Page 1712 - Week 05 - Wednesday, 5 May 2010
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I feel confident that the exposure draft of the legislation that I am tabling today will address the matter I have mentioned in a constructive way, giving certainty not only to those who choose to live in a retirement village but also to the industry.
The primary object of this bill is to promote consumer protection and fair trading practices in relation to operating retirement villages. It will also ensure that prospective residents have available to them the necessary information to make an informed decision as to whether or not retirement village living will best serve their interests. The information will be accessible, clear and consistent, and I believe that this will result in increased confidence in the industry. It will also promote growth and ensure the viability of the retirement village industry in the ACT, as well as assisting individuals in their choices.
This draft bill, once enacted, will see the consistent adoption of best practice standards for the retirement village industry and will provide a clear regulatory framework to ensure certainty for the retirement village industry in planning for future expansion. It will also encourage other industry players currently operating under legislation interstate to consider moving to the ACT and setting up business.
It is interesting to make a comparative analysis of what is occurring in other places in the world with similar demographics. The first retirement village did not appear in Japan until the early 1980s, yet there are now over 7,500 such establishments, known as silver peer units, in retirement communities in Tokyo alone, to support its rapidly ageing population. Traditionally, Japanese elderly continued to live with their children, but today many Japanese are opting for communal living facilities as they believe that their dignity will be best preserved through the independence that such establishments provide. Even in a family-oriented country such as Japan, a well-managed network of retirement villages provides a viable alternative.
Figures that were released earlier this year indicated that the retirement village industry is in a relatively strong position in Australia in spite of the problematic economic environment that we have been and are still currently enduring. In 2009, the number of retirement villages in Australia grew by four per cent, and the number of dwellings grew by five per cent. However, the figures that were released at this time also showed that the number of people living in these retirement villages grew by only 3.1 per cent, a figure obviously inferior to the level of growth in the number of villages. During the same period, there was a spike in interest in serviced apartments. A loss of confidence in the retirement village industry was identified as the primary reason for this trend. I believe the underpinning legislation that I am proposing will help to generate greater confidence in the industry.
Members will be aware of this government’s strong commitment to all aspects of positive ageing. One has only to look at the recently released positive ageing strategy for evidence of this. Throughout this process, I have been pleased to receive the support of my colleagues, and the commitment of the Chief Minister before the last election, when he was also then the Minister for Ageing, that should a Labor government be formed after October 2008, this government would table retirement village legislation, a promise that I am fulfilling by tabling this exposure draft today.
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