retvilldotnet

Tuesday, 21 May 2019

Destruction of Retiree Capital from Retirement Villages

Destruction of retiree capital from entering a #retirementvillage. Creates inability for retiree to change direction and reduces capacity to fund own #agedcare costs on departure. Taxpayer has to chip in to support. #auspol @KenWyattMP @JoshFrydenberg @acccgovau @abc730 pic.twitter.com/MUwAlWLerN
— Les Scobie (@retvilldotnet) May 19, 2019

Australian Taxpayers Fund Profits Of Retirement Village Operators

How Australian taxpayers indirectly fund the profits of #retirementvillage operators. Retiree-Sale of Family Home-Enter Retirement Village-Not So Cashed Up Retiree-Reduced ability to fund own #agedcare costs-Taxpayer has to chip in. #agedcarerc #auspol @KenWyattMP @JoshFrydenberg pic.twitter.com/URUf9uImNP
— Les Scobie (@retvilldotnet) May 19, 2019

Retirement Villages Produce Worst Financial Outcome

Governments encourage retirees into #retirementvillages but it produces the worst financial outcome for them. Summed up best by "The transfer of intergenerational wealth, not to families, but into the pockets of large multinationals" Tom Gait - RVRA. #auspol #vicpol @sdanck pic.twitter.com/pztqwbcsWx
— Les Scobie (@retvilldotnet) May 17, 2019

Deferred Management Fee Fails Retirees

As the entry cost to lease a unit in a #retirementvillage moves closer to the purchase cost of a commensurate unit within the general community, the greater the Deferred Management Fee model used by the industry fails retirees. #vicpol @MarleneKairouz @michaelobrienmp @abc730 pic.twitter.com/UyzN5cAnnX
— Les Scobie (@retvilldotnet) May 16, 2019

Vic LSIC Inquiry Into Retirement Villages Failed Retirees

Vic LSIC inquiry into #retirementvillages failed, report concluded 'all is well' then KAPOW just 3 months later ABC 4 Corners 'Bleed Them Dry Until They Die'. HOW COULD THEY GET IT SO WRONG. #vicpol @DanielAndrewsMP @MarleneKairouz @consumervic @michaelobrienmp @abc730 @TerpsMLC pic.twitter.com/WZjS19CHyz
— Les Scobie (@retvilldotnet) May 15, 2019

Victoria Lagging On Retirement Village Reforms

NSW, QLD & SA have all moved forward but Victoria still frozen in time when it comes to Retirement Village reforms. @DanielAndrewsMP @MarleneKairouz @michaelobrienmp @JaclynSymes @Tim_McCurdy #vicpol pic.twitter.com/onfGV8qdCm
— Les Scobie (@retvilldotnet) May 15, 2019

Capacity to Mislead Retirees

Consumer Affairs Victoria continues to print material that has capacity to mislead. In booklet on #retirementvillages people responsible do not know marketplace or set the highest standard. @MarleneKairouz @consumervic @michaelobrienmp @abc730 @acccgovau @DanielAndrewsMP #vicpol pic.twitter.com/QlGkCPupqx
— Les Scobie (@retvilldotnet) May 14, 2019

Tuesday, 14 May 2019

Misleading Language and Retirement Villages

'Capacity to Mislead' language found in a newspaper supplement on retirement villages. A phrase such as 'significant financial investment' rather than 'significant financial expenditure'. 'Investment' - the action or process of investing money for profit. @acccgovau @sdanck pic.twitter.com/hVgoSjjsMv
— Les Scobie (@retvilldotnet) May 13, 2019

Capacity To Mislead Language & Retirement Villages

More capacity to mislead language from newspaper supplement on retirement villages. 'Retirement Community contracts are not dissimilar to property purchase contracts'. Rubbish, not similar at all. One purchases property, other merely grants conditional right to occupy. @acccgovau pic.twitter.com/mveZLqLJ6g
— Les Scobie (@retvilldotnet) May 13, 2019

Aged Care Royal Commission & Retirement Villages

Two reasons Retirement Villages (RV) needed to be part of the #agedcarerc - #retirementviilages the new aged low care so Commonwealth laws needed. RV residents become more dependent on aged care taxpayer funding as their capital base is decimated by RV business model. @KenWyattMP pic.twitter.com/Vj8r099u06
— Les Scobie (@retvilldotnet) May 13, 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.