Skip to main content RSS Info Close Search Facebook Twitter
Location
Category
Providers / Vacancies
Feedback

Govt looks at controlling nursing home bond money

The Department of Health and Ageing is planning to crack down on aged care providers who use accommodation bonds to cover operating losses or divert money into non-aged care uses instead of using it for capital works, reducing debt or improving aged care services.

It is estimated that the current 58,000 bonds could be worth $7.7 billion.

The Australian newspaper reports that the Minister has been told of recent cases where bond money has been diverted into covering losses or, in one case reported in the press, to supporting a Melbourne soccer team.

The current 1997 Aged Care Act bond requirements ‘are very general’ in relation to using these bonds.

In the options prepared by the Department, providers would be held accountable for the subsidies they received through greater levels of reporting to the Government and providers could be given more obligations under prudential arrangements if they misused money.

Share this article

Read next

Subscribe

Subscribe to our Talking Aged Care newsletter to get our latest articles, delivered straight to your inbox
  1. Who says your age should limit your dreams?
  2. Data from a recently released report highlights a concerning...
  3. With an ageing and growing population, data from the...
  4. Approximately 411,000 Australians are estimated to be living...
  5. How could you benefit from attending university as an older...
  6. Fueling your body with healthy foods as you age could help...

Recent articles

  1. Do you know how to reduce your risk of being scammed?
  2. Who says your age should limit your dreams?
  3. How did residents celebrate their aged care precinct’s...
  4. Why is the passing of the Aged Care Act Bill so important for...
  5. What is the expected impact of the changes to the upcoming...
  6. Recently published retirees prove that it’s never too...
  7. In the last decade, people aged 65 years or older were...
  8. What caused an increase in the number of calls to advocacy...
  9. Managing your medications may seem difficult but it...
  10. Dementia Australia’s free information sessions can help...
  11. Waiting to update your will and other legal documents could...
  12. Palliative care allows Australians at the end of their lives...
  1. {{ result.posted_at | timeago }}

Sorry, no results were found
Perhaps you misspelled your search query, or need to try using broader search terms.
Please type a topic to search
Some frequently searched topics are "dementia", "elderly" etc
Close