IRT Reflects on a Year of Change and Achievement

IRT marked a year of change and success at its Annual General Meeting on Thursday 21 November, highlighting milestones that position the organisation to meet the evolving needs of older Australians. Throughout 2023/2024 IRT continued its transition to a ‘COVID-normal’ world, took decisive steps to stabilise its workforce, achieved financial stability, and advanced plans to position the organisation for the future.

IRT CEO Patrick Reid reaffirmed IRT’s commitment to its founding purpose of enhancing the lives of older Australians.

“Fifty five years ago, Dr Max Diment and his colleagues established IRT to uphold the dignity and wellbeing of older Australians in safe and supportive environments. This legacy continues to guide our work every day,” Mr Reid said.

He acknowledged the complex environment in which IRT operates, citing shifting customer expectations, workforce challenges, economic pressures, and regulatory changes.

“We understand that older Australians value flexibility, choice, and independence in their care and services. We are embracing these changing needs and reimagining our communities to meet them,” Mr Reid said.

During the reporting year, IRT advanced its plans to revitalise key locations, including IRT Woonona and Diment (formerly IRT Diment Towers), to deliver enhanced living spaces and lifestyle opportunities.

“We’re working to renew IRT Woonona, creating housing that supports older Australians through every stage of ageing. Similarly, we’re breathing new life into our original seniors’ living complex on Staff Street in Wollongong, now known as Diment,” Mr. Reid added.

Stabilising its workforce was a priority for IRT in 2023/2024, with innovative recruitment and retention strategies yielding significant results.

“During the year we addressed critical workforce shortages through overseas recruitment initiatives – with staff joining us from around the globe, including Fiji and the Philippines,” Mr. Reid said.

IRT also successfully resourced all of its aged care centres to meet the requirements of 24/7 Registered Nurse coverage by using targeted incentives to recruit staff.

IRT achieved a strong financial result with a $43.6 million net result for the year. This was underpinned by high retirement village occupancy, increased Home Care Packages, and additional aged care funding received for supporting residents with complex needs.

According to the StewartBrown June 2024 Aged Care Financial Performance Survey, 51.3% of aged care centres operated at a loss last financial year—a challenge IRT overcame with strong operational performance across all areas.

During the year, IRT accomplished several significant milestones:

• Secured a $15.8 million grant under the Australian Government’s Aged Care Capital Assistance Program to renovate Marco Polo Unanderra, once complete this will add 48 aged care beds for the Illawarra region.
• Launched Movewell, a senior-focused health and fitness club at IRT Kangara Waters, improving access to allied health services and serving as a model for future developments.
• Established ITeC Academy, a new Registered Training Organisation by integrating IRT Academy and Illawarra ITeC.
• Enhanced care resident medication management with an electronic Medication Management System and a pharmacist pilot program, laying the groundwork for IRT’s Aged Care On-site Pharmacist model in 2024/2025.
• Board updates, including the appointment of Peter Fitzgerald as Chair and the addition of Renee Campbell and Damien Israel as Directors.

“In what was a year of significant change and achievement, we held firm to the values of our founders, always striving to improve the lives of older Australians,” Mr Reid said.

“None of this could have been achieved without the commitment of our 2,669 employees and their compassion for our 8,120 customers and residents. We thank them for their tireless work.”

Find out more about IRT

More information is provided in the IRT Annual Report 2023/2024, available online at irt.org.au/about/get-to-know-us/annual-reports/.