Self-funded retirees and part-pensioners will pay extra for their care; North Sydney seat abolished, pushing out teal MP; Defence medals to be stripped after war crime inquiry. Follow live updates.
Treasurer Jim Chalmers says the reforms show that the government could still grow investment in aged care but in a way that made it sustainable. He said government spending in aged care was expected to double, making it “one of the fastest-growing areas of spending along with health, NDIS, defence and interest costs on debt”. “The net impact of the changes is expected to be a $930 million spent over four years but a $12.6 billion save over the next 10 years,” Chalmers said.
“Aged care spending will continue to grow at an average of 5.2 per cent, not 5.7 per cent, over the next decade and that means there is a share of GDP over the next decade, it will moderate from 1.5 per cent of the economy down to 1.4 per cent even with more people in the system and a higher standard of care at the same time.
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