Quadrant assembles parts for next play
SYDNEY: Quadrant Private Equity (Quadrant) is assembling all the ingredients for its third retirement village aged care bake. Whilst its first foray (Village Life) enriched Quadrant, it left later investors in tears. Quadrant's second pie was the dual listed Summerset Group. Quadrant has now largely exited the share register and the entity's future growth rates are being "gently hosed down"...Full story in Aged Care Housing Weekly / Subscribe  #505 / 1-07-14
Retirement villages adopt cottage communities
MELBOURNE: A trend towards pocket-style community design within integrated retirement villages and Continuous Care Retirement Communities (CCRC) is now emerging. The "pocket design principles" will be the second of ten new trends canvassed at a seminar to be held in Melbourne on Tuesday 7th November 2014. The new design is changing the way residents interact with their neighbours at the pilot installation. Register for Melbourne Seminar.  #504 / 1-07-14
Fed Court ruling could reshape boardrooms
MELBOURNE: The recent decision of the Federal Court in ASIC v Australian Property Custodian Holdings Limited shines a light on decision making in the boardroom and corporate record keeping. This is a must read case for directors and particularly directors of responsible entities. In this case ASIC brought proceedings against the Company and each of its directors alleging breaches of... Full story in Aged Care Housing Weekly / Subscribe  #503 / 20-06-14
Regulations for caravan parks to be reviewed
Perth: Ingenia Communities Group (ASX: INA) Lifestyle Communities (ASX: LIC) and Alceon - run by Phil Green and Trevor Lowensohn, the founding boss and top executive of collapsed Babcock & Brown investment empire - are all likely to be affected by the continual tinkering of the regulations governing both caravan parks and manufactured home estates. A review of the laws... Full story in Aged Care Housing Weekly / Subscribe  #502 / 17-06-14
Metlifecare criticised over PR policy
Auckland: Metlifecare is running a 'dumb public relations' policy in allowing disaffected residents families to publicly rail against the 'deferred management fee'/life licence business model which anchors the balance sheets of most operators in the over 70s sector of the New Zealand healthcare housing market. The policy allows its critics a 'free hit' at Metlifecare... Full story in Aged Care Housing Weekly / Subscribe  #501 / 17-06-14
ACCC blocks Healthscope Brunswick rehab deal
Melbourne: The competition watchdog has blocked float hopeful Healthscope's proposed purchase of a 123-bed rehabilitation hospital in Melbourne's north, suggesting a potential difficulty the operator may face in going after future growth via acquisitions. Private equity-owned Heal-thscope is poised for a $4 billion plus initial public offering that will most likely occur in July. The group, which... Full story in Aged Care Housing Weekly / Subscribe  #500 / 17-06-14
Care forums set to dominate consumer markets
MELBOURNE: The debate over whether to allow the posting of various care inspectorate reports online, or whether they should be redacted, summarised, censored or made subject to a Freedom of Information application, is irrelevant. Whilst their publication, or otherwise may exercise the minds of government mandarins, various industry body associations, a rump of newspaper letter writers and a pair of... Full story in Aged Care Housing Weekly / Subscribe  #499 / 22-05-14
Aveo claims cash flow to be higher than 2013
BRISBANE: Aveo Group (ASX:AOG) claims its net cash flows from its operating activities in FY14 will be stronger than FY13. Aveo Group also confirms its previous guidance that FY14 underlying profit is forecast to be up on the FY13 result. Sales of Independent Living Units (ILU’s) and Serviced Apartments (SA’s) from the Retirement Established Business division in FY14 continue to be... Full story in Aged Care Housing Weekly / Subscribe  #498 / 14-04-14
Japara Healthcare's $450m book build done
MELBOURNE: The prospects of Australia’s initial public offering market are looking up following Japara Healthcare’s $450.4 million book build that was two times oversubscribed. Macquarie, sole underwriter of Japara, and other investment banks are now more confident about the IPO market in 2014 after the setback of Sterling Early Education and Mantra IPOs being pulled. The top underwriter... Full story in Aged Care Housing Weekly / Subscribe  #497 / 14-04-14
Seniors housing trends degree course launched
SYDNEY: The world's first over 50s housing degree course will be launched next month. The three year study includes trends in over 50s housing, social economic and political influences, management, investment returns, demand studies, consumer drivers, market segmentation, and an analysis of generational sub-sets. Ninety per cent of the course is conducted online, with face to face... Full story in Aged Care Housing Weekly / Subscribe  #496 / 14-04-14
Japara to lodge prospectus ahead of ASX float
MELBOURNE: Japara Holdings is expected to lodge its prospectus by early next week for a $500 million-plus float on the Australian Securities Exchange, in what is so far shaping up to be one of the success stories when it comes to initial public offerings. It would join the float of 360 Capital Group’s office fund which this month successfully completed a $155 million... Full story in Aged Care Housing Weekly / Subscribe  #495 / 14-04-14
Survey to establish need for aged care services
WHYALLA: Whyalla residents are being encouraged to fill in a survey at Westland Shopping Centre today to identify future needs for local disability and aged care facilities and services. A stall will be at the centre today from 9am to 2pm to provide community members with the opportunity to complete a hard copy survey or take away a flyer to fill out a survey online. Regional Development... Full story in Aged Care Housing Weekly / Subscribe  #494 / 14-04-14
Craigcare wins claim in NSW court: legal costs
SYDNEY: The NSW Supreme Court has ordered Superkite Pty Ltd to pay 65 per cent of Craigcare Group Pty Ltd’s court costs, after it lost a case over the dispersal of funds from a trust account. Craigcare paid $100,000 to a firm of solicitors acting for Superkite Pty Ltd. Alfred John Stammers was the sole director of Superkite, but he was also a solicitor at Holman Webb. Holman Webb... Full story in Aged Care Housing Weekly / Subscribe  #493 / 14-04-14
Takeover of retirement village sparks anger
BENDIGO: The Freedom Aged Care Group's move on the management contract of a Bendigo village has been handled with the same aplomb as the Malaysia Airlines 'mystery flight.' The tenants have 'freaked' and kicked up a media storm that has portrayed the interloper as a Putin annexing Crimea. The media storm is a public relations disaster for Freedom. The industry minnow announced this... Full story in Aged Care Housing Weekly / Subscribe  #492 / 11-04-14
Aged care chief wants to stop ageist attitudes
