WA Treasurer reviews new WA Retirement Villages Act proposed amendments at RVA State conference

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WA’s 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.