The report is focused on the period 2021-2041 and has been produced through the University of Canberra’s National Centre for Social and Economic Modelling.
The report, commissioned by Biogen Australia and New Zealand, builds on NATSEM and Dementia Australia’s Economic Cost of Dementia in Australia 2016-2056 Report, released in 2017.
Dementia Australia chief executive Maree McCabe said with almost half a million Australians living with dementia, and Alzheimer’s disease the most common form, this report reinforced that dementia would have a staggering future economic cost without urgent action.
“Dementia is the second leading cause of death and the leading cause of death of women in Australia. It is the major chronic disease of this century,” Ms McCabe said.
“We acknowledge the Australian Government’s significant 2021 five-year investment in dementia and aged care reforms and in order to reduce costs in the longer term, there needs to be a bi-partisan long-commitment to improved services, research and increasing our understanding about dementia risk reduction.”
The report indicated costs could significantly be reduced if a disease modifying therapy for Alzheimer’s disease was to become available.
The result would mean fewer people having moderate to severe symptoms, which would in turn, over time, reduce the impact on the health, aged care and disability systems.
“The introduction of a disease modifying therapy has the potential to lower the economic impact but is only part of the solution,” Ms McCabe said.
“The time for a holistic, sustained and co-ordinated approach is now.”
Dementia Australia was one of a number of stakeholders consulted by Biogen throughout the report’s development.
Dementia Australia is the source of trusted information, education and services for the estimated half a million Australians living with dementia, and the almost 1.6 million people involved in their care.
It advocates for positive change and supports vital research.
For support, phone the National Dementia Helpline on 1800 100 500. An interpreter service is available and the Helpline is open 8am to 8pm Monday to Friday excluding public holidays. People looking for information can also visit dementia.org.au
8°C