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Boom or bust? '5.5 million moving into retirement'

National Seniors said that the inequalities with the retirement sector are 'a big problem and it's a growing problem'.
National Seniors said that the inequalities with the retirement sector are "a big problem and it's a growing problem". shironosov

NOT worried about life after work? Well, perhaps this will change your mind: Australia has "5.5 million baby boomers moving into retirement".

That's a lot of people transferring over to a sector that has come under increasing scrutiny for "dodgy operators" and fostering an environment of "fear and a sense of persecution".

However, change is afoot with the Queensland Government recently announcing they would soon introduce a new bill that would force retirement villages to change their practices.

But while the move has been applauded, there are fears one state's progress could prove to be a drop in the ocean.

"It's a big problem and it's a growing problem because we have 5.5 million baby boomers moving into retirement," National Seniors chief advocate Ian Henschke said.

"Given that many of these retirement village companies operate nationally, we think it's only fair that people should have national laws.

"You only have to look at the vast number of people who retire to live in northern New South Wales and south-east Queensland.

"They may only live a few kilometers apart yet the laws and regulations can vary hugely.

"But why should there be different rules when the only difference is geography?"

Mr Henschke said the recent allegations levelled at industry leader Aveo highlighted the problems facing Australians moving into retirement and why the Palaszczuk Government needed to take its new initiatives all the way to Canberra.

"Australians like to have national laws, especially when they cover and protect them in consumer legislation," Mr Henschke said.

"(And) confusing and complex contracts that vary from state to state and ongoing fees and charges, as highlighted recently in the Fairfax Media/4 Corners television program, put great strains on people.

"We want to ensure that older Australians living in other states and territories have the same protections and security being introduced in Queensland."

Topics:  general-seniors-news ian henschke national seniors queensland government re-retirement retirement-living


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