Why this is important to Wisconsin businesses: Wisconsin companies can assist in the construction of new facilities.
With an aging population, Australia is seeing growing demand for health care services in every state and territory. Federal, state and territory governments have responded with commitments to build, extend, upgrade and renovate hospitals in order to meet this demand. However, this is not limited to the public sector. In the private sector, the rapid growth in demand has led to lapses in the quality of senior care facilities and services. The Royal Commission into Aged Care Quality and Safety was created to address these lapses.
This issue has led to significant increases in government spending. In Australia’s largest state by population, the New South Wales (NSW) government has invested $5.6 billion ($8 billion Australian) on hospital infrastructure over the past eight years, in metropolitan, regional and rural areas. In the 2018-19 NSW state budget, the NSW government has allocated $1.6 billion ($2.2 billion Australian) for hospital infrastructure. The governments of other Australian states are also providing funding to invest in hospital infrastructure. Examples include:
- Queensland’s $699 million ($986 million Australian) for its capital investment program in the 2018-19 state budget; and
- Victoria’s $853 million ($1.2 billion Australian) for building new and expanding existing hospitals as outlined in the 2018-19 state budget.
In the private sector, senior care facilities and nursing homes present opportunities for companies in Wisconsin, and there are more than 2,000 senior care service providers in Australia. The current Royal Commission into Aged Care Quality and Safety offers opportunities for Wisconsin firms that operate in sectors other than construction, such as surveillance, security and aged care services.
Wisconsin firms that specialize in hospital and aged care facility construction are highly encouraged to capitalize on the significant opportunities in the Australian market. There is currently strong demand for new market entrants, with record levels of government funding for infrastructure investment within this sector.
Wisconsin exporters interested in forming partnerships with the hospital and senior care facility construction sector are encouraged to:
- make themselves aware of tenders and offers from the state and territory authorities on the Australian Government Tender websites;
- participate in major industry events and trade shows such as the Sydney Build 2019 and Civinex;
- consider connecting with key players in the public health sector, such as NSW Health Infrastructure and other state counterparts; and
- familiarize themselves with the ongoing Royal Commission into Aged Care Quality and Safety.