Asset Management Plans continue to be the dominant regulatory issue for village operators and residents.
The intention of the Asset Management Plan reforms was to provide residents with transparent information about how the recurrent charges they pay are used to maintain retirement village assets.
Unfortunately, the legislation and associated guidelines have not achieved that objective.
At our Annual Retirement Forum in November 2022, 80% of attendees responded to a poll stating policy outcomes relating to AMPs do not meet the policy intent.
The members of the Property Council are reporting to us that the requirements are expensive and burdensome.
Both we and the RVRA believe that the result has been the production of extensive and needed information which provides the transparency sought – but the packaging and presentation of this information to residents could be very much simplified in order for residents to easily comprehend where their money is being spent.
We are united in seeking reform of the AMP laws so that residents receive information which is transparent, useful, comprehensible and digestible.
