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.

Wednesday, 11 July 2018

Creswick Retirement Village Fire

In related articles both The Courier and The Weekly Source report on a fire in a retirement village in Creswick Victoria, one unit was destroyed and two others damaged.

The articles point out the heightened dangers from fires in villages and the need for full safety measures inclusive of an evacuation plan and an evacuation assembly point.

Currently in Victoria there is no legislative requirement for a retirement village operator to have an emergency evacuation plan or an emergency assembly point.

retirement village emergency evacuation

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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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