WOLLONGONG: Churchill Fellowship recipient Dr Mike Rungie wants to redefine retirement in Australia. The chief executive of not-for-profit aged care provider ACH told a gathering of Wollongong business leaders that older people wanted real roles, not just entertainment. Dr Rungie said it was time for Australians to set aside "ageist attitudes" at the Seniors Week event... Full story in Aged Care Housing Weekly / Subscribe  #491 / 11-04-14
$6 million revamp to NSW Living Care project
ALBURY: Albury Mayor Kevin Mack joked he already had his place booked as he launched the expansion of an East Albury aged care home this week. Cr Mack turned the first sod on the Borella House redevelopment. "We aren't getting any younger," he said light-heartedly. The $6 million revamp of the aged care hostel, which is run by Living Care – part... Full story in Aged Care Housing Weekly / Subscribe  #490 / 11-04-14
Project approved despite planning conflict
BRISBANE: A court has ruled that despite a proposed development of an aged care facility being in minor conflict with the Brisbane City Plan 2000, there was a need for such a facility which outweighed the conflict. The Queensland Planning and Environment Court (QPEC) dismissed the appeal commenced by a number of submitters, predominantly... Full story in Aged Care Housing Weekly / Subscribe  #489 / 11-04-14
Macquarie run roadshow for float of Japara
SYDNEY: Macquarie Group analysts hav run an east coast IPO roadshow this week for the float of $500 million aged care provider Japara Holdings, ahead of a $300 million to $400 million equity raising tipped for early next month. The analysts worked fund managers in Sydney and Melbourne. The market appears to be favouring back-end bookbuilds and indicative price... Full story in Aged Care Housing Weekly / Subscribe  #488 / 27-03-14
Housing research fails to factor in sub-trends
MELBOURNE: The IBISWorld research report on 'Accommodation for the Aged in Australia' is fatally flawed. It makes the same error as prospectus crafters and finance sector fundraisers. Much is made of the growing over 50s demographic. "Population projections indicate that by 2056, one-in-four Australians will be aged over 65. As the elderly proportion of the population grows... Full story in Aged Care Housing Weekly / Subscribe  #487 / 27-03-14
Bupa MD rules out more aged care homes
SYDNEY: Bupa Australia managing director Dean Holden has ruled out a buying spree of aged care homes and the company will instead focus on developing its own homes as it looks to offset slower growth in health insurance. Acquisitions of aged care and dental operations boosted revenue by 13 per cent rise to $6.2 billion in the 12 months ended December 31 for Bupa's Australian and... Full story in Aged Care Housing Weekly / Subscribe  #486 / 27-03-14
Supreme Court rules on SwanCare land titles
PERTH: The Western Australian Supreme Court has allowed SwanCare Group Inc. to wriggle off an inherited land titles hook. SwanCare Group Inc. had entered into some contracts of sale of residential strata units on land formerly used as a retirement village. The land was subsequently found to be the subject of a memorial lodged with the Registrar of Titles which bound all of the original Swan... Full story in Aged Care Housing Weekly / Subscribe  #485 / 27-03-14
Over 50s developers missing spiritual trends
MELBOURNE: Australian developers are ignoring the trend of over 50s embrace of enhanced spiritualism, meditation and continuous education. There is increasing evidence of a growing number of post-50 adults seeking a second life as a counterpoint to their first 50 years. The second act has an emphasis on reflection. The number of Western males over the age of 50 now attempting the... Full story in Aged Care Housing Weekly / Subscribe  #484 / 27-03-14
Eureka Group Holdings seeking to raise $1.5m
BRISBANE: Eureka Group Holdings (ASX: EGH) is back to its most practised art and is issuing a mountain of paper in exchange for cash. Eureka wants $1.5 million via a placement to sophisticated investors and a plea to existing shareholders at 10 cents per share. Eureka does 'planned giving' better than the Catholic Church. It has its hand out so often, it must have repetitive strain... Full story in Aged Care Housing Weekly / Subscribe  #483 / 27-03-14
NZ caregiver wage decision may influence Aus
WELLINGTON, NZ: A landmark court decision that could see hundreds of family caregivers compensated for their time in New Zealand, is likely to influence Australian case law within twelve months. In 1974 Antony Jones was 15 and working as a labourer when he fell from a plank between buildings at Waikato University. Left with sever injuries including brain damage, he was unable... Full story in Aged Care Housing Weekly / Subscribe  #482 / 27-03-14
$400m healthcare property trust proposed
SINGAPORE: A Singaporean fund manager is the newest arrival in Australia's aged care sector, with ambitions to float a $300 million to $400 million healthcare property trust. The manager, Ezyhealthcare Trust Management, has been set up by entrepreneur Yeo Wee Kiong and Australian listed property veteran Michael Dwyer. The healthcare trust has already won support from Japanese... Full story in Aged Care Housing Weekly / Subscribe  #481 / 27-03-14
Developers missing over 50s housing trends
SYDNEY: Australian and New Zealand retirement village developers are failing to pick up on the subtle changes in the over-50s housing market. Two nations which for a generation led the world in standards and delivery are now in danger of becoming an innovative backwater. Whilst the standard D.M.F retirement village still has some appeal to the post 80-year-old, the product has... Full story in Aged Care Housing Weekly / Subscribe  #480 / 11-03-14
Not for Profit expert to lead aged care reform
CANBERRA: Not for Profit Professor Peter Shergold has been named as Chair of the Aged Care Sector Committee tasked to build a working partnership between the Federal Government and the aged care sector. The Coalition Government said one of the committee's first tasks would be to develop the Aged Care Sector Statement of Principles to set out the way in which... Full story in Aged Care Housing Weekly / Subscribe  #479 / 11-03-14
Retirement village plans driven by demand
UPPER HUT, NZ: Summerset's Trentham retirement village will double in size to over 240 homes when its $50 million extension is completed. But demand will determine the speed of the development with an initial 22 new villas and townhouses planned for this year. Yesterday the listed Wellington company revealed the first stage of its Trentham retirement village extension to... Full story in Aged Care Housing Weekly / Subscribe  #478 / 11-03-14
4.5-star high-rise pitched at over-50s sector
DARWIN: This is the first artist's impression of the newest high-rise complex set to hit the Darwin skyline next year. Halikos Hospitality's 18-storey luxury apartments will be built on Mitchell St - on the site of the old Top End Hotel. With work starting in two weeks, "D105" will be a 4.5-star property with a mix of one and two-bedroom serviced apartments to accommodate resource... Full story in Aged Care Housing Weekly / Subscribe  #477 / 11-03-14
Are nursing home sale proceeds 'encumbered'?
