retvilldotnet: Retirement Village Home Truths

Tuesday, 31 December 2024

Retirement Village Home Truths

In a slap in the face for retirees, the new Victorian Labor Retirement Villages Act 2024 brings no change to these two home truths when it comes to retirement villages.

In a recent ABC news report the following quotes were published - "The industry, which has minimal regulatory oversight, has been described by retired actuary and academic Tim Kyng as peddling "cunningly designed rip-offs" and by crossbench federal MP Rebekha Sharkie as engaging in a form of "corporatised elder abuse"."

See full article here - 'Corporatised Elder Abuse'.

retirement village corporatised elder abuse

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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.