South Australia’s retirement village sector is entering a new chapter, with stronger consumer protections now in force under reforms introduced by the SA Government.
The changes, delivered through the Retirement Villages (Miscellaneous) Amendment Act 2024, are designed to give residents clearer rights, improve transparency for people considering a move, and set more consistent expectations for operators across the state.
For residents, the reforms aim to remove uncertainty around fees, contracts and decision-making, while strengthening compliance and oversight to lift standards across the retirement living experience.
Among the key protections now in place are caps on certain fees, including limits on how much can be deducted from a resident’s exit entitlement as a contribution to capital funds. In some circumstances, increases to recurrent charges have also been restricted. The timeframe for repayment of exit fees has been shortened, reducing the maximum wait from 18 months to 12 months plus 30 days.
Prospective residents are expected to see clearer and more detailed information before signing on, with improved disclosure requirements in contracts and disclosure statements. These changes are designed to make it easier for older South Australians and their families to understand long-term costs, responsibilities and expectations before making a significant life decision.
The reforms also introduce enhanced codes of conduct for operators, staff and residents, stronger emergency planning and safety standards, updated consultation and dispute resolution processes, and clearer rules around how residence guidelines can be changed.
From today, people considering retirement living can also access the new Retirement Villages Register, which allows users to search villages by location and view key details such as size, contract types and core features. The register is intended to support more informed decision-making by making essential information easier to find in one place.
Minister for Ageing Well Nat Cook said the reforms were shaped by extensive consultation with residents, operators and industry stakeholders.
“We listened to residents, operators, and key stakeholders to ensure we could create a clearer and more consistent regulatory environment across the sector,” she said.
“Our reforms support good practice, increase transparency and offer greater consumer protections for those living in or considering retirement villages.”
Ms Cook said enhanced disclosure requirements would now provide estimated exit entitlements and exit fees after two, five and 10 years, giving residents a clearer picture of their financial position over time.
“Our reforms strike the right balance of strengthening protections for residents while encouraging a flexible, innovative and sustainable sector,” she said.
Retirement Living Council of Australia Executive Director Daniel Gannon welcomed the changes, describing them as a major step forward for the sector.
“After four years of work, South Australia now has a modern, fit-for-purpose retirement village framework that reflects how people live today,” he said.
“These reforms bring retirement village laws into line with what residents expect – clearer information, stronger protections and greater confidence when making significant life decisions.”
Mr Gannon said the council had worked closely with the Office for Ageing Well to ensure the reforms strengthened consumer protections while supporting a well-regulated and sustainable retirement living sector.
