Wealthier older Australians should pay more for aged care, Peter Costello says

Assessment process needs to be simplified and begin long before residents move into a nursing home, says former treasurer

Elderly people should face tougher means-testing and potentially pay more for aged care, the former federal treasurer, Peter Costello, has said, while arguing the assessment process needs to be simplified and begin long before residents move into a nursing home.

Costello served as John Howard's treasurer from 1996 to 2007 and is now chair of the $160bn Future Fund. Over the past few days, the aged care royal commission has been asking economic experts how aged care could be funded given the ageing population and increasing costs.