MELBOURNE: The closure of some nursing homes is triggering a debate over how any sales funds are dispersed. The matter has been highlighted in recent New Zealand case law and currently besets a UK community, where Christian Enterprise has decided to shutter a 21-bed home, and an argument surrounds how best to use funds from its sale. Many older nursing homes... Full story in Aged Care Housing Weekly / Subscribe  #476 / 3-03-14
$15m seniors housing and golf project rejected
SEVEN MILE BEACH: A $15 million golf course and seniors residential development proposed for the eastern side of Seven Mile Beach by Tasmanian golfer Mat Goggin has suffered a dramatic setback, with Clarence City Council effectively rejecting the resort by voting against rezoning the land. Mayor Dough Chipman, who was one of three councillors to vote in... Full story in Aged Care Housing Weekly / Subscribe  #475 / 3-03-14
Care homes must review integration: experts
BONN, GERMANY: "The nursing home sector, in harvesting by age, is responsible for the plethora of problems created by the transportation to isolated social settings," said a leading German MP, who recently visited 12 Australian aged care facilities. The topic is to be covered by a group of European Parliamentarians at this year's Over 50s Housing Summit in Melbourne in November. The... Full story in Aged Care Housing Weekly / Subscribe  #474 / 3-03-14
Alfred Health seeks partner for modernisation
MELBOURNE: Alfred Health is seeking a partner to assist the modernisation expansion and ongoing management of its residential aged cared services at Caulfield Hospital in Melbourne. Alfred Health holds 150 high-care licences, and operates 120 of these from three accredited facilities at Caulfield Hospital. Expressions of interest close on April 3. Alfred Health incorporates... Full story in Aged Care Housing Weekly / Subscribe  #473 / 3-03-14
RetireAustralia considers initial public listing
BRISBANE: The owners of RetireAustralia may be mulling an initial public offering of the country's largest privately owned retirement village operator but a trade sale may also be a possibility. Sources suggest the owners JPMorgan and Morgan Stanley have had some parties interested in buying the business. Logical suitors would be Lend Lease or Stockland, according to... Full story in Aged Care Housing Weekly / Subscribe  #472 / 3-03-14
Japara pitches to Asian market ahead of float
MELBOURNE: Japara Holdings has been shopped around to Asian investors on a non-deal roadshow next week ahead of a planned float of about $400 million. Adviser Macquarie Bank and Japara chief executive Andrew Sudholz spent the week in Asia and New Zealand after fielding offshore inquiries with strong interest from institutional investors on a domestic roadshow last... Full story in Aged Care Housing Weekly / Subscribe  #471 / 3-03-14
Qld govt. to keep Eventide future 'state secret'
BRISBANE: Uncertainty surrounds the future of the Eventide aged care facility on Brisbane's northern bayside, with a master plan for the site remaining tightly under wraps. Queensland Health's Metro North director of nursing Mary Slattery confirmed a master plan for the site, to be known as the Brighton Health Campus, was being prepared. No details were provided, but it is understood the... Full story in Aged Care Housing Weekly / Subscribe  #470 / 3-03-14
UK developer looking to target over 50s market
LONDON: London's best known luxury property developers Nick and Christian Candy are going global with plans to take their company to cities all over the world, from Moscow to Melbourne. The multi-millionaires said they were seeking partners to develop local versions of One Hyde Park, the £1 billion "uber prime" apartment blocks in Knightbridge. The brothers said their company Candy &... Full story in Aged Care Housing Weekly / Subscribe  #469 / 3-03-14
Venture partner sought for retirement village
SURFERS PARADISE: Cypress Gardens Development Corporation aims to raise $15.2 million through stock exchange listing to clear its debts and continue searching for a buyer or joint-venture partner to develop a new retirement village on Queensland's Gold Coast. Preliminary approvals have been secured to build 970 units on a 25.2 hectare block of vacant land the company owns on the... Full story in Aged Care Housing Weekly / Subscribe  #468 / 3-03-14
Retirement to bolster Stockland's second half
SYDNEY: Property group Stockland has swung back into the black with a $298 million first half net profit. That compares to a $147 million interim loss a year ago. The result was underpinned by a significant improvement in the performance of its residential business, which was up 39 per cent. The company said it was on track to achieve the upper end of guidance this year, including... Full story in Aged Care Housing Weekly / Subscribe  #467 / 3-03-14
Asian countries look to woo over 50s market
BANGKOK: It is now official government policy in six Asian countries to pursue the over 50s market in the 20 leading developed countries in the West. The principal countries being targeted are the UK, Canada, USA, Japan, Australia, New Zealand, Germany and Switzerland. The services being offered vary between independent living and intensive care. Germany is already sending several... Full story in Aged Care Housing Weekly / Subscribe  #466 / 6-02-14
RetireAustralia chases $400m float on ASX
SYDNEY: RetireAustralia - the country's largest privately owned retirement village operator - is set to give aged care provider Japara Holdings a run for its money on the Australian Securities Exchange in the months ahead, after sources confirmed plans for a float of the group up to $400 million. The company is backed by the special situation funds in JPMorgan and Morgan Stanley... Full story in Aged Care Housing Weekly / Subscribe  #465 / 6-02-14
Japara Holdings set to undergo restructuring
MELBOURNE: Aged care provider Japara Holdings is undergoing a restructure ahead of a planned float in the first half that will raise between $300 million and $400 million. The restructure of the $500 million provider comes after an east coast roadshow last week, which met with strong interest from institutional investors. The restructure run by Macquarie Bank, will see the operating company... Full story in Aged Care Housing Weekly / Subscribe  #464 / 6-02-14
Aged care/childcare facility gets approval
BRISBANE: Redland City Council has approved a 140-bed aged care facility and 60-place child care centre on the corner of Brewer Street and Old Cleveland Road East. The facility will be built on land opposite the former Bunnings site, with civil works approved in December. MacKenzie Aged Care Group will build and manage the centre, expected to be completed this year. The two-storey low-care... Full story in Aged Care Housing Weekly / Subscribe  #463 / 6-02-14
Former bank boss powering Alceon growth
SYDNEY: The founding boss and a top executive of the collapsed bank Babcock & Brown, Phil Green and Trevor Lowensohn, are ramping up their portfolio of affordable housing developments. The move has fuelled speculation that the company run by the pair, called Alceon, is looking at a trade sale or stockmarket listing midway through next year. However, a source inside the business said... Full story in Aged Care Housing Weekly / Subscribe  #462 / 28-11-13
Japara plans new year listing valued at $500m
MELBOURNE: Japara Holdings is planning to float on the Australian Securities Exchange early next year and is currently working on the move with investment bank Macquarie Group, according to sources. It would create a new listed aged care company with an enterprise value of about $500 million. Japara is one of the largest operators in the aged care and retirement industry... Full story in Aged Care Housing Weekly / Subscribe  #461 / 28-11-13
St Vincent's Hospital to take over care units
