retvilldotnet: April 2019

Monday, 22 April 2019

Innovation at Aged Care Home

Coming to an aged care facility near you, let's hope so. https://t.co/9xXVvgKSu1
— Les Scobie (@retvilldotnet) April 20, 2019

Retirement Village Living Cost Above Market Rents

Stark example of the cost of retirement village living above the actual market driven commercial value of residential accommodation. Retirees that enter but leave at or inside the industry average stay pay tens of thousands of dollars above the mark. @acccgovau @sdanck #auspol pic.twitter.com/gti9gFe3RJ
— Les Scobie (@retvilldotnet) April 21, 2019

Victorian Consumer Protections Lowest for Retirement Villages

Consumer protections for retirees living in #retirementvillages in Victoria is the lowest in the nation. @DanielAndrewsMP @MarleneKairouz @michaelobrienmp #vicpol @abc730 @acccgovau @sdanck @consumervic @TaniaMaxwell14 @TerpsMLC @FionaPattenMLC pic.twitter.com/SF3AdpaIxD
— Les Scobie (@retvilldotnet) April 17, 2019

Family Home or Residential Tenancy or Retirement Village

POP QUIZ-Would you 1. Stay in the family home OR 2. Sell and go into a retirement village OR 3. Sell and go into a residential tenancy and retain your capital $ for investment. The chart tells the story,hat would you do? @MarleneKairouz @michaelobrienmp #vicpol @acccgovau @abc730 pic.twitter.com/cEsL2qAyEY
— Les Scobie (@retvilldotnet) April 16, 2019

Loan-Lease Retirement Villages Destroy Retiree Capital

Loan-Lease & Loan-Licence #retirementvillages destroy retiree capital over time. Costs are well above the value of the residential accommodation forcing retirees on the taxpayer for Aged Care funding. #auspol #agedcarerc @acccgovau @sdanck @KenWyattMP @ScottMorrisonMP @Bowenchris pic.twitter.com/fS6AOMtP6R
— Les Scobie (@retvilldotnet) April 16, 2019

The Andrews Government Failed Victorian Retirees

The Andrews government failed Victorian retirees in 2017 and are continuing to fail them. The only state yet to make any meaningful retirement village reforms or establish an industry Ombudsman . @DanielAndrewsMP @MarleneKairouz @michaelobrienmp #vicpol @abc730 @acccgovau @sdanck pic.twitter.com/Qzd68hrKaM
— Les Scobie (@retvilldotnet) April 15, 2019

Decimation of Retiree Capital

The decimation of retiree capital. No not from a stock market crash, no not from a property market crash, simply residential accommodation in a retirement village. When will governments wake-up. @DanielAndrewsMP @MarleneKairouz @michaelobrienmp #vicpol @abc730 @acccgovau @sdanck pic.twitter.com/JqIDP5lXHN
— Les Scobie (@retvilldotnet) April 15, 2019

Tuesday, 16 April 2019

Renting Much Cheaper Than A Retirement Village

Makes you think. Are the extra trimmings retirees are paying for in a #retirementvillage worth the cost over and above the actual value of the accommodation. @TaniaMaxwell14 @TerpsMLC @FionaPattenMLC @DanielAndrewsMP @MarleneKairouz @michaelobrienmp #vicpol @abc730 @acccgovau pic.twitter.com/SOQJwLCA03
— Les Scobie (@retvilldotnet) April 15, 2019

Victoria Lagging On Retirement Village Reforms

Victoria still not moving on #retirementvillage reforms. @DanielAndrewsMP @MarleneKairouz asleep at the wheel on this issue. What the industry needs is an Ombudsman, now. @TaniaMaxwell14 @TerpsMLC @FionaPattenMLC @acccgovau #vicpol pic.twitter.com/nHk2iYQe0d
— Les Scobie (@retvilldotnet) April 12, 2019

Thursday, 11 April 2019

Industry Codes of Practice Fail Consumers

INDUSTRY CODE OF PRACTICE - Simply a mechanism to divert the eyes of the legislator away from actually legislating. MAKES LAWS - ENFORCE THEM https://t.co/Y9qttGzUPG
— Les Scobie (@retvilldotnet) April 11, 2019

