Making room for retirement living homes: potential for profit not liability

The Retirement Living Council (RLC) is working with State Governments and aged care residents to reform legislation to make retirement living easier to establish more facilities and make the sector more viable for investment. 

As Australia battles challenges around housing supply, affordability, cost and supply chain constraints RLC want to see legislative reforms make it easier for operators to build and operate age-friendly communities.

RLC believes it ‘can and should’ play an important role in providing more stock to a system currently under duress. 

“At a time when aged care is costing taxpayers $30 billion per annum, the value proposition for retirement living has never been stronger or more attractive for Governments,” said RLC Executive Director, Daniel Gannon.

“Through delayed entry to aged care and reduced interaction with hospitals and general practitioners, retirement communities are saving governments approximately $3.3 billion every year.

“Community, connection, independence, added security and peace of mind, no maintenance, a sense of belonging, and quality standard of living at a more affordable price. This is just part of the value proposition for retirement living, and the potential social, economic and housing upside is immense.”

According to RLC data, retirement living is saving Governments about $3.3 billion every year by delaying older people entering aged care and reducing their interaction with hospitals and General Practitioners (GPs).

RLC said that while it has confidence in departmental and parliamentary stakeholders to work with the industry to strike the right regulatory balance to help the aged care sector deliver more homes for older Australians, these processes always present downside risk.

There are almost 265,000 Australians currently living in one of the 2500 age-friendly communities across the country as the nation is forecast to home 6.6 million Australians over the age of 65 by 2041.

To deal with these demands, RLC wants to see legislative reforms support superior housing outcomes for senior Australians and more housing supply while delivering significant efficiencies for State, Territory and Federal Governments.

“Capital goes where it’s welcome, and we’d like to think that parliamentary decision-makers appreciate the delicate nature of the relationship between investment and regulation,” Mr Gannon said.

“Together with industry, the RLC will continue to work with Governments in Victoria, Western Australia, Queensland and South Australia on current reforms to ensure that consumer expectations and industry viability are concurrently met and strengthened.

“If that balance isn’t met, capital will find a more welcoming place to go.”