New Retirement Village Laws Pass Parliament

New laws to protect older Australians in retirement villages have passed parliament.

The Retirement Villages Amendment Bill 2022 passed the Senate on Tuesday, after being passed by the House of Representatives in March.

The new laws will give residents of retirement villages greater protection against unfair contracts and financial exploitation.

Key changes include:

• Requiring retirement village operators to provide residents with a detailed disclosure statement before they sign a contract.
• Giving residents the right to a cooling-off period after signing a contract.
• Prohibiting retirement village operators from charging excessive fees.
• Establishing an independent Retirement Villages Commissioner to investigate complaints and enforce the new laws.

The new laws will come into effect on 1 July 2023.

Aged Care Minister Anika Wells said the new laws would give older Australians greater peace of mind.

"These new laws will help to protect older Australians from unfair contracts and financial exploitation," Ms Wells said.

"They will also give residents greater peace of mind, knowing that they have a strong, independent advocate on their side."

The Council on the Ageing welcomed the passage of the new laws.

"These new laws are a significant step forward in protecting the rights of older Australians living in retirement villages," said COTA CEO Ian Yates.

"They will give residents greater peace of mind and confidence that they are being treated fairly."

The new laws are a significant step forward in protecting the rights of older Australians living in retirement villages.

They will give residents greater peace of mind and confidence that they are being treated fairly.