Population projections indicate that by 2056, one in four Australians will be aged above 65. Australia is already well on its way, with the baby boomer generation reaching retirement age. By 2013-14, the population growth rate of those above 70 is forecast to exceed 3.0%, reaching a high of 4.7% by 2017-18. As more individuals grow frail with age, demand for aged-care accommodation is expected to lead to revenue of $6.7 billion in 2012-13. Over the five years through 2012-13, industry revenue is forecast to grow at a compound annual 6.8%. In 2012-13, industry revenue is projected to grow by 4.7% on the previous year.
The industry consists of establishments that provide long-term care accommodation or homes for senior citizens where nursing or medical care is not provided as a major service. While hostels predominantly provide low-level care, many also provide some high-level care, often to allow residents to stay in the same facility as their care needs increase.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.