Aged Care Royal Commission Should Include Retirement Villages

Two reasons #retirementvillages should have been part of Aged Care Royal Commission, they are the new low care aged care so Commonwealth laws needed, the retirees become more dependent on taxpayer funding for aged care as their capital base is reduced. #agedcarerc #agedcare @smh pic.twitter.com/N4p9WXspdK
— Les Scobie (@retvilldotnet) April 10, 2019

Ownership Prices Paid But Only Occupancy Granted

A #retirementvillage - residential accommodation approved of in law by governments where ownership prices are paid by retirees to multinationals, but ownership is not granted, only a conditional right to occupy. @DanielAndrewsMP @michaelobrienmp @acccgovau @smh @abc730 pic.twitter.com/KjMRNa7RkG
— Les Scobie (@retvilldotnet) April 8, 2019

Transfer of Inter-generational Wealth Away From Families to Multinationals

#retirementvillages "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 multinationals" Tom Gait, President, RVRA NSW @Matt_KeanMP @acccgovau @M_McCormackMP @TimHammond1 @sdanck pic.twitter.com/BkHp3CF3cD
— Les Scobie (@retvilldotnet) April 8, 2019

Monday, 8 April 2019

Taxpayers Indirectly Fund Profits Of Retirement Village Operators

Commonwealth taxpayers fund profits of retirement village operators via excessive drain of retiree capital. Residential accommodation approved and encouraged by State Governments. @MichaelWestBiz @amy_bainbridge @JaenschSarah @MichaelPascoe01 @AlanKohler #agedcarerc @smh pic.twitter.com/xZfJiVR1iG
— Les Scobie (@retvilldotnet) April 7, 2019

Aged Care Funding Hit By Retirement Villages Structure

Retirement Villages transfer retiree capital wealth to operators, not for property ownership but simply occupancy, and then sends retirees back to the taxpayer for Aged Care funding. @acccgovau #auspol @KenWyattMP @ScottMorrisonMP @Bowenchris #agedcarerc @abc730 @terpsmlc @sdanck pic.twitter.com/zpb2EpTCy0
— Les Scobie (@retvilldotnet) April 7, 2019

Need For Federal Laws For Retirement Villages

With Home Care Packages retirees will spend longer in #retirementvillages under a jumble of state laws. The need for Federal laws for all retirement villages is here. #auspol @KenWyattMP @ScottMorrisonMP @Bowenchris @abc730 pic.twitter.com/2Vasqvccpz
— Les Scobie (@retvilldotnet) April 7, 2019

Deferred Management Fee Business Model Hurts Retirees

As the entry cost to lease a unit in a #retirementvillage moves ever closer to the buy cost of a commensurate unit within the general community, the greater the Deferred Management Fee model used by the industry hurts retirees. #auspol @acccgovau @MarleneKairouz @Matt_KeanMP pic.twitter.com/waApEbua2G
— Les Scobie (@retvilldotnet) April 4, 2019

Missed Opportunity For Meaningful Reforms

How far have we come in Victoria over the past few years on retirement village reforms, well not very far at all. https://t.co/B0qvnthVRk Older vulnerable Victorians still suffering at the hands of the industry. @DanielAndrewsMP @MarleneKairouz @michaelobrienmp @LevittRobinso
— Les Scobie (@retvilldotnet) April 3, 2019

Sadly The Financial Destiny Of Many Retirees

Decimation of Retiree Capital - Sadly the financial destiny of many a retiree choosing to live in a #retirementvillage. Allowed and in fact encouraged by state governments. @DanielAndrewsMP @MarleneKairouz @GladysB @Matt_KeanMP @acccgovau @consumervic @NSW_FairTrading @abc730 pic.twitter.com/i5dFIFJSCL
— Les Scobie (@retvilldotnet) April 2, 2019

Educate Rather Than Legislate Fails Retirees

.#retirementvillage legislators held the view that it was better to educate than to legislate. A policy that clearly failed Australian retirees. Report after report identified the issues, the issues in 2002 were the very same issues as today. When will it end? @acccgovau #auspol pic.twitter.com/0Wn9y4mzwK
— Les Scobie (@retvilldotnet) April 1, 2019

