Chartered Accountants Australia and New Zealand, CPA Australia, Financial Advice Association of Australia and SMSF Association welcome the opportunity to make a submission to the consultation on the New Aged Care Act.

We understand the need for the reforms to take place as soon as practicable in the aged care sector. However, there is merit in having guidance and clarity in the funding arrangements for these significant reforms to run smoothly when they commence.

The Department of Health and Aged Care public consultation on the Aged Care Taskforce and its draft principles (in 2023) have received the feedback that ‘Aged Care programs and funding arrangements are too complex and difficult to understand’ for everyone.1 The final report is not yet publicly available.

We encourage the Government to give careful consideration to the final report on the review of funding arrangements for aged care as presented by the Taskforce and any options recommended to ensure the system is fair and equitable for all Australians. While Government consideration is critical, the timely public release of the final report would greatly assist stakeholders to provide meaningful feedback to the pending consultation.