RVA encourages further rate cuts

This article as pdf 34kb

The Retirement Village Association has welcomed current speculation about more interest rate cuts as a measure to stimulate investment and create additional jobs.

Recent news reports indicate the Reserve Bank Board may meet in January, traditionally a non-meeting month, to consider further reductions to official rates.

CEO of the Retirement Village Association, Jane Holdsworth, said any activity by the Reserve Bank to reduce interest rates would be good news for the retirement village industry.

“Retirement village developers are projected to invest more than $42 billion over the next 15 years and the global economic situation is putting much of this investment at risk at a time when it is needed most.

“There is increasing consumer demand for retirement villages as the baby boomer generation reach retirement age, and we need to do everything we can to increase supply,” Ms Holdsworth said.

The construction industry can lead Australia through these difficult times, but in order for this to happen, developers need investment funds to drive their retirement village projects.

“Recent cuts to official interest rates have encouraged developers to move forward with their projects; however, any additional moves by the Reserve Bank and the Federal Government to make more money available and reduce the cost of borrowing will be welcomed by our members.

“We see the retirement village sector as a leading light in generating jobs for the future. Many developers have large-scale projects close to starting but they are waiting to see how the current situation plays out,” she said.

Industry figures estimate up to 140,000 retirement community dwellings will be needed over the next 15 years to cope with the current demand for seniors housing.

This equates to at least 540 villages that need to be constructed to avert what could become a housing availability crisis in the future.

The RVA News Monitor is a weekly feature on the RVA website, and will provide updated stories on issues involving the retirement village industry.

top of page

New wage protection legislation for Victoria

This article as pdf 36kb

New Victorian legislation to protect employee wages from unscrupulous employers should have little impact on the retirement village industry, according to the peak body.

The Victorian Workers’ Wages Protection Act 2007 came into operation on 1 December 2008, bringing Victoria into line with other states.

Under the new legislation, workers must now be paid in money rather than goods, and it is illegal for employers to make unreasonable deductions from employees’ wages.

The Act sets out situations where an employer can make pay deductions, and allows for an employee to retrieve their money through the courts if they believe their employer has broken the law.

CEO of the Retirement Village Association, Jane Holdsworth, said the new legislation was not likely to affect the retirement village industry.

“Our industry is strongly self-regulated, with a code of conduct and code of ethics introduced many years ago to ensure we are a fair and reasonable industry.

“The RVA also has one of the best accreditation schemes in Australia, and this rigorous and thorough process covers stringent administration systems,” Ms Holdsworth said.

Australian Retirement Village Accreditation (ARVA) was developed to promote and enhance quality assurance and best practice standards and procedures.

ARVA villages must also implement systems that document all financial and contractual arrangements and have systems in place to ensure compliance with relevant legislation and regulations.

“The RVA has not heard of instances about its members making unfair payments to their employees, and we don’t believe this practice exists within the industry.

“As such, we support any moves to protect employees working in retirement villages,” Ms Holdsworth said.

The Act applies to all Victorian employers and employees, whether they are employed full-time, part-time or as a casual.

For further information or to make comment on this story, please email communications@rva.com.au

The RVA News Monitor is a weekly feature on the RVA website, and will provide updated stories on issues involving the retirement village industry.

top of page

Rolling Stones Generation getting more satisfaction

This article as pdf 36kb

As the generation that grooved to the tunes of the Rolling Stones and Jefferson Airplane age it appears that  conventional wisdom which sees ‘oldies’ depicted as grumpy old men and women has been turned on its head.

New research suggests that older adults get greater enjoyment out of life than their younger counterparts.

The findings have come to light through the work of researchers at the University of Queensland’s School of Psychology who have been examining the links between people's age and their social satisfaction.

The researchers measured social activities and social satisfaction in older adults between the ages of 66 and 91, and younger adults between the ages of 18 and 30.

They found younger adults engaged in a lot more social activities, but were no happier with their social lives than older adults.

Despite older people engaging in fewer social activities with others and spending more time alone each day, they were just as socially satisfied as their younger counterparts,” said one of the researchers, Professor Von Hippel.

The reason for this social resilience seems to lie in how older and younger adults perceive their social activities.

“Our research suggests that if a young person and an old person have the same experience, the older adult is likely to find it more uplifting,” Prof Von Hippel said.

“Older adults appear to see the good things in life more easily and are less likely to be upset by the little things that go wrong.

“As a consequence, their daily experiences bring them just as much satisfaction as younger adults, even if they have lost friends or a spouse, or if they can no longer get out as much as they would like.

“This may be the wisdom of ageing, the ability to experience everyday life as uplifting.”

As good health is crucial to our happiness, following natural health principles on nutrition and lifestyle should ensure you can look forward to enjoying your old age.

For further information or to make comment on this story, please email communications@rva.com.au

The RVA News Monitor is a weekly feature on the RVA website, and will provide updated stories on issues involving the retirement village industry.

top of page