That statement can lead to two of the very problems that brings retirees to the Greiner Retirement Village Enquiry community forum at Wagga Wagga, Mis-statements by sales people and costs buried in the gobble-d-gook of a legal document are two areas often complained about. The Greiner enquiry has the opportunity to insert a fix, there is the capacity to deliver to a prospective resident via the disclosure statement every known cost to them over their period of occupancy, or the current cost and the formula by which it will be increased over time. The NSW government must decide who has the clear priority here, the industry or NSW retirees.
The New South Wales government should not be seduced like some other state governments by the industry mantra that, “any increase in consumer protections can only come at the cost of industry growth and innovation”.
Governments have a responsibility to protect vulnerable consumers from financial products where a price is stated but the actual cost is not.
The philosophy of educate retiress rather than legislate operators has failed thousands of Australian retirees.
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