The passing of the Retirement Villages Amendment Bill through both houses of the South Australian Parliament last night will herald a new era of increased transparency for retirement living in the state, according to the Aged and Community Care Providers Association (ACCPA).
Contracts now require clear definitions of terms, rights and responsibilities with detailed explanations.
Financial reporting and consultation processes with residents have also been strengthened.
“The Bill strikes a balance between residents and providers to ensure older South Australians are living their best lives in retirement in their accommodation of choice,” ACCPA CEO Tom Symondson said.
“This milestone reflects the culmination of collaborative efforts between ACCPA, our members and key stakeholders to improve retirement living in South Australia.”
“We formed a dedicated working party, including members from across the state, to develop submissions and provide detailed feedback on the Bill. We also engaged with the South Australian Government and other stakeholders including lawyers to highlight critical issues impacting both residents and operators.”
The Bill introduces a capping of recurrent charge to the Consumer Price Index, with exceptions, and the statutory buyback period has been reduced to 12 months.
For villages that operate a Capital Replacement Fund, contributions for outgoing residents or families are now capped at 12.5% of the property’s sale price. This is a retrospective measure and applies to all contracts.
“These changes aim to protect residents while ensuring operational clarity for operators.”
A recent ‘Catalyst Report’ survey found retirement living residents enjoy a better quality of life than any other older Australians.
“Now older South Australians will have even more confidence to invest in their retirement future.”
