Financing Authority Framework Announced

Source:  Australian Ageing Agenda  8th August 2012

The Interim Operating Framework for the newly formed Aged Care Financing Authority (ACFA) was released on Monday evening by Minister for Mental Health and Ageing, Mark Butler.

The Aged Care Financing Authority is a key plank of the Government’s $3.7 billion Living Longer Living Better aged care reform package announced by the Prime Minister and Mr Butler on 20 April.

Minister Butler said in a statement that the interim framework, developed in consultation with the aged care sector, will provide some much needed certainty for aged care providers and financiers and would “allow the new Financing Authority to hit the ground running.”

“One of the very clear messages from aged care providers and financiers has been the need for certainty.  They need to know that their investment decisions rest on solid foundations to ensure we get the investment we need in residential aged care into the future.”

“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,” he said.  more