BaptistCare NSW & ACT's CEO Shares Thoughts on 2023-24 Federal Budget

"This is a historic budget for the aged care sector in Australia and BaptistCare welcomes the announcement of an $11.3bn investment to fund a 15% increase to the award wage for aged care workers.

Facing an ageing population and workforce shortages, we know that smart and strategic investments are the best way forward to future-proof the industry and ensure quality care remains available to all ageing Australians.

We know that investment in the aged care sector pays off and creates value, not just for the individuals receiving care, but for their families, for the community and for the economy.

Our BaptistCare Social Return on Investment (SROI) Report demonstrates that for every $1 that BaptistCare spends on providing care, the positive return to individuals and society is more than two-fold, with residential care returning a social return of $2.47 and home care returning $2.01 for every dollar spent.

We developed the SROI framework in collaboration with independent economics firm, ACIL Allen, to help quantify the social value of our services. The framework demonstrates a clear relationship between BaptistCare’s care and support services and the direct social impact benefits to clients in our aged care facilities, their family members, and the wider community.

The care we delivered in our residential aged care facilities in FY22 saved $24.7 million in hospitalisation costs. Similarly, home care prevented $34.5 million in hospitalisation costs in FY22. These are significant savings for the taxpayer. Home care is also a big contributor to employment, with $141 million in FY22 alone through both employment opportunities for staff, and by enabling family and carers to participate in the workforce.

When it comes to funding the sector, the numbers don’t lie. Investments in aged care are proven to deliver benefits to Australia’s healthcare system, the economy, and the workforce. In fact, through our residential aged care services, family members have been freed up to participate in the workforce to the value of $130m in FY22."

- Statement from Charles Moore, CEO of BaptistCare NSW & ACT