Mitch Fifield (Victoria, Liberal Party, Assistant Minister for Social Services) Share this | Hansard source

On 1 July this year you would be aware of some changes that came into effect around how aged care is funded in Australia. As I outlined in a speech to CEDA last week, there is still unfinished business. In particular, there is more red tape to get rid off and there is more to do to move closer to a consumer-directed care model. But the 1 July changes are having an impact as private dollars are converging in the aged-care market, leading one stockbroking firm to state that there is a veritable 'smorgasbord of opportunities in Australia's domestic aged-care market'. The chair of Estia Health and former Ramsay CEO, Pat Grier, has compared the aged-care sector now to where the private hospital sector was 20 years ago as 'on the brink of a new era filled with possibilities and new business opportunities and challenges'.

Add to this the opportunities presented to Australian aged-care providers through the opening up of China through the FTA, and it is indeed a great time to be in the sector. (Time expired)