The Transfer of Intergenerational Wealth

"Families need to be aware that what we are talking about here is the transfer of intergenerational wealth, not to families, but into the pockets of large multi-nationals.

Shame about elderly people not having enough money for aged care."

Tom Gait, Retirement Village Residents Association.

Thursday, 5 April 2018

Andrews Government Inaction on Retirement Village Reforms

Andrews Government Inaction on Retirement Village Reforms - The Victorian Daniel Andrews government is dragging the chain with retirement village reforms.

Despite a 2016 inquiry htp://www.retvill.net/vic-government, recommendations in early 2017 then a government response to the recommendations, no major action has been taken to reform retirement villages in Victoria.

The inquiry, recommendations and response have been described as - left disappointed, no commitment, lost opportunity, evidence ignored, concerns dismissed, a damp squib, fillip to developers, brush-off to residents.

"Residents and their families will ultimately pay the price for the Victorian Government’s inaction on retirement housing reform''

 Comments attributable to: Gerard Brody, CEO Consumer Action Law Centre
  • If you’re an older Victorian and want to resolve a problem with your retirement living, it should be cheap, quick and accessible. The evidence has shown that we need an ombudsman scheme for this sector.
  • Recent piecemeal inquiries by the Victorian Government into the sector have failed to reduce the complexity of contracts or improve outcomes for residents. We had hoped for a strong response from the Government today that showed it cared for residents and their families. Unfortunately, we were left disappointed.
Lawrie Robertson, Vice-President Residents of Retirement Village Victoria
  • There is no commitment in the Victorian Government’s response to improving the rights and protections for residents.
  • Our members had hoped for quick implementation of a simple, free, binding dispute resolution service and they have been left bitterly disappointed.
Ronda Held, CEO COTA Victoria
  • This is a lost opportunity for leadership in responding to the concerns of thousands of older Victorians and their families.
  • The Victorian Government had overwhelming evidence of the problems in this sector, and that evidence has been ignored.
Fiona York, Co-Manager, Housing for the Aged Action Group
  • None of the main concerns of residents have been adequately dealt with.
  • Residents’ concerns about unfair and confusing fees, management practices and dispute resolution have been either dismissed or deferred.
Levitt Robinson solicitors
  • The report of the Victorian Enquiry into the Retirement Housing Sector has proven to be a damp squib and disappointed many genuinely aggrieved Victorian residents of retirement villages.
  • The enthusiasm with which it was greeted by the Property Council of Australia’s Victorian Division, when it was released on 7 March 2017, is a strong indication that it was a fillip to developers and brush-off to resident retirees.


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Function of Government

The role of government is to create an environment for commerce to function whilst at the same time protecting retirees and particularly vulnerable retirees from both financial and emotional harm emanating from that function.

The Victorian Retirement Villages Act 1986 provides the environment for commerce to function but fails to fully protect retirees from financial and emotional harm as a result of it.

The Victorian legislative definition of a retirement village in demanding the payment of an 'in-going' amount without the transfer of property ownership is a major contributor to that financial and emotional harm suffered by retirees.


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