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The NSW Government has passed the Retirement Villages Amendment (Operators Obligations) Regulation 2022 to enable the collection and publication of information on retirement villages. The Regulation started on 1 September 2022.
This Regulation is part of the NSW Government’s response to the 2017 Greiner Inquiry into the NSW Retirement Villages Sector and addresses concerns over the lack of transparency of critical retirement village data needed by the regulator and consumers to make decisions.
The following information outlines the key changes under the Regulation.
Data reporting obligations
What data will be required?
From 1 September 2022 there will be a requirement for operators to provide data on the following categories to Secretary of the Department of Customer Service:
- Name, address and contact details for the retirement village and operator
- Information about the Residents Committee (if any)
- Number of units
- Residency type
- Information about complaints handled internally by the operator
- Village contracts or pricing
- Demographic information about residents and staff
- Other management and operation details
The list of data under each category may be expanded or updated and may be published once it is finalised.
When does the data have to be provided?
Operators will be required to provide initial data by:
- 30 September 2022 if the village has been in operation on or before 1 September 2022
- At the time of registration of the village if it was not in operation on or before 1 September 2022.
Following this, operators will be required to provide data annually. Operators will be required to submit the annual data within one month of the end of the financial year of the village.
Will the data be published?
The NSW Government will publish some data that may be relevant to consumers. This means current and prospective residents have easier access to information as they will no longer need to go from village to village to seek the information.
The NSW Government is aiming to make this public facing portal available in 2023.
Retirement Villages Digital Portal
The NSW Government is developing a digital portal to assist operators in complying with their reporting obligations.
The portal will allow operators to provide relevant data easily and, ultimately, provide a central location for all publicly available information.
For more information please see our guide to using the retirement villages portal.