State of Aged Care Finance - 2024 Report
Caring Co annual finance report. View provider financial performance, resident financial contributions, and other trends.
Key Findings
The Federal Governmnet increased funding for residential aged care by 5% with $16.3 billion in spending. This amounted to an average of $241.49 per resident per day and 71.15% of the total income received by residential aged care providers.
Increase in wages for aged care staff post Fair Work Commission aged care wage increase taking effect in June 2023. In the quarter following (Q1 2024), Registered Nurses received an average hourly wage of $48, Enrolled nurses received $38 per hour and support carers recieved $31 per hour.
On average homes received a daily contribution of $79.41 from residents or 23.48% of total funding, with the remainder coming from the Government. 89.7% of homes received a daily average resident contribution of less than $100.
Providers reported an average daily loss of -$10.90 per resident. With 55.34% of residential aged care providers reporting a net financial loss and 37.48% reporting an average daily loss greater than $20 per resident.
How much do providers spend on care?
| Category | Cost ($) | Percentage (%) |
|---|---|---|
| $191.68 | 56.47% | |
| $44.59 | 13.14% | |
| $29.53 | 8.70% | |
| $36.74 | 10.82% | |
| $36.89 | 10.87% |
Large provider daily spend per resident
How do large providers spend on care?
Where do providers get their funding from?
| Category | Cost ($) | Percentage (%) |
|---|---|---|
| $241.49 | 71.15% | |
| $79.71 | 23.48% | |
| $2.20 | 0.65% |
Large provider financial performance
How much do residents contribute to aged care?
Data sources
The easiest way to find the top aged care homes and home care providers in Australia
Caring Co · 333 George St, Sydney, NSW, 2000, Australia