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Retirement communities: a pivotal element in meeting Australia's housing targets
Invest
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund (HAFF) aim of constructing 1.2 million new homes by 2029.
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund (HAFF) aim of constructing 1.2 million new homes by 2029.
This suggestion forms part of RLC's submission to the Australian Government before the upcoming May Budget.
Daniel Gannon, the Executive Director of RLC, emphasized the significant role retirement communities can play as the population of Australia ages. "The Prime Minister’s 1.2 million new homes target is an admirably ambitious one, but retirement communities can help achieve this lofty goal as Australia ages," Gannon noted. He highlighted the additional advantage of retirement villages, which can delay senior Australians' need to move into taxpayer-funded aged care facilities by offering purpose-designed, happier, and healthier living environments.
Gannon has called on the Prime Minister to count retirement units, already recognized as official dwellings by the Australian Bureau of Statistics (ABS), towards the HAFF targets. He pointed out the expected growth in the population aged over 75 from two million to 3.4 million by 2040, emphasizing the necessity for government policies that encourage the increased supply of retirement housing. "Given the number of people aged over 75 is set to increase from two million to 3.4 million by 2040, government decision-making needs to facilitate and stimulate more supply – not hamper it," he stated.
Additionally, the RLC provided statistics to demonstrate the urgent demand for more retirement homes. According to their findings, the retirement industry will need to build 67,000 new homes by 2030 to satisfy the current demand from older Australians. However, only 18,000 of these homes are planned as of now. These figures underline retirement communities' potential to contribute significantly toward addressing the Australian housing supply challenge.
A recent RLC report, titled "Better Housing for Better Health," showcases further benefits of retirement villages, indicating nearly $1 billion annual savings for taxpayers by postponing residents' transition into aged care. The report also shed light on the improved quality of life for residents in retirement communities, revealing they are 41 percent happier, 15 percent more physically active, and 20 percent less likely to be hospitalised after only nine months, among other health benefits.
In conclusion, the RLC's Federal Budget submission is available for a more comprehensive understanding of their proposals and findings in the quest to support Australia's ageing population through smarter housing solutions.
https://www.propertycouncil.com.au/submissions/rlc-submission-fy25-federal-budget
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