WAs Treasurer, Troy Buswell, revealed approximately 100 amendments to the Retirement Villages Act are being made public for discussion. They include:
establishing a seniors housing information and advice service - to allow seniors to make informed accommodation decisions
longer cooling off periods
mandatory reserve funds (i.e. sinking funds)
mandatory auditing of village accounts
regulation of increases in recurrent charges to CPI unless agreed with residents
a training program for resident committees
strengthening of powers for the Commissioner of Consumer Protection to seek enforceable directions and make operators substantiate claims
Buswell also stated that WA is under extreme housing stress with the need for 20,000 new homes for social housing. The State Government has embarked on a total review, seeking creative housing from the private sector. He stated they are prepared to throw out the rule book.