COFFS HARBOUR: St Vincent's Private Hospital will be managing Ozanam Villa Residential Aged Care and Units from next February. The centre, which provides aged care and accommodation services, has been run by Catholic Healthcare since it acquired the facility from the St Vincent de Paul Society in May 2007. Ozanam Villa has been leasing the site from St Vincent de Paul until now... Full story in Aged Care Housing Weekly / Subscribe  #460 / 28-11-13
Nursing home court case still running
MELBOURNE: The long running court battle between Retirement Care Australia (Preston) Pty Ltd (RCA) and Fenridge Pty Ltd is still 'on foot.' The Victorian Supreme Court has already determined that RCA breached its continuing business obligations and its implied terms and held that Regis wrongfully induced those breaches. The court has ruled Regis 'jointly and severally liable... Full story in Aged Care Housing Weekly / Subscribe  #459 / 28-11-13
Court decision to impact retirement villages
CANBERRA: The Full Federal Court handed down its appeal deacision in MBI Properties Pty Limited v Commissioner of Taxation [2013] FCAFC 112 on 18 October 2013, regarding the GST consequences arising from the sale of leased residential property as a going concern. The key issue considered in this case was whether a purchaser was liable to pay GST under Division 135 of the GST... Full story in Aged Care Housing Weekly / Subscribe  #458 / 19-11-13
Calls for PM to overturn pensioner tax
CANBERRA: Opposition leader Bill Shorten has demanded the Prime Minister step in to overturn a draft decision of the Tax Office to slap GSTon rent for pensioners and families living in caravans and mobile homes. Despite the Coalition promising not to increase the GST at the last election, the Tax Office has quietly issues a draft ruling that people living in mobile homes should pay the GST for the first... Full story in Aged Care Housing Weekly / Subscribe  #457 / 19-11-13
Staff shortages trigger bed closures: Blue Care
CAIRNS: A lack of qualified nursing staff in Cairns has forced bed closures at one of the city's largest aged care facilities, executives say. Redlynch Glenmead Village has downsized from 194 beds to 120 and has been turning away new admissions for the past year. Operated by the not-for-profit organisation Blue Care, executive director Robyn Batten confirmed 10 beds in a lodge for high... Full story in Aged Care Housing Weekly / Subscribe  #456 / 19-11-13
Monash mayor accosted by protesters
MELBOURNE: Aged care protesters have accosted Monash Mayor Geoff Lake at the launch of a charity Christmas appeal. Cr Lake was at the launch of the Brandon Park Kmart Wishing Tree Appeal and was accompanied by his wife and young son. A group of about 20 protesters demanded Cr Lake answer questions about last month's decision to sell two aged care facilities. Monash councillors voted... Full story in Aged Care Housing Weekly / Subscribe  #455 / 19-11-13
Property investor seeks nursing home approval
MELBOURNE: A nursing home planned for South Yarra has been refused by Stonnington councillors. The proposed development, bordered by Kensington Rd, Rockley Rd and Alexandra Ave, would include the demolition of existing homes to make way for a six-level residential aged care facility. Developers Matthies Property Investments lodged amended plans with the ... Full story in Aged Care Housing Weekly / Subscribe  #454 / 19-11-13
Lyndoch relying on $6m new project for future
WARRNAMBOOL: Lyndoch is pinning its long-term viability on its $6 million Waterfront Living residential project pumping money into the budget to counter reduced government support. "Non-government funding sources will be the lifeblood needed for a viable future," board president David Atkinson said at the 51st annual meeting of the Warrnambool aged care organisation... Full story in Aged Care Housing Weekly / Subscribe  #453 / 19-11-13
Ratings agency takes umbrage over bond issue
MELBOURNE: One of the biggest credit rating agencies in the U.S has pushed back against a competitor's decision to grant a triple A rating to a new bond backed by housing that has been converted into rental properties. Fitch Ratings issued its warning just days before the new "real estate owned [REO] to rental" or empty-nester rental securitisation is due to come to market. The deal - which... Full story in Aged Care Housing Weekly / Subscribe  #452 / 19-11-13
FKP Property Group seeking to ape NZ rivals
BRISBANE: FKP Property Group has raised $230 million as it repositions as a pure play retirement vehicle on the Australian Securities Exchange and looks to return to profitability this year. The group has undertaken a 5-for-9 accelerated renounceable entitlement offer at $1.30 through Goldman Sachs that will help it meet impending debt expires and leave it with cash for expansion... Full story in Aged Care Housing Weekly / Subscribe  #451 / 19-11-13
Stockland sells FKP Property stake for $116m
SYDNEY: Stockland has raised $116.4 million through the sale of its entire stake in FKP Property. In a series of on market sales and one block trade to a number of institutions and New Zealand investors, Stockland has sold its remaining 11.6 per cent stake in FKP, selling its holding at $1.78 per security for a total of $103.5 million. The net funds realised will be $76,5 million... Full story in Aged Care Housing Weekly / Subscribe  #450 / 19-11-13
Aged care home provider faces fraud charges
MELBOURNE: An aged care home provider who allegedly bounced cheques and direct deposits worth $90,000 is facing fraud charges. Stephen George Snowden, 47, appeared in the Melbourne Magistrates Court on seven charges. The charges included obtaining financial advantage by deception, providing false documents and being a disqualified person running a nursing home... Full story in Aged Care Housing Weekly / Subscribe  #449 / 19-11-13
Online continuous education program launched
MELBOURNE: A low cost online continuous education program for dementia carers has been launched. The initial modules cover dementia, Alzheimer's, cognitive impairment, brain injury, Parkinson's and Autism/Aspergers. The initiative will answer critics of the sector who claim care is a dead end job, lacks a career path, and that little effort is being made by employers ... Full story in Aged Care Housing Weekly / Subscribe  #448 / 28-02-13
Revenue opportunities ignored by developers
MELBOURNE: Nursing home and retirement community developers are ignoring the opportunity to expand their revenues and build a more sustainable long term business model. Developers and operators continue to be inward looking and confine their collective thinking to the boundaries of each property. All revenue streams come from the clientele domiciled within the survey pegs... Full story in Aged Care Housing Weekly / Subscribe  #447 / 20-02-13
DMF devaluation to torpedo FKP float plan
Sydney: The decision by Stockland Property Group (ASX: SGP) to shave almost 30 per cent off the value of Deferred Management Fee (DMF) income will torpedo FKP's plan to merger all its retirement village interests in a single publicly listed entity. Stockland has alighted upon a valuation which effectively puts most of the Australian based retirement village behemoths under water. If debt covenant... Full story in Aged Care Housing Weekly / Subscribe  #446 / 14-02-13
Report downbeat on Ryman's Australian foray
MELBOURNE: Morningstar has issued an equity research report on Ryman Healthcare Limited (RYM) which raises the spectre of its promulgated Australian foray being a drag on its future results. This journal has long held the view that Ryman's proposed Wheelers Hill Continous Care Retirement Community is a financial 'suicide mission.' Ryman management has been blindsided by its... Full story in Aged Care Housing Weekly / Subscribe  #445 / 27-07-12
VRWA illustrates rapidly changing trends
