How is the Australian Aged Care Act Affecting the APAC Market?

Today, people dream of living an independent life but due to old age, the ability to remain independent starts to decline. This is where aged care services come into the picture. Aged care services offer a better and easy living option with required nursing facilities for senior citizens. Aged care is also known as eldercare or elderly care and emphasizes on the social and personal needs of senior citizens, as they require some medical support and assistance in their routine activities. The Australian Government has introduced a special act for the senior citizens, namely The Aged Care Act 1997. This act is especially meant for people who are unable to live their life individually.

There is a contradictory status of the aged care market in Australia: while the government and private funding in this market has ramped up significantly over the past few decades, major players are still being affected by hyped forecasts and overspending. The Australian government has recently increased the stringency of its regulations over funding, increasing adding to the pressure that these players are experiencing with regards to the older forecasts shown. As a result, while the over-70 population keeps increasing, funding for the aged care market in Australia is reducing. This could particularly affect home care services for the elderly, which is in high preference, similar to the global aged care market patterns.

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