The aged care sector is warning of a “dire future” for aged care and retirement support unless governments make concerted efforts to change the economic landscape.

“Our aged care sectors across the country need refurbishment and redevelopment and nobody will invest in it; the banks won’t lend us money and investors won’t give us funds,” Aged and Community Care Providers Association CEO Tom Symondson said.

Press PLAY to hear more on the dire need for economic changes to protect our ageing population

National Seniors Australia Chief Advocate Ian Henschke told Gary Adshead on 6PR Mornings there needs to be more regulation and transparency in the sector to ensure funds are being properly spent.

“Thirty-four per cent of aged care providers say they’re making a profit; if they are, why are the rest not making a profit?” Mr Henschke said.