Industry Super Australia (ISA) has joined with the Council of the Ageing (COTA) to host a roundtable on superannuation fund investment in aged care.
The two organisations said the roundtable focused on how the superannuation sector could support the development of aged care services and vital infrastructure, and how funds could better support members access aged care.
With the first of the baby boomers set to turn 80 in 2026 – the average age at which people access aged care – demand was forecast to significantly increase over the coming decades. According to the Aged Care Financing Authority (ACFI), the residential care sector alone would require $35 billion to cater for this demand.
Commenting on the roundtable, ISA chief executive, David Whiteley said it was a good opportunity to better understand where aged care was headed and how industry super funds could play a positive role.
COTA chief executive, Ian Yates said the aged care sector would be needing trusted institutions willing to invest in much-needed infrastructure.
“It would be terrific to see greater involvement amongst the industry super funds,” he said. “Funds also have an important role to play in supporting members get access to the best aged care through both advice and new product development.”