform package introduced in April this year.

Butler said that Living Longer Living Better will deliver more support and care in the home, better access to residential care, more support for those with dementia and strengthen aged care.

The establishment of the Aged Care Financing Authority comes on the same day as the Government announced the remaining members of the Aged Care Reform Implementation Council, which will guide the implementation of the broader aged care reforms.

The new members of the Aged Care Reform Implementation Council are:

• Susan Ryan AO
• Professor Ann Harding
• Professor Henry Brodaty AO
• Jeff Lawrence
• Rauf Soulio.

The appointments follow the selection of Professor Peter Shergold as Chair of the Council, which was announced in June.