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Treasurer Josh Frydenberg has acknowledged that funding for the aged-care sector needs to be increased, but he says that growing the economy is the best way to do this.
The final report of the aged-care royal commission recommended increasing funding for the sector via the tax system. However, Tony Negline from Chartered Accountants Australia and New Zealand says this is not appropriate, given 80% to 90% of aged-care funding already comes from taxpayers.
Negline instead has proposed options such as requiring nursing home residents to use the equity in their family home and a reduction in the capital gains tax discount.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.