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  • Government Consultation

    Consultation - New Financial and Prudential Standards - Closes 7 March 2025

    The Aged Care Quality and Safety Commission are currently consulting on the New Financial and Prudential Standards - Closes 7 March 2025

    New Financial and Prudential Standards will commence with the introduction of the new Aged Care Act from 1 July 2025. They set out the minimum requirements for good financial and prudential management for providers. They are also designed to manage risks to people receiving care and the public.

    The proposed Standards replace the current 4 Standards with 3 updated Standards:

    1. Liquidity Standard, where providers must have enough liquid assets to meet their financial responsibilities. Liquid assets are assets that can be quickly turned into cash.
    2. Financial and Prudential Management Standard, which makes sure that providers have governance systems and strategies to manage their finances well.
    3. Investment Standard, where providers must choose, manage and monitor investments responsibly.

    Other key changes in the proposed Standards include:

    • a minimum amount of liquid assets for residential aged care providers
    • home care providers needing to meet the Financial and Prudential Management Standard.

    They encourage you to have your say:

    Consultation closes midday AEDT on 7 March 2025.

    More information

    Created On :  03 March 2025

Who's Listening

  • Sherryn Davies
    Community and Stakeholder Engagement
    COTA Queensland
  • Gillian Myers
    Sector Support and Development
    COTA Queensland

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