The Property Council together with the Retirement Living Council appreciates the opportunity to put forward an industry submission on the Retirement Villages Amendment Bill 2024 (“draft Bill”).
By way of background, the Property Council is the voice of Australia’s property industry, championing a strong, thriving sector that leaves a positive legacy for all Australians.
Our 2,300 member companies are the nation’s major investors, owners, managers and creators of properties and places that matter: homes, retirement communities, shopping centres, offices, industrial areas, education, research and health precincts, tourism and hospitality venues, and more.
Similarly, the Retirement Living Council (“RLC”) is Australia’s national leadership group representing the retirement living sector, championing policies that support more investment in age-friendly communities.
As Australia’s pre-eminent industry voice, the RLC champions the growth and sustainability of retirement living, affordable housing options for senior Australians, advocating for fair and balanced regulation, ensuring best practices, providing strong industry leadership, and showcasing excellence.
Given the state government’s legislative review, it is important to acknowledge the nation’s retirement industry provides a user-pays (rather than taxpayer funded) purpose-built solution to two complex challenges facing Governments around Australia – namely housing affordability and supply, and an ageing population.
The latter is becoming more pronounced as the number of people in WA aged over 75 is due to grow by over 150,000 by 2040, the biggest percentage growth of any state in the country.
In responding to the draft Bill, the Property Council and Retirement Living Council (“PCRLC”) and its collective industry membership is motivated by a desire to increase consumer and investor confidence, raise industry standards, and pursue better regulation.
Legislation that balances consideration of both residents and operators alike is key to driving investor confidence and meaningful housing solutions for West Australians.
We ask particularly that attention be given to our commentary around mandatory capital maintenance funds and exit entitlement frameworks.
A viable retirement living industry in WA advances the state government’s capacity to pursue an ambitious ageing, health and wellbeing agenda by improving wellness outcomes for seniors and providing efficiencies that can be reinvested in services and infrastructure.
With this in mind, we would also highlight recent relevant research that underpins the important housing and health benefits of retirement villages. Like government, industry is guided by research, evidence and data because we know it helps to deliver better outcomes.
