Michelle Palmer: Retirement Villages Association Executive Director on the amendment of the Retirement Villages Act 2003
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Michelle Palmer: Retirement Villages Association Executive Director on the amendment of the Retirement Villages Act 2003
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About this listen
The Retirement Villages Association is calling out the Government for issuing a double whammy against the sector.
Newly announced Retirement Villages Act 2003 amendments include ensuring money on a unit is paid back within a year after a resident leaves.
Interest will also be payable after six months if a unit remains empty.
Association Executive Director Michelle Palmer told Ryan Bridge the moves could seriously jeopardise the sector.
She says they were the ones who suggested the interest element, which the Government has taken and then topped with the full repayment at 12 months.
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