Melbourne, Australia (PRWEB) June 15, 2014
The Crisis and Care Accommodation industry caters for some of the most economically vulnerable people in Australian society, including children, those with long-term disabilities and the elderly. According to the Australian Bureau of Statistics, over 4.0 million Australians (or 18.5% of the population) had some form of disability in 2012, although the number of people accessing accommodation support and respite services is considerably lower at just over 34,000 for each service. A further 100,000 Australians were homeless despite recent national policy efforts to reduce homelessness. The industry is heavily dependent on government funding and donations through charitable organisations. Accommodation demand for disabled people (with physical, intellectual and psychiatric disabilities) far exceeds the places available, and the supply of supported accommodation falls mainly to not-for-profit organisations reliant on public funding. According to IBISWorld industry analyst Arna Richardson, “from an economic perspective the industry is counter-cyclical, as households are driven to crisis or emergency housing more often during times of economic stress caused by unemployment or low income.”
Industry revenue is expected to increase at an annualised 5.5% over the five years through 2013-14, to reach $2.6 billion. This includes growth of 3.1% in 2013-14. “The negative effects of the global financial crisis on the economy and households have been an important driver of this growth,” says Richardson. The credit crisis triggered a rise in unemployment, which heightened economic stress. Greater incidences of family breakdown have also boosted demand for crisis housing, while the ageing Australian population has increased disability proportions within the population.
Companies that provide care accommodation are predominantly small firms with not-for-profit status, although an increasing number of firms have been entering the Crisis and Care Accommodation industry as profit-making entities (notably in the care of substance abuse clients). This is expected to continue over the next five years. The industry exhibits a low level of market share concentration, with the NSW Department of Ageing, Disability and Home Care the only major player by revenue. The introduction of the National Disability Insurance Scheme (NDIS) is expected to result in stronger spending on disability accommodation from 2013-14 onwards. Australia's ageing population will also drive continued industry growth, as will ongoing efforts to cut homelessness rates.
For more information, visit IBISWorld’s Crisis and Care Accommodation in Australia industry report page.
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Products & Services
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