PERTH: The Veterans Retreats of Western Australia (VRWA) initiatives best exemplify the core change taking place in over-50s housing worldwide. For a generation the central tenet of thinking was that the developer built what he thought was appropriate, and then he sought his clientele. He built in good faith, what he thought was appropriate for people of "their" age and condition. It was his.. Full story in Aged Care Housing Weekly / Subscribe  #444 / 20-07-12
FKP has missed retirement village cycle turn
BRISBANE: The FKP Property Group should not undertake a demerger or issue discounted equity, say analysts at JP Morgan, who suggest the listed retirement and residential development company should sell assets instead. FKP is expected to release the results of a review of the structure of its retirement business when it presents its annual results in August. One of the options that has been floated... Full story in Aged Care Housing Weekly / Subscribe  #443 / 13-07-12
Adverse publicity eroding faith of the market
WELLINGTON, NZ: The New Zealand Government's claim that it has consulted with key stakeholders over variations to the Retirement Village Code of Practice is up for debate after groups across the country deny being included, says Labour's Building and Construction spokes person Raymond Huo. Three thousand six hundred residents of retirement villages nationwide made a plea to the... Full story in Aged Care Housing Weekly / Subscribe  #442 / 6-07-12
Dementia business won't meet predicted levels
CANBERRA: The level of dementia/Alzheimer's internment will never meet the levels being predicted by demographic alarmists. It is a furphy to link the burgeoning boomer demographic to current dementia/ Alzheimer's numbers and extrapolate straight line growth for 30+ years.This mischief is being promulgated by many healthcare lobby groups attempting to raise profiles and money. Nothing... Full story in Aged Care Housing Weekly / Subscribe  #441 / 29-06-12
Stockland Group too late on the DMF cycle
SYDNEY: Stockland is starting to more resemble a pre-GFC Wall Street 'slicer and dicer' than an Australian home builder. Stockland Group is working on a radical plan to tackle the vexed dilemma of deferred management fees in a bid to turn the fees into an investment product. Instead of accruing the fees - as is the norm in the industry - Stockland plans to bundle them into tranches of investment... Full story in Aged Care Housing Weekly / Subscribe  #440 / 22-06-12
Receiver appointed to 3 seniors rental villages
ADELAIDE: Residents in three retirement villages are in limbo and some fearing for their lifesavings after the group that owns their units went into receivership. Garden Estate's retirement villages at Woodcroft, Christie Downs and Hackham have been taken over by receiver KordaMentha. A decision on the company's future is expected within a month. Until then, management group Eureka has taken... Full story in Aged Care Housing Weekly / Subscribe  #439 / 15-06-12
Explosion in number of home care workers
MELBOURNE: As Western governments continue to push for home care services to keep residents out of more costly care settings, a new analysis estimates that the country's direct-care workers providing hands-on long-term care will outnumber care home workers by more than two-to-one. This boom in the direct-care workforce will mean the industry will face changes. In the USA market, the direct-care... Full story in Aged Care Housing Weekly / Subscribe  #438 / 8-06-12
Ryman Healthcare faces much tougher future
CHRISTCHURCH, NZ: The Maori tribe Ngai Tahu may have been more prescient than has been acknowledged when it offloaded a large tranch of Ryman Healthcare shares in May. There is an argument that Ryman is at, or near its peak, especially when today's price has already factored in the next 12 months expected results. No company can run at Ryman's recent speed forever. Every company... Full story in Aged Care Housing Weekly / Subscribe  #437 / 4-06-12
Metlifecare succumbs to shareholder pressure
AUCKLAND, NZ:: Retirement village operator Metlifecare has changed the pricing and controls on its takeover offer for Vision Senior Living Limited and Private Life Care Holdings amid pressure from its shareholders. In a statement published on the NZX, the company said there was overall support for the deal but its shareholders wanted it to deliver a more financially compelling outcome... Full story in Aged Care Housing Weekly / Subscribe  #436 / 25-05-12
Artisan village to draw in over-50s market
BYRON BAY: Creative arts entrepreneur Brandon Saul, who came to fame in the mid-90s after launching a series of music festivals, is poised to develop an artisan community in Byron Bayin New South Wales. The environment-sensitive project, Bayshore Village, is earmarked for a 4.92 ha area off Bayshore Drive, North Beach, first set aside for a model village 13 years ago. The land, held via Brandon... Full story in Aged Care Housing Weekly / Subscribe  #435 / 18-05-12
Three new RV projects for NSW regional town
PARKES: Parkes is experiencinga 'boom' from developers interested in establishing retirement village facilities within the shire. Last week, the announcement was made that construction will commence next year on the $190 million Parkes Gardens Over 55s Lifestyle Village off Farrer Street. This followed the earlier announcement of DA approval for a further 48 independent residential units, hall and... Full story in Aged Care Housing Weekly / Subscribe  #434 / 20-12-11
AMP Capital circles back to Summerset Group
WELLINGTON, NZ: AMP Capital Investors has emerged as a substantial shareholder in the company that it once owned - retirement village owner, operator and developer, Summerset Group. In a notice to the NZX, AMP Capital said it now owned just over five per cent of Summerset, which was floated on the exchange on November 2. AMP Capital is the second biggest shareholder after majority... Full story in Aged Care Housing Weekly / Subscribe  #433 / 2-12-11
Two aged care organisations at loggerheads
MELBOURNE: The knives came out in the war over the elderly this week after Montefiore president David Freeman said Wolper and JewishCare had no future unless they became a part of Montefiore. Communal leaders have been reeling behind closed doors and several have come out publicly slamming Freeman's comments made last week. "It is unacceptable that Freeman puts other... Full story in Aged Care Housing Weekly / Subscribe  #432 / 25-11-11
Senior executives fighting public examination
MELBOURNE: Senior executives of Lend Lease Primelife are fighting moves to publicly examine them over a controversial $60 million sale of management rights of the collapsed Prime Retirement & Aged Care Property Trust. The executives, led by chief executive Paul Walsh, have claimed in documents lodged with the Federal Court in Sydney that the Australian Securities and Investments Commission... Full story in Aged Care Housing Weekly / Subscribe  #431 / 18-11-11
ILF completes partial sale of USA portfolio
SYDNEY: ING Real Estate Community Living Group (ILF) has settled its partial sale of its USA Seniors housing portfolio. ILF divested its 50 per cent interest in 15 of its 21 US Seniors communities to its joint venture partner, Chartwell Seniors Housing Real Estate Investment Trust (Chartwell) for $US171.5 million, which was in line with its December 2010 book value. The settlement of this... Full story in Aged Care Housing Weekly / Subscribe  #430 / 9-11-11
Retirement Villages NZ to sell down it's holding
AUCKLAND, NZ: Metlifecare's cornerstone shareholder Retirement Villages NZ could be selling out and dividend repayments may be reinstated. The listed retirement village firm's annual meeting at Ellerslie heard how Retirement, with 81.96 per cent, might cut its stake and the company could have a more open register in a huge shakeup of the business, which owns 16 villages throughout N.Z... Full story in Aged Care Housing Weekly / Subscribe  #429 / 9-11-11
Ryman set to postpone its Melbourne push?
