Minister for Aged Care Anika Wells has released the Federal Government’s second Quarterly Financial Snapshot during her speech to the National Press Club in Canberra – with some surprising results.
The first snapshot, which covered the period 1 July to 30 September 2022, revealed 66% of providers were making a loss.
“The second snapshot provides the first insight under the new AN-ACC funding model we introduced on 1 October 2022,” said the Minister.
“This latest Snapshot reveals that by the end of December 2022, the first quarter of our reforms at work, the number of providers making a loss reduced from 66% to 54%.
“Our reforms are making a tangible difference to providers.”
However, a closer look at the results reveals that residential aged care providers are still running at an overall loss.
Collectively, providers returned a year-to-date net loss before tax of $678.3 million or a net loss before tax of $20.24 per resident per day – which does represent an improvement of $7.66 per resident per day from the September 2022 data.
“We expect the next Quarterly Financial Report, for the period of January to March 2023, to continue the upward viability trend,” said Minister Wells.
Will it finally show that these losses have been reversed?
You can download the Snapshot here.
