Please read the Western Australian Treasury Corporation (WATC) Disclaimer, WATC IP Statement and DMIRS Statement below.
Introduction
The Western Australian Treasury Corporation (WATC) report assesses the financial impact of proposed time limits for payment of exit entitlements to former retirement village residents. Department of Energy, Mines, Industry Regulation and Safety (DMIRS) commissioned WATC to prepare modelling on the estimated financial impact of a proposed time limit for the payment of exit entitlements to former retirement village residents. The purpose of the WATC report was to assist DMIRS in making recommendations on the proposed time limits. The WATC report includes results from an industry survey.
Next steps
The WATC report is an independently commissioned report. The WATC report findings have informed Consumer Protection in making recommendations to the Minister for Commerce, Hon Roger Cook MLA, about reform of exit entitlement laws for residents departing retirement villages. The recommendations are currently being reviewed by the Minister.
Summary
- The WATC report assesses the financial impact of proposed time limits for payment of exit entitlements to former retirement village residents.
- DMIRS commissioned WATC to prepare modelling on the estimated financial impact of a proposed time limit for the payment of exit entitlements to former retirement village residents.
- The purpose of the WATC report was to assist DMIRS in making recommendations on the proposed time limits.
- The WATC report includes results from an industry survey.
Related publications
Consultation Regulatory Impact Statement (CRIS) 1 - Impact statement
Consultation Regulatory Impact Statement (CRIS) 2 - Operator responsibilities
Consultation Regulatory Impact Statement (CRIS) 4 - Managing changes to a retirement village
Disclaimer
Western Australian Treasury Corporation (WATC) Disclaimer
The information contained within Western Australian Treasury Corporation (WATC)’s Analysis of Potential Financial Impacts on Retirement Village Operators of Proposed Western Australian Retirement Villages Legislation Reform Report (the WATC Report) was prepared specifically for the Consumer Protection Division of the Department of Energy, Mines, Industry Regulation and Safety (DMIRS) under the terms of a letter of engagement and in compliance with the scope of the project. The establishment documentation between WATC and DMIRS remains confidential.
The information contained within the WATC Report is provided in good faith for information purposes only and on the following basis:
- WATC has provided the conclusions, predictions, estimates, advice and forecasts contained within the WATC Report based on information provided to WATC which WATC believes to be reliable and accurate. WATC however does not guarantee the accuracy of the information contained within the WATC Report.
- WATC, its employees, officers or board members shall not be responsible or liable for any claims, damages or loss (direct, indirect or consequential) resulting from or out of any reliance on the content of the WATC Report.
- WATC’s findings and conclusions contained within the WATC Report were prepared specifically for DMIRS and are not intended to be a substitute for professional advice to the public in general and to retirement village industry stakeholders in particular. The content of the WATC Report must be carefully considered before relying on any information or conclusions contained therein. It is recommended that professional advice or assistance be sought before any decisions are made based thereon.
- Cost estimates referenced in the WATC Report were based on survey results averaged across various categories and groupings. They are indicative in nature and should not be construed as representing true costs for any individual retirement village or operator. Accordingly due allowance should be made in this regard to the results set forth in the WATC Report.
- Costs referenced in the WATC Report exclude any allowance for Goods and Services Tax or associated compliance costs.
- By accessing the WATC Report you are acknowledging that you have understood the above conditions and agree to abide by them.
Western Australian Treasury Corporation (WATC) IP Statement
“Any Intellectual Property contained in the analysis or models provided within the WATC Report remains at all times the property of WATC and must not be reproduced, modified, published, reused, distributed, commercialised in any way without the prior written consent of WATC”.
Department of Energy, Mines, Industry Regulation and Safety (DMIRS) Statement
‘This report (Report) has been independently produced by the Western Australian Treasury Corporation (WATC) on the request of the Consumer Protection Division of the Department of Energy, Mines, Industry Regulation and Safety (DMIRS). The findings and recommendations contained within this Report are provided by WATC as part of a consultation process and are not necessarily indicative of the views of DMIRS. Neither the publication of the Report by DMIRS nor the matters contained within the Report are representative of any decision being made by or on behalf of DMIRS regarding the proposed retirement villages legislation reform.’