CHRISTCHURCH, NZ: All the stars are now aligned against New Zealand-based Ryman Healthcare pushing ahead with its previously announced ambition to establish a beachhead in Victoria. Ryman Healthcare is understood to be scouring Melbourne and Victoria for a site to build an $A100 million ($NZ124 million) retirement village and prove it can successfully enter the Australian market. Ryman... Full story in Aged Care Housing Weekly / Subscribe  #428 / 24-10-11
Seminar on new trends in care homes on Nov 4
MELBOURNE: A day long seminar will be held in Melbourne on November 4, 2011 to canvass business opportunities and future trends in the nursing home / care village / retirement housing sectors. The industry is facing a combination of slow sales, product resistance, client prevarication and reduced Government support. Cash flow is tight, bank lending tougher, and occupancy levels are falling. But the industry is...Seminar Details  #427 / 17-10-11
Lenders have RVG in "structured liquidation"
BRISBANE: The meltdown in the retirement village real estate market is far more serious than is being conceded by the balance sheet ratios / valuations / discount rates of many listed retirement village development and management companies. This is not a cyclical downturn that will automatically revert to the halcyon days of times past. Demand for the product has peaked, the target... Full story in Aged Care Housing Weekly / Subscribe  #426 / 7-10-11
Quadrant to selldown its Summerset holding
WELLINGTON, NZ: Quadrant Private Equity plans to list retirement village company Summerset on the NZX in November but volatile market conditions may have played a part in the investment company deciding to offer just 30 per cent of its majority stake for sale. Summerset said that it had registered a combined investment statement and prospectus for the offer, which is aimed at raising... Full story in Aged Care Housing Weekly / Subscribe  #425 / 3-10-11
Stockland's retirement community approved
CALOUNDRA: Stockland has received approval to commence construction at its Bellvista II residential community at Caloundra following approval by the Urban Land Development Authority (ULDA). The Bellvista II approval is an advance land release within the Caloundra South Urban Development Area. The balance of the 3,700 hectare project that will include at least 20,000... Full story in Aged Care Housing Weekly / Subscribe  #424 / 9-09-11
Lifestyle Resorts Australia in hands of receiver
BANORA POINT: Four resorts for the over-50s will be sold off after Gold Coast company Lifestyle Resorts Australia and associated companies were put in the hands of receivers. John Greig and Richard Hughes of Deloitte have been appointed as receivers and managers of the companies, which are owned by property developer Bob Morrison. The companies own Riverside Residential Resort in... Full story in Aged Care Housing Weekly / Subscribe  #423 / 7-09-11
No major lift to Metlifecare from boomer cohort
AUCKLAND, NZ: Metlifecare managing director Alan Edwards claimed this week that the publicly listed retirement village developer / manager was in a strong position to "take advantage of the looming Baby Boomer migration into retirement villages."Edwards said the first of the Baby Boomers turned 65 this year, but the average age for people to enter retirement villages was 70 years. "So there is... Full story in Aged Care Housing Weekly / Subscribe  #422 / 29-08-11
Wage rises set to trigger raft of insolvencies
HERVEY BAY: Fraser Coast Health Service has refused to answer questions as to whether it can absorb a significant spill from residential care facilities if wage increases force some aged care providers to close their doors. Torbay Retirement Villages Ltd CEO Phillip Parry said any wage increase negotiated on behalf of employees would have to be met by the Federal Government or his facility in... Full story in Aged Care Housing Weekly / Subscribe  #421 / 19-08-11
Aged care rejig set to trigger higher wages bill
CANBERRA: Nursing home operators are likely to face more workforce regulation and a higher wages bill when the overhaul of aged care takes shape. Wages and conditions are likely to figure prominently in talks between industry, government and consumers. The commission called for big changes in how aged care services are charged as part of a shift towards a user-pays model, and advocated a... Full story in Aged Care Housing Weekly / Subscribe  #420 / 15-08-11
$30m+ rejig of Eltham Retirement Centre
Melbourne: Eltham Retirement Centre will undergo a multi-million dollar rebuild. Melbourne Citymission told residents last week that the charity’s board had approved a redevelopment of the Diamond St centre. The project is expected to include 120-150 independent living units, a new residential care facility and a multi-use allied health centre. Aged and palliative care service director... Full story in Aged Care Housing Weekly / Subscribe  #419 / 29-07-11
Creighton off loads its 190 unit retiree village
HAWKS NEST: In a major shakeup for retirement and aged care living on the Myall Coast the Tea Gardens Grange village has been sold to the RSL Life-Care organisation. The sale, which is due to be settled in about a month, makes LifeCare a major player in the industry in the area. It already operates Myall Lodge at Hawks Nest, a 24-bed residential aged care centre which is expanding to... Full story in Aged Care Housing Weekly / Subscribe  #418 / 29-07-11
Thirty key executive positions still available
Melbourne: 30 key aged care/retirement village executive positions in Australia and New Zealand remain unfilled. Dakin Mayers is looking for a Chief Executive to head up Parkinson's Victoria; Chifley Global Pty Ltd has been commissioned to source a new Chief Executive Officer for Anglicare Sydney, and PJ Maynard Consulting is evaluating candidates for a Relationship Development... Full story in Aged Care Housing Weekly / Subscribe  #417 / 9-11-10
ATO set to target retirement village managers
Sydney: The Australian Taxation Office will examine retirement village operators that supply services such as electricity to residents separately to the supply of accommodation. The ATO suspects some operators may enter artificial arrangements to claim excessive goods and services tax credits for the services, as GST credits aren't available for supplying accommodation... Full story in Aged Care Housing Weekly / Subscribe  #416 / 9-11-10
Retirement village creditors prepare to meet
Melbourne: The creditors of Australian Property Custodian Holdings Ltd are to meet in Melbourne on November 11. The Victorian Supreme Court has now validated the appointment of Stirling Horne and Petr Vrsecky of Lawler Draper Dillon as administrators. Brisbane creditors will meet at the Christie Conference Centre for a video hook-up... Full story in Aged Care Housing Weekly / Subscribe  #415 / 9-11-10
Forty senior executive roles now up for grabs
Adelaide: Forty senior executive positions in the aged care/retirement village sector are currently on offer around Australia, including a 'benchmark' CEO role with ACH Group in Adelaide. Other senior roles currently available include a Business Development Manager role at Benetas in Melbourne and a Director's role with the UNSW Positive Ageing and Care Centre ... More executive positions are listed in the Aged Care Housing Weekly / Subscribe  #414 / 25-10-10
Aged care estate agent dies doing a good deed
Melbourne: Over 50s housing operative Derek Feldman died this week whilst attempting to rescue a dog in distress in Jells Park. Mr. Feldman followed the dog into the water and perished. Mr. Feldman bought and sold aged care facilities, SRS units and independent living outlets from his Waverley office in Melbourne. He is survived by wife, Cynthia, and children, Mark and Laura... Full story in Aged Care Housing Weekly / Subscribe  #413 / 25-10-10
Cliff 'cooks' his Melbourne village initiative?
