South Australia’s retirement living landscape is set for significant change following the passage of the Retirement Villages Amendment Bill through Parliament. The new legislation, hailed by the Aged and Community Care Providers Association (ACCPA), introduces greater transparency and protection for residents while ensuring clarity for operators.
The Bill mandates clear definitions of terms in contracts, strengthens financial reporting, and enhances consultation processes with residents. ACCPA CEO Tom Symondson emphasized the balanced approach: “This milestone ensures older South Australians can live their best lives in retirement while safeguarding their rights.”
Notable reforms include capping recurrent charges to the Consumer Price Index and reducing the statutory buyback period to 12 months. For villages with a Capital Replacement Fund, contributions from outgoing residents or families are now capped at 12.5% of the property’s sale price, applying retrospectively to all contracts.
The Bill reflects extensive collaboration between ACCPA, the government, and stakeholders, aiming to build confidence in retirement living. With findings from the recent Catalyst Report indicating a higher quality of life among retirement village residents, these changes provide further assurance for older South Australians.
Learn more about this milestone on the ACCPA website.