The OECD study also found that 16 percent of Australian adults skip medical consultations because of the high costs. This suggests a pent-up demand for health care. ANZ Research sees this turn into real demand if household incomes exceed the rate of healthcare prices.
This is not necessarily how household incomes and health care prices will develop. ANZ Research predicts that healthcare prices are likely to stay above inflation and that strong household income growth is unlikely. However, it is possible that technology will lower the price of some medical services, creating strong pockets of strength.
Preventing disease and improving coordination and data collection in the health system are top priorities for Australian governments.
In addition to having to spend more due to an aging population, Australian governments have chosen to prioritize improving health outcomes, given the positive impact a healthy population has on well-being. , labor market participation and economic growth.
Australia still has the opportunity to increase spending in line with other developed economies such as Sweden, Switzerland, Norway and the United States. In every budget, new health initiatives are added to existing policies.
In the 2019-20 Federal budget, Medicare and funding for care for the elderly have been stepped up, and A $ 5 billion has been committed to a 10-year investment plan for the Medical Research Future Fund.
The national disability insurance scheme will experience very strong growth over the next four years to reach 1% of gross domestic product in 2020-2021.