It was music to the ears of Retirement Living Council (RLC) Executive Director Daniel Gannon and the President of the Retirement Village Residents Association (RVRA) Craig Bennett present.
Natasha told about 200 people present at the NSW Property Council’s annual retirement forum last Friday, the much complained, complicated Asset Management Plan (AMP) is being reformed.
The Weekly SOURCE revealed in May 2023 the RLC and RVRA had united to try to change the NSW Government’s unwieldly AMP. The former NSW Government delayed the introduced of the AMP by 12 months until July 2022 and Daniel Gannon, ahead of the NSW Election, said it had the “biggest adverse impact” on the sector this year.
Natasha said, “We have heard that the current requirements have resulted in substantial financial costs, administrative burden for operators, and we have heard from some people that those costs are then passed on to residents. We've had resident advocates indicating that the information residents are given under the existing requirements can be overly complex and can be difficult to understand. That obviously is not what the intent of the of the obligation is.”
“So we really need in this regulatory review process to look at how we make that better.”
“We are looking to remake that regulation next year.”
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