The Audit Office has released a report that criticises the lack of controls on the money paid to care operators in the form of bonds which total $8 billion lodged by residents, and growing by 25% each year (or $2 billion p.a.). The average bond is now $190,000. The Government guarantees bonds and has had to pay out $19 million since 2006, thanks to the collapse of three aged care facilities. The Minister for Ageing, Justine Elliot, will be responsible fro responding to the Audit Report.


VCAT rules Lifestyle Communities’ DMF model illegal
Lifestyle Communities’ business model is under serious threat after a ruling by VCAT President Justice Ted Woodward found its exit fee structure to be illegal. The ASX-listed land lease operator, which was valued at $861.9 million and placed in...
