The Minister for Innovation and Better Regulation, Matt Kean, spoke to the retirement village sector at our LEADERS SUMMIT last Friday for the first time since he received Kathryn Greiner’s Inquiry report in December.
He did not speak to the report but gave a clear indication of his thoughts.
He identified that the Four Corners/Fairfax program, which led to his establishing the Greiner Inquiry, revealed “the stress, anger and misery” that is apparent in the retirement village sector, plus a “power imbalance” when it comes to contracts.
There are also challenges with “expectations on what was sold and delivered”.
He acknowledged that villages can deliver a lifestyle that people can enjoy whilst still working (and receiving an income). And retirement villages don’t “cost government a cent” plus keep older Australians “out of aged care for longer”.
“It’s a win/win” and “compelling”.
However the stories he hears “stagger me …and make me deeply angry”.
He said the contracts for a 75-year-old are “frankly complex…convoluted… can’t be fulfilled”.
“We have to get it right, and now”.
“Most of the industry is doing the right thing….(however) the failures of some are so concerning change will come”.
“(We need to) repair the damage done by rogue businesses… We need to be more open”.
“I want NSW to lead the country”.
The Minister indicated that the outcomes from the inquiry will be announced shortly. He did not take questions.
