QLD exit entitlement review
It has now been several weeks since the Property Council finalised and submitted a raft of recommendations to the independent review panel overseeing the legislative review.
During the review of the Retirement Villages Act 1999 (RV Act), the mandatory timeframe for the payment of exit entitlements was discussed. The current 18-month exit entitlement provision requires a rethink, and the submission put forward by the Property Council outlines a reform path that provides a ‘win win’ for residents and operators.
- An amended 18-month mandatory entitlement for former residents
- A transparent and timely valuation process
- Extension of time policy
- An Aged Care Rule to provide a seamless transition to aged care
These recommendations seek to ensure that the retirement living sector remains financially viable and highly productive into the future. Queensland has an ageing population, with figures released by the Department of Communities, Disability Services and Seniors showing that the proportion of Queenslanders aged 85 years and over is projected to more than double between 2019 and 2049.
These figures demonstrate the challenge that confronts government and the broader community on how the state of Queensland will accommodate an ageing population.
In the interim the Property Council and the Retirement Living Council have met with the review panel. These discussions were productive and revealed what is to be expected in the review panels final report to government due 30 November 2020. You can access the full submission from the Property Council by clicking here.