retvilldotnet: Retirement Villages transfer Intergenerational Wealth

Saturday, 4 January 2025

Retirement Villages transfer Intergenerational Wealth

The Victorian Retirement Villages Act from 1986 to 2024 had the primary objective of the legislation as 'to clarify and protect the rights of residents'. The new operator centric Act for 2025 appears to be 'to clarify and enhance the profits of operators'.

The new act amplifies the statement -

What we are talking about here in relation to retirement villages is the transfer of intergenerational wealth, not to families, but into the pockets of corporations. Same about the elderly not having enough money for aged care.

enhance retirement village profits for operators

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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.