Melbourne: The New Zealand Cliff Cook dominated Lifecare Residences has beaten a retreat from its ambition to develop a care village community in North Brighton in Melbourne's inner suburbs. Cbus Property, a subsidiary of industry superannuation fund Cbus, has paid $18.6m for the 9015 square metre site (a disused croquet club) in Warleigh Grove. The former croquet club site at 30-42... Full story in Aged Care Housing Weekly / Subscribe  #412 / 12-10-10
Failed retiree village promoter "explains" loss
Auckland: Kevin Podmore (pictured) is attempting public redemption for the loss of $96m on a failed North Auckland high rise retirement village/retail/commercial development in Albany. Podmore was the chairman of the Albany City Property Investments entity. The money was spent, he said, on acquiring three leasehold interests; obtaining resource consents for a hotel, retirement village and office... Full story in Aged Care Housing Weekly / Subscribe  #411 / 12-10-10
Trial starts in the Victorian Supreme Court
Melbourne: The trial testing Bufalo Corporation P/L (in liquidation) and Lendlease Primelife Ltd (formerly Primelife Corporation Limited) is underway in the Supreme Court in Melbourne. The matter goes back a decade and has its roots in a bitter falling out between Ted Sent and a builder/investor friend (The Bufalos). Sent ruthlessly pursued the Bufalos and pulled the trigger... Full story in Aged Care Housing Weekly / Subscribe  #410 / 12-10-10
AMP Capital Investors takes a haircut
Auckland: Up to $30 million may have been paid to Lion Nathan as part of a deal that saw it take back its sprawling Auckland brewery site, adding to losses faced by investors in various AMP funds. AMP purchased the property as a speculative retirement living punt that proved disastrous. AMP Capital Investors managing director Graham Law would not say exactly how much was written off... Full story in Aged Care Housing Weekly / Subscribe  #409 / 11-10-10
AMP Capital continues its journey to the exit
Auckland: AMP Capital Investors continues its rush to exit the retirement village ownership/management business. This week it quit its interest in the Meridian Lifestyle Village Enterprises (selling to JP Morgan) and now it has formally abandoned its plan for a high rise retirement village at a 5.2ha brewery site in New Market in Auckland. Instead, the site has been returned to the vendor... Full story in Aged Care Housing Weekly / Subscribe  #408 / 1-10-10
Retirement developer breaches bank covenants
Melbourne: Clinton Casey admits in a court case that the Casey Group is in default on its NAB banking facility. The sale of his Melbourne home repatriated $15 million of the $50 million owing on the NAB facility. Mrs Casey got $5 million from the house sale. Clinton Casey runs part of his defense asserting impecuniosity ... Full 1500 word news analysis story in this week's edition of Aged Care Housing Weekly News/ Subscribe  #407 / 16-09-10
Aged care system is in crisis, claims new report
Canberra: A new report has found aged care in Australia is in crisis and will be unable to meet future demands. The Access Economics report found the system is plagued by staffing and bed shortages and is crumbling under financial pressures. National Seniors chief executive Michael O'Neill says major changes are needed if the ageing population is to be cared for adequately. He says the current... Full story in Aged Care Housing Weekly / Subscribe  #406 / 16-09-10
$20m plan to boost Riverland retiree living
Adelaide: Retirement living, tourism, business development, education and the food and beverage industries are seen as the way forward for the South Australian Riverland. SA Regional Development Minister Michael O'Brien has unveiled the Riverland prospectus, detailing the Government's $20 million investment plan for the region. He says current and proposed... Full story in Aged Care Housing Weekly / Subscribe  #405 / 10-09-10
Becton Group put on a Jenny Craig diet regime
Melbourne: Becton Property Group is running an 'internally managed/bank observed' liquidation of both its land bank and its property assets. Now predators are attacking its stewardship of 'other people's money'. The listed Over Fifty Group's Century Funds Management business is likely to target at least five more Becton Property Group funds, after yesterday receiving unit... Full story in Aged Care Housing Weekly / Subscribe  #404 / 10-09-10
Goodwin Group are looking for a new CEO
Canberra: Not for profit Goodwin Group is looking for a CEO. Goodwin is one of 20 over 50s housing providers currently in the market for senior staff. The vacant positions include Argyle Community Housing Limited (CEO), RT Health Fund (CEO), St Vincent de Paul Society (NT) Inc (CEO), Health Benefits Limited (CEO), St Vincent de Paul Society NSW (CEO), Capital & Coast District... Full story in Aged Care Housing Weekly / Subscribe  #403 / 10-09-10
Nursing homes need to broaden business model
Miami: Seniors amble the nursing home's halls, while children from around the world visit for biofeedback treatments. One floor down from the hospice, middle-aged workers fill its pain management clinic. A rehabilitation center attracts people of all ages. For decades, the mission at Miami Jewish Home and Hospital was simple: To care for the old. But like nursing homes around the world... Full story in Aged Care Housing Weekly / Subscribe  #402 / 9-09-10
Companies are turning to older workers: Study
Melbourne: New research has found employers are taking a more positive attitude to hiring and retaining older workers. Monash University researchers surveyed 600 large organisations and found between 40 and 50 percent were positive about workers over 55. But Monash professor Philip Taylor says the research also found a lack of interest in providing training for older workers. "It may be... Full story in Aged Care Housing Weekly / Subscribe  #401 / 25-08-10
Labor decides price of a grey vote is $6500
Canberra: Labor is making its pitch for the grey vote, pledging to allow pensioners to earn up to $6500 a year before any loss to their pension. Prime Minister Julia Gillard's attempt to win over pensioners comes a week after she was accused of questioning in cabinet the size of the rise to the pension last year. Currently if pensioners do paid work, the amount they receive from their pension... Full story in Aged Care Housing Weekly / Subscribe  #400 / 10-08-10
New Weerona nursing home open
Cowra: The management of a Cowra nursing home says it expects it will take up to one year to fill 28 new units which will be unveiled to the public from today. Construction of the new $5 million wing has taken 12 months to complete. A $1 million refurbishment of the existing wards at the facility is also finished. Managing director Gary Johnson says he expects an open day this weekend to prompt... Full story in Aged Care Housing Weekly / Subscribe  #399 / 10-08-10
No new nursing homes, industry warns
Hobart: Tasmanians are being warned that no new aged care facilities will be built in the state to cater for future needs. Uniting Aged Care's Keith Burke, says 60 per cent of nursing homes are operating at a loss. He says a peak in demand for aged care services in Tasmania has been forecast for 2020. But Mr Burke says there will not be the new aged care homes, like his organisation's new facility... Full story in Aged Care Housing Weekly / Subscribe  #398 / 10-08-10
Shortfall may put brakes on Meals on Wheels
Kyneton: The Macedon Ranges Shire says it may have to compromise on its Meals on Wheels service if a government subsidy does not increase. The council delivers about 15,000 meals a year to its customers as part of the Home and Community Care Program. Clients pay a contribution and the state and federal governments pay a subsidy, with the council making up a shortfall worth almost $7... Full story in Aged Care Housing Weekly / Subscribe  #397 / 10-08-10
Nurses to consider industrial action
Adelaide: Nurses and midwives in South Australia are considering industrial action, after failing to reach a new enterprise agreement with the state government. The state branch of the Australian Nursing and Midwifery Federation says an industrial campaign will be considered at a meeting of delegates on Friday. Secretary Elizabeth Dabars said nurses and midwives were extremely angry... Full story in Aged Care Housing Weekly / Subscribe  #396 / 10-08-10
Orange to become healthcare hub
Orange: Residents in central western New South Wales will have to travel to Orange for most major health services in the State Government's proposed overhaul of the hospital system. Under the plan, 17 local health networks would replace the eight existing area health services. The chairman of the local health advisory council, Dr Steve Flecknoe-Brown, says the borders of the new regions... Full story in Aged Care Housing Weekly / Subscribe  #395 / 10-08-10
