Russell Kennedy principal, Rosemary Southgate has provided insights in a recent article by The Weekly Source here concerning Victoria's Retirement Villages Amendment Bill 2024, anticipated to be enacted in early 2025.
Rosemary discusses the potential implications of the Bill for retirement living operators in Victoria and emphasises the importance of operators reviewing their financial and operational models to align with the forthcoming legislative changes.
Rosemary states “changes to the pre contract disclosure requirements, a commitment to create simpler, transparent contract templates and to introduce more resources to assist with the conciliation of resident and management and resident to resident disputes are welcome”.
There are a number of significant changes in the Bill, which will require operators to consider their financial and operating models for retirement living moving forward. Rosemary further advises operators to stay informed and proactive in adapting to these changes to ensure compliance and continued success in the evolving regulatory environment.
You can read the full article in The Weekly Source here.
For more information or assistance regarding the Retirement Villages Amendment Bill 2024, please contact Rosemary Southgate or a member of our Retirement Living team.