DEMENTIA will become Australias most expensive medical condition over the next 40 years, with annual costs predicted to balloon from $6 billion this year to about $83 billion by 2050.

Alzheimers Australia Vic chief executive Maree McCabe said aged care for a dementia patient cost about $21,500 each year and would increase exponentially with wages, treatment and interventions.

Governments know what we need, the time has come now to outline a funding plan for it - not for the next year or five years, but for over the next decade to 20 years, Ms McCabe said.

The Federal Government terminated The Dementia Initiative - making dementia a national health priority in its 2011-12 Budget.

Last week, the Federal Government announced $268.4 million over five years to tackle dementia.

This includes $164.3 million for people receiving home care packages and in residential care, and there will also be extra support for primary health care providers.

However this falls short of the $500 million over five years called for by Alzheimers Australia.

We need to increase our services, Ms McCabe said.

We need to raise awareness about dementia, especially when it comes to ensuring people achieve a timely diagnosis.

National Ageing Research Institute director Prof David Ames said huge advances had been made in understanding the biology of dementia, but treatments remained limited.

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DEMENTIA CARE: the cost of caring in the west