The taxpayer-funded broadcaster's 18-minute news story on 30 September 2024, with journalist Adele Ferguson "exposing the great retirement village financial trap," was meant to financially cripple the retirement living sector.
The TV program, with supporting social and other ABC medias, concentrated on the supposition that new residents ‘buy a home’ in a retirement village, but when departing, they do not receive the equivalent value plus uplift as when selling freehold or strata titled property.
Retirement Living Council Executive Director Daniel Gannon, who was interrupted 78 times in the interview with Adele, said the intention was to paint retirement village operators as "villains".
"Rather than retreat, the Retirement Living Council tackled fiction with facts - and the industry stood united," he said on the anniversary of the ABC broadcast.
"Since then, momentum has been undeniable. Uptake of the Retirement Living Code of Conduct has surged, giving residents transparency and protection. Victoria has gone further, using the Code as the foundation for a legislated Code of Practice.
"Governments are now paying attention. South Australia has declared co-located villages 'essential infrastructure', fast tracking developments above $10 million that relieve hospital ramping and aged care bottlenecks."
Vacancies at retirement villages are at an all-time low and the latest PWC/RLC Retirement Living Census states the development pipeline is accelerating, with 7,200 new retirement living units expected to be delivered, primarily through new stages of existing villages and the development of new villages.
"In just 6-12 months, we've gone from defending our reputation to defining the future," said Daniel.
"With the RLC's Shared Care pilot coming in 2026 and valuable policy initiatives - reform to the Age Pension assets test and Commonwealth Rent Assistance eligibility - still on the table, the next 12 months promise to be just as transformative."
