"Living in a retirement village has the capacity to be a great lifestyle decision, sadly it also has the capacity to be your very worst financial decision." - RETVILLDOTNET.
An example for a village with the Deferred Management Fee calculated on the ingoing $$$.

"My father must have been one of the few people who lost money when he sold his home in a booming Melbourne property market. This huge loss on his home, in a popular suburb not far from the CBD, was despite it selling for more than he paid for it. The problem? He bought into a retirement village." - Diana Thorp. Sunday Herald Sun. 22/08/21
An example for a village with the Deferred Management Fee calculated on the outgoing $$$.

Sunday 16 September 2018

Royal Commission Into Aged Care

The Sydney Morning Herald reports -

The Morrison government will establish a royal commission into Australia’s aged-care sector following a string of horrific revelations of elderly abuse and neglect that have shattered public faith in the system.


Prime Minister Scott Morrison will announce the dramatic measure on Sunday, as figures show complaints about the sector have skyrocketed and authorities have forcibly closed one aged-care service a month since a crackdown triggered by the Oakden nursing home scandal.
“Our aged-care sector in Australia provides some of the best care in the world ... However incidences of older people being hurt by failures of care simply cannot be explained or excused,” Mr Morrison said in a statement. "

royal commission into aged care


The full story can be read here:- https://www.smh.com.au/politics/federal/pm-calls-royal-commission-into-aged-care-after-inexcusable-failures-20180915-p5040n.html

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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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