Comment on the Exposure Draft of proposed amendments to the Retirement Villages Act

The draft of proposed amendments to the Retirement Villages Act bill fails to address many concerns raised by and on behalf of residents, in particular around management standards and fairer fees. The bill allows the most exploitative and predatory operators to continue to operate according to ‘churn’ business models where they are incentivised to maintain high turnover rates by systematically pressuring residents to leave once their exit fees reach their maximum value. The bill abandons the concept of a rights-based framework in favour of vague unenforceable ‘principles’. Overall, the bill simply fails to address serious public concerns about exploitative business practices in the retirement village industry, much less the concerns expressed by the many residents who have made submissions to this review.

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