Retirement Living Council (RLC) Executive Director Daniel Gannon said upset village operators with aged care facilities are contacting him daily after The Weekly SOURCE revealed the government's proposal to retain 10% of refundable amounts under the changes.
“We’ve spoken to operators who would be required to hold tens of millions of dollars through these proposed changes, ranging from $25 to $200 million depending on the size of their holdings and portfolio mix,” he said.
“More importantly, these operators have also made it clear that this policy would come at the expense of new housing supply, including ILUs, social and affordable rentals and more aged care beds.
“At a time when the country is ageing, when housing supply is in deficit and when the aged care sector is bursting at the seams, the timing of these half-baked proposals is unconscionable.
“Instead of building the plane while they’re flying it, the government should spend more time thinking through the impacts of sloppy policy work.”
In a first for the retirement village sector, RLC representatives meet with the Federal Aged Care Quality and Safety Commission (ACQSC) last Thursday and convinced them to rework its Financial and Prudential Standards guidance for providers. The RLC is holding a follow-up meeting by the end of Wednesday.
The RLC representation also convinced ACQSC to put back the closing date for submissions until Friday.
Charles Moore, CEO of BaptistCare, which has merged with Baptcare and Baptist Care SA, reiterated one of DCM Group Editor Lauren Broomham's fears that the proposed liquidity standards would severely hit smaller Not For Profits in an article in today's The Australian.
Peter Edwards, Acting Deputy Commissioner ACQSC, told Senate Estimates they had consulted broadly when developing the liquidity ratios, including with the Older Persons Advocacy Network (OPAN), Council on the Ageing (COTA), Ageing Australia, McGrathNicol, StewartBrown, and the Aged Care Workforce Remote Accord.
