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, 30 August 2018

Shift in Accommodation Payment Choices

Australian Ageing Agenda reports -

"Daily payments were preferred over lump sums to pay for residential aged care accommodation in 2016-17, the first time since the 2014 reforms, the sixth Aged Care Financing Authority report shows."

The full story can be read here - https://www.australianageingagenda.com.au/2018/08/29/acfa-report-shows-shift-in-accommodation-payment-choices/

The full Aged Care Financing Authority report can be read here - https://agedcare.health.gov.au/sites/g/files/net1426/f/documents/08_2018/acfa-sixth-report-2018_0.pdf



aged care financing authority

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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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