100 signatures reached
To: All State Governments
Retirement Village Reforms
Implement retirement village reforms inclusive of the following:-
1. Create greater fairness in the financial outcomes for residents for the provision of residential accommodation to older Australians.
2. Total revision of all Retirement Villages Legislation.
3. Easier access to the law for residents through the appointment of an industry Ombudsman.
4. Simpler contracts.
5. Greater clarity as to who is responsible for ongoing costs.
6. Amendment to the legislated definition of a retirement village to enable occupancy by way of a Residential Tenancies Agreement.
7. Outlaw the Deferred Management Fee model where the in-going fee does not reflect a relevant discount to the asking price of a commensurate property within the general community.
Why is this important?
For decades legislators have attempted to find an appropriate balance between the cost retirees should pay for the provision of residential accommodation within a 'Retirement Village'. As the industry has moved away from the Not For Profit to the Private Enterprise sector the Deferred Management Fee model is now failing Australian retirees. The transfer of capital wealth/value from retirees to operators in these later times is now grossly excessive when compared to the cost of residential accommodation within the general community. It is time for an end to this practice and we call on all State Legislators to implement the changes as outlined above in the best interest of all current and future Australian retirees.