Retirement Villages Decimate Retiree Capital

Retirement Villages, the decimation of retiree capital. Laws not only allow it they encourage it. The role of governments to protect citizens from products that harm them? @adele_ferguson @MichaelWestBiz @amy_bainbridge @albericie @MichaelPascoe01 @AlanKohler #auspol @acccgovau pic.twitter.com/NfgZquTHjw
— Les Scobie (@retvilldotnet) March 31, 2019

Victorian Laws Put Retirees Out On The Street

Victorian laws put retirees out on the street, homeless after leaving a retirement village. They can by law be required to wait up to 6 months to get their own money back. Where do they go? @sdanck #vicpol @MarleneKairouz @TaniaMaxwell14 @TerpsMLC @FionaPattenMLC @xanthekleinig pic.twitter.com/TBnJB9rvvL
— Les Scobie (@retvilldotnet) March 31, 2019

Victorian Government Fails To Move To Protect Retirees

.@DanielAndrewsMP government still hasn't moved to protect older Victorians living in #retirementvillages by making it mandatory for an operator to have emergency evacuation plan and assembly point. @MarleneKairouz #vicpol @TaniaMaxwell14 @TerpsMLC @FionaPattenMLC @xanthekleinig pic.twitter.com/3a16Uo2xg6
— Les Scobie (@retvilldotnet) March 30, 2019

Falling Property Prices Spell Danger For Retirement Village Residents

DANGER, RETIREMENT VILLAGE RESIDENTS. Falling property prices create sting in the tail for #retirementvillage residents. If contract of occupancy grants access to capital gains, it also requires of them to make good any capital losses. @MarleneKairouz @xanthekleinig @TerpsMLC pic.twitter.com/R6rilXaUKL
— Les Scobie (@retvilldotnet) March 28, 2019

Retirees To Spend Longer In Retirement Villages

With Home Care Packages Australians will spend longer in #retirementvillages under a jumble of state laws. The #AgedCareRC should examine the need for Federal laws for all retirement villages #auspol @KenWyattMP @ScottMorrisonMP @Bowenchris @abc730 pic.twitter.com/Jix2B9WqoZ
— Les Scobie (@retvilldotnet) March 28, 2019

Deferred Management Fee Should Be Regulated

Deferred Management Fee for #retirementvillages should be regulated with an entry price to property value ratio that reflects an entry price discount commensurate with the DMF percentage. https://t.co/eNawUlm59S @TaniaMaxwell14 @TerpsMLC @FionaPattenMLC @xanthekleinig
— Les Scobie (@retvilldotnet) March 27, 2019

Retirement Industry Code of Conduct

Retirement Industry Code of Conduct is just an exercise in self preservation, to divert the eyes of the legislator from legislating. No protection in it for retirees, only laws and the enforcement of those laws can do that. @TaniaMaxwell14 @TerpsMLC @FionaPattenMLC @xanthekleinig pic.twitter.com/i7bpyuIjEH
— Les Scobie (@retvilldotnet) March 27, 2019

Financial Destiny of Retirement Village Residents

The financial destiny of many a Victorian retirement village resident. Victoria is lagging well behind in retirement village reforms. @TaniaMaxwell14 @TerpsMLC @FionaPattenMLC @xanthekleinig pic.twitter.com/mp5m4juftu
— Les Scobie (@retvilldotnet) March 26, 2019

how Grandma and Grandpa Become Corporate Financiers

State Governments through flawed 'ingoing amount' legislation build a dream of life in a #retirementvillage but far too often create a financial nightmare by making Grandma and Grandpa become corporate financiers. https://t.co/l9ksrahTZ9 @Matt_KeanMP @MarleneKairouz @acccgovau
— Les Scobie (@retvilldotnet) March 26, 2019

Victoria Lagging In Retirement Village Reforms

How far have we come in Victoria over the last two years on these retirement village matters, it seems not very far at all. https://t.co/B0qvnthVRk Older vulnerable Victorians still suffering. @DanielAndrewsMP @MarleneKairouz @michaelobrienmp @LevittRobinson
— Les Scobie (@retvilldotnet) March 25, 2019

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.