All State governments announced reviews of their retirement village acts and regulations but only NSW took immediate action, by establishing the Greiner Inquiry.
The minister responsible, Matt Kean, stated at our LEADERS SUMMIT that he was deeply concerned with the inquiry report and will be making regulatory changes which he hopes will be followed by other states.
On Sunday he released the report and said he will implement the 17 recommendations.
“We strongly support the inquiry’s findings, and believe that our response will go a long way in putting the power back in the hands of retirees, and their families,” Mr Kean said.
“These reforms will put consumers first, and see greater protections for residents through increased transparency, improved dispute resolution, and more certainty around costs.”
This included his own Code of Conduct which all operators must comply with or face penalties.
The report wants all regulations reviewed and the inference was that the sector could not be trusted to implement needed change on its own.
The Minister wants NSW to lead change nationally in the village sector – so expect that his changes will flow to other states.
See more HERE.
NSW also carried out a compliance blitz on 50 villages but there has been little feedback indicating a low level of non-compliance.
Federally the Minister Responsible for Small Business at the time was Michael McCormack, now Deputy Prime Minister, referred resident concerns to Consumer Affairs Australia and New Zealand (CAANZ) to do a study. They are not due to report until August.
