Unpaid carers worth $78b a year
The value of unpaid carers has increased to almost $78 billion a year, according to a new analysis.
The value of unpaid carers to the economy has increased to almost $78 billion a year, according to a new analysis.
A report by Deloitte Access Economics, commissioned by Carers Australia, says the annual value of unpaid care in Australia has increased 29 per cent since 2015.
Based on an average hourly rate, the cost of employing a formal carer to replace unpaid care in 2020 comes to $77.9 billion.
Care recipients with a profound disability account for $51.6 billion of the total replacement value.
We know that unpaid carers in Australia go above and beyond to care for family members and friends in need, but to see such a huge dollar figure put on these caring roles really helps to bring their vital contribution to the community into perspective.
Liz Callaghan
The report estimates that the government would have to fork out almost $1.5 billion a week if all of the nation’s informal carers received a wage.
According to pre-COVID estimates, informal carers were providing 2.2 billion hours of unpaid care each week, with primary carers putting in an average of 35 hours a week.
Deloitte says the figures could be even bigger taking into account social isolation and the loss of some paid care due to the pandemic.
The estimated earnings forgone by carers in 2020 was $15.2 billion.
‘Staggering’ figures
Carers Australia CEO Liz Callaghan described the figures as “staggering”.
“We know that unpaid carers in Australia go above and beyond to care for family members and friends in need, but to see such a huge dollar figure put on these caring roles really helps to bring their vital contribution to the community into perspective,” she said.
The release of the report comes after a research review by Carers NSW outlined common challenges faced by carers during COVID, including increased levels of stress and anxiety and reduced access to respite, increased demand for care by a loved one.
Carers also experienced reduced employment and income, interruption to education and technology barriers such as poor internet access.
“Early evidence regarding the impacts of COVID-19 of carers across Australia and overseas indicates critical levels of carer stress that are unlikely to abate even as immediate public health risks decrease,” the paper says.
“The additional pressure on carers of uncertain information, unstable finances and changing service landscapes, coupled with the loss of social and recreational supports, places carers in a very vulnerable position.”
There are currently an estimated 2.8 million informal carers in Australia, of which about a third are primary carers.
Many of these are forced to reduce hours of paid work or withdraw from the workforce, with only 22 per cent of carers in full-time work, compared to 43 per cent of the general population.
The report also says that based on modeling demand for informal care will far outstrip supply by 2030.
The report focusses on unpaid care provided to people with a disability, mental illness, chronic conditions, terminal illness and the elderly.
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