Friday 22 March 2024
MEDIA RELEASE
Population figures underscore need for silver tsunami housing solutions
The Retirement Living Council (RLC) is renewing its call for the Australian Government to include retirement communities as a key delivery component of achieving the National Housing Accord target to build 1.2 million new homes by 2029, following the release of fresh ABS figures.
The ABS yesterday released national population figures, revealing that the fastest growing age cohort continues to be Australians between 75 and 79 years old to 30 September 2023.
RLC Executive Director Daniel Gannon said the RLC is urging the Prime Minister to include retirement units – recognised by the Australian Bureau of Statistics (ABS) as official dwellings – in his government’s targets.
“The Prime Minister’s 1.2 million new homes target is an admirably ambitious one, but retirement communities can help achieve this lofty goal as Australia ages,” Mr Gannon said.
“With an annual growth rate of 6.7 per cent, the 75–79-year-old age group significantly out paces all other demographics with an overall growth rate of 2.5 per cent.
“Over the next two decades, the number of Australians over 75 will increase from two million to 3.4 million people, which will have socio-economic impacts on the nation.
“Between now and 2030, the retirement industry requires 67,000 homes to be built to meet existing levels of demand from older Australians. Of this amount, only 18,000 are currently planned.
“These 67,000 homes would represent six per cent of the 1.2 million new homes target, meaning retirement communities can help the government solve Australia’s housing supply problem,” he said.
Mr Gannon said governments need to better understand the potential benefits of drawing on the power of retirement communities to help solve the housing crisis.
“As it was highlighted in the Better Housing for Better Health report, retirement villages across the country save the Australian Government almost a billion dollars every year as Australia’s population continues to rapidly age,” Mr Gannon said.
“They achieve this through better designed homes that minimise trips and falls, which means residents can experience fewer visits to the GP, shorter hospital stays and delayed entry to aged care.
“Building better housing can lead to better health outcomes for consumers and governments alike, but we need to ensure regulatory, legislative and investment conditions are helping this ambition, not hindering it,” he said.
ENDS
Media contact: Joe Schwab | 0402 687 890 | [email protected]