As part of its four-point plan to improve retirement village living, the NSW Government commissioned Kathryn Greiner AO to lead an inquiry into the state’s retirement village sector. The inquiry was completed between August and December 2017.
The Inquiry into the NSW Retirement Village Sector Report (PDF, 3583.78 KB) (the Greiner Review Report) outlines the Inquiry’s findings and recommendations to improve the legislative framework for retirement villages in NSW. The Inquiry found that the operation of the retirement village sector could be improved in three key areas:
- increasing transparency of exit fees and contracts
- clarifying the funding arrangements for ongoing maintenance costs which are shared between residents and operators
- providing more support when disputes arise (and reducing the potential for disputes arise).
The Greiner Review Report further recommends improving Fair Trading’s administrative and operational practices in the retirement village sector.
The NSW Government supports the findings and recommendations in the Greiner Review Report. To implement the Greiner Review Report, it will make reforms to afford greater protections to consumers. These reforms will aim to:
- increase transparency
- improve certainty around costs
- enhance operator accountability
- improve dispute resolution, and
- strengthen Fair Trading’s role as the regulator of retirement villages in NSW.
The Government is progressing the proposed reforms outlined in its response, and will consult on any significant proposals as they are developed.