Only 15 days to consult on law reforms for VIC retirement village operators

Consumer Affairs Victoria has given retirement village operators 15 days to consult on wide-ranging reforms of the state's Retirement Villages Act.

The Minister for Consumer Affairs Nick Staikos, who has shown his disdain for Daniel Gannon, Executive Director of sector peak body the Retirement Living Council, yesterday published 'advance copies' of important documentation amounting to 200 pages. The documents include:

• Retirement Villages Regulations 2026 (yet to be notified in the Gazette);
• standard form contract; and
• new disclosure document, called an 'Information Statement'.

The reforms impact 513 retirement villages across Victoria, where there are currently around 36,000 residents. The Retirement Villages Act is in force on 1 May and the release yesterday is known as ‘Tranche 1’ with an additional tranche due to commence on 1 September.

“We have worked closely with industry to deliver protections that will make life easier, fairer and more affordable for residents,” the Consumer Affairs Minister said.

“Victorians in retirement villages now have peace of mind that their contracts are fair and transparent and can focus on enjoying their retirement.”

Daniel Gannon was also more conciliatory.

"For many operators, the changes themselves won't be the issue - the problem is the implementation timeframe. In many respects, this legislation is simply catching up with where the majority of the market has already moved," he said.

"Imposing a 38‑business‑day implementation window for reforms of this complexity isn't reasonable. It prioritises speed over clarity, and in doing so increases the risk of confusion for residents and avoidable errors across the sector."

He added the state government is not helping build consumer confidence in the retirement living sector, more so creating consumer uncertainty.

"That is the risk of pushing complex reforms through on an unrealistic timetable," he said.

He did support the reforms proposed by the Victorian Government.

"The RLC will not defend poor practice or operators who fail to meet their obligations to residents. We support greater clarity, certainty and transparency for residents, operators and investors - those objectives are right," he said.

Lawyers acting for retirement village operators in Victoria will today be scanning the material to advise their clients.

Further information is available from Consumer Affairs Victoria here: https://lnkd.in/gN8HAPaz. The regulations in full: https://lnkd.in/gn57sWwV