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Paul Clark: Westpac Chief Economist on the report revealing the growing funding gap for the aged care sector
Published 1 week, 5 days ago
Description
A new report finds the funding of aged residential care is not keeping up with the cost of providing it.
The Westpac NZ report investigates what challenges and opportunities service providers could face in the future.
It finds, with an aging population, people will require more complex and costly care.
Westpac economist Paul Clark told Mike Hosking the biggest cost is labour, which made up around 70% of operating costs.
He says that highly specialised labour is needed, and as more older people move into aged care facilities, they need higher and higher quality care, which requires better and better labour.
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