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Australia’s biggest Catholic not-for-profit health and aged care provider is the latest company to sign up to the Turnbull Government’s Employment Parity Initiative (EPI), promising to employ an additional 500 Aboriginal and Torres Straits Islander staff by 2020, up from 70.
It is relatively easy to see how Estia is going to improve its performance. Actual occupancy in November was 92.8%, down from an average of 94.4% last financial year. The market average is 95% and 97% is possible. That extra 2% almost goes straight to the bottom line in profit.
New Estia CEO Norah Barlow (pictured) has been quick to bullet-proof the business (and pay $5.8M to Macquarie Bank), issuing new shares to raise $137M. The shares were offered at $2.10 compared to yesterday’s closing price of $2.44 – the lowest price since listing exactly 2 years ago at $4.50.
While the media irregularly sensationalizes reports of abuse in aged care, the 266-page Australian Law Reform Commission discussion paper just released indicates that Australia has one of the lowest incidences of such abuse across the globe.
Up to 36 residents at a Liverpool aged care facility were evacuated last Thursday after an electrical switchboard sparked a fire.
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