retvilldotnet: Retirement Village Growth and Innovation in Profits

Sunday, 19 January 2025

Retirement Village Growth and Innovation in Profits

The Victorian Minister for Consumer Affairs has introduced the new Retirement Villages Act as to 'provide for future growth and innovation in the retirement villages sector'.

Of course village residents based on their lived experience in a village see it as code for 'to provide for future growth in profits and innovation as to how that can be achieved'.

retirement village future growth and innovation

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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.