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Federal spending on aged care will double by the end of the decade and put even more pressure on the budget, shows new research that warns older Australians may have to draw on their savings to help them into their later years.
Work by the Actuaries Institute to be released on Monday shows despite a sharp lift in federal government funding to deal with issues across aged care, it will not be enough as demand grows and the population ages.
By the end of this decade, spending on aged care could reach $72 billion — more than what is spent on the age pension.
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