For the first time in Western Australia, 12 leading aged care providers have worked together with ACIL Allen the independent economics, policy and advisory firm to present the Economic & Social Impact report into Aged Care in WA.
The report was launched a Business News breakfast event this morning, with Brightwater CEO Jennifer Lawrence the keynote speaker. With over 570 people in attendance, Jennifer highlighted the importance of the sector on the WA economy, today and in the next decade, with some of the key findings as follows:
- 1 in every 7 dollars of gross production in the Healthcare and Social Assistance sector.
- One in every 25 FTE jobs across Western Australia in 2019-20. (More than the total number of people directly employed by Rio Tinto, BHP, FMG and Woodside combined).
- 3 times the total economic activity produced by the Arts and Recreation sector, half the Retail trade sector and a quarter the Construction sector.
- More jobs in total than the total number of full-time jobs that have been created in Western Australia over the past 4 years.
- An additional 21,532 full time jobs, which equates to an additional 179 jobs every month for the next 10 years.
The predicted growth of the sector in the next decade is significant:
- $6.2B Gross Product contribution in FY30 - up from $3.9B in FY20.
- $5.1B Income contribution annually by FY30 - up from $3.2B in FY20.
- 57,528 FTE Jobs contribution in FY30 - up from 35,997 in FY20.
- $578M GST and income tax paid to FY30 – up from $362M in FY20.
- 144,068 Users of Aged Care services in WA by FY30 – up from 87,016 in FY20
- For every $1 invested there is $2.11 in benefits returned in the WA aged care sector (The economic contribution of the aged care sector extends beyond employment opportunities, providing income to suppliers of goods and services and significant additional taxation revenue to governments. The contribution helps to reduce the incidence and costs associated with more expensive health care; and most importantly, it improves the quality of life for elderly West Australians and their families.)
You can download a full copy of the report here.
You can download a graphical summary of the report here.