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Billions in Australian public funds for disability, aged care, and childcare go overseas annually, benefiting foreign firms and undermining local services.
Billions of Australian taxpayer dollars for disability, aged care, and childcare are flowing overseas annually, primarily benefiting foreign-owned providers and private equity firms, according to Spinal Life Australia.
With public spending exceeding $100 billion yearly, a growing share of funds is used to generate profits abroad rather than improving local services, workforce development, or care quality.
Critics argue this undermines public funding’s purpose, diverting resources from Australians to foreign investors.
Reforms are urged, including prioritizing Australian-owned providers, requiring local reinvestment of profits, increasing ownership transparency, and creating incentives for domestic growth.
Without change, financial strain on the system will grow, and public trust will erode.
Miles de millones de dólares de fondos públicos australianos para discapacidad, cuidado de ancianos y cuidado de niños van anualmente al extranjero, beneficiando a empresas extranjeras y socavando los servicios locales.