Funds pledged for more Bathurst hospital beds
Bathurst: Work is starting to determine how many extra staff and beds will be needed at the Bathurst Base Hospital once the city's private hospital closes. The New South Wales Nurses Association has held further talks with the Greater Western Area Health Service and local state and federal MPs to discuss what preparations can be made before St Vincent's shuts in September. The union's western region.. Full story in Aged Care Housing Weekly / Subscribe  #394 / 10-08-10
Apartment towers approved for Melbourne
Melbourne: Four new residential towers, containing more than 2,000 apartments, will be built in Melbourne's city centre. The Victorian Government has given conditional planning approval for the towers, to be located on the corner of Spencer and Lonsdale streets on the former power station site and the former Naval and Military Club in Little Collins Street. The largest towers would be 51 storeys... Full story in Aged Care Housing Weekly / Subscribe  #393 / 10-08-10
ING branding dumped by ANZ Bank
Melbourne: ANZ Bank is cutting ties with global Dutch financial services group ING. The bank has announced a new brand of "OnePath" to replace the ING brand for its New Zealand and Australian wealth management and insurance businesses. ANZ formed a joint venture with ING in 2002, buying a 49 per cent stake in the ING wealth management and insurance businesses and then bought... Full story in Aged Care Housing Weekly / Subscribe  #392 / 10-08-10
Agency concerns about seniors' policy
Lismore: A local agency which specialises in finding work for seniors has given conditional approval to the Coalition's latest employment plan. A Coalition Government would offer incentive payments to employers who take on workers over 50 years old. If an older worker is employed for six months or more the business would receive three thousand 250-dollars. Art Beavis from the Silver Temps agency... Full story in Aged Care Housing Weekly / Subscribe  #391 / 10-08-10
Geelong rates notices on the way
Geelong: Geelong city council rate notices will start arriving late this month, with retirement village residents to be hit the hardest by revaluations. Residents at one retirement village have been warned their rates will increase by an average of $393 for those not claiming the pensioner rebate. The huge increases for retirement homes units was caused by the Valuer General using a... Full story in Aged Care Housing Weekly / Subscribe  #390 / 10-08-10
Three retirement village groups to be squeezed
Sydney: A handful of US-based private equity firms have emerged as contenders to buy three large retirement village assets valued at about $2.5 billion. Apollo, Morgan Stanley and JPMorgan's private equity arm have been named as interested parties looking over the ING Real Estate Community Living Trust, Becton and the unlisted AMP-Meridien. Stockland has already targeted... Full story in Aged Care Housing Weekly/Subscribe  #389 / 9-08-10
Fisher Fund says Stockland offer 'inadequate'
Auckland: The retirement sector has never moved so fast. Aevum's second largest shareholder, Fisher Fund, reiterated its distaste for Stockland's $1.50-a-share offer price by lifting its stake in the retirement village operator on Wednesday. First Samuel owner of 3.5 per cent, said it would be difficult to accept an offer for control of the company at anything under $3 a share. While this seems a... Full story in Aged Care Housing Weekly / Subscribe  #388 / 9-08-10
Becton told by bank it has triggered default
Melbourne: Becton Property Group has received notice from the Commonwealth Bank of Australia, that Notices of Meeting sent without CBA's consent proposing that Century Funds Management replace Lachlan REIT as manager of the funds, have triggered events of default under those funds' debt facility agreements with CBA. As a result of the Century Notices, CBA may declare all money owing... Full story in Aged Care Housing Weekly / Subscribe  #387 / 9-08-10
Retirement savings fall post GFC claims report
Sydney: Average retirement savings fell to their lowest level in three years last December as people made less personal contributions to their superannuation, according to a report by AMP and Access Economics. The AMP Retirement Adequacy Index, released on Wednesday, shows overall retirement adequacy (as a percentage of pre-retirement spending) declined to 68.5 per cent in the period... Full story in Aged Care Housing Weekly / Subscribe  #386 / 5-08-10
Qld government rejects aged care sale claim
Brisbane: The Queensland government has rejected claims it plans to add aged care services to its privatisation list. Queensland Health operates 20 residential aged care facilities across 14 health service districts. The government is in the process of selling $15 billion in major public assets. Opposition Leader John-Paul Langbroek tabled in state parliament on Wednesday the health minister's... Full story in Aged Care Housing Weekly / Subscribe  #385 / 5-08-10
Greens pledge $350m mental health boost
Newcastle: The New South Wales Greens are advocating a $350 million annual boost to mental health services in the Hunter as part of their health policy launched today. The Greens say their policy also targets dental health and aged care which have been neglected by the major parties. Senate candidate Lee Rhiannon says the huge shortfall in mental health funding needs to be addressed... Full story in Aged Care Housing Weekly / Subscribe  #384 / 5-08-10
Opposition announces post-election health plan
Cooma: The Federal Opposition has announced funding commitments for health care facilities on the Monaro and High Country in South East New South Wales. The Liberal candidate for Eden-Monaro, David Gazard, says if elected, the Coalition will spend $1.5m to upgrade Cooma Hospital's Emergency Department. He says the revamp is essential. "This will include a paediatric area, and a... Full story in Aged Care Housing Weekly / Subscribe  #383 / 5-08-10
Prime Trust securities suspended until 18 Aug
Sydney: Securities in Prime Retirement and Aged Care Property Trust have been suspended from trading as it seeks refinancing from its lenders. The responsible entity for the trust, Australian Property Custodian Holdings Ltd (APCH), expects the suspension to be required until August 18, subject to a successful outcome of the negotiations. Prime Trust securities have been in a trading halt since... Full story in Aged Care Housing Weekly / Subscribe  #382 / 5-08-10
Seniors lobby targets Eden-Monaro
Queanbeyan: The lobby group for senior citizens is targeting Eden-Monaro in South East New South Wales, in a campaign to improve the welfare of older Australians. National Seniors Australia says the seniors vote makes up 45 per cent of the electorate, and the federal candidates cannot afford to ignore it. The group will hold a seniors forum involving the Labor, Liberal and Greens... Full story in Aged Care Housing Weekly / Subscribe  #381 / 3-08-10
Major parties not addressing aged care crisis
Canberra: “The Australian Greens are extremely concerned that neither of the major parties are showing any evidence of taking the emerging crisis in aged care seriously,” said Greens Health and Ageing spokesperson Senator Rachel Siewert on Friday. “Tony Abbott’s message that, he admits there is a serious problem, but cannot commit to the kind of funding that is needed... Full story in Aged Care Housing Weekly / Subscribe  #380 / 3-08-10
Aevum rejects proposal from Stockland Group
Sydney: Aevum Limited has rejected an unsolicited proposal from real estate group Stockland to buy the retirement village provider at an almost 50 per cent premium to its last closing share price. Aevum chairman Graham Lenzer said the company's board would reject Stockland's proposal of $1.50 cash per share. "The Aevum board has carefully considered Stockland's unsolicited and... Full story in Aged Care Housing Weekly / Subscribe  #379 / 2-08-10
Professionals slam Abbott's aged care plan
Canberra: The Australian Nursing Federation (ANF) has slammed Tony Abbott's aged care announcement, saying it will create a "crisis in care". Mr Abbott announced a Coalition government would spend $335 million to get 3,000 beds for high-care patients operational during its first term. But ANF spokeswoman Yvonne Chaperon says freeing up the beds without providing additional funding... Full story in Aged Care Housing Weekly / Subscribe  #378 / 2-08-10
Selling family home for care back on agenda
Canberra: Nursing homes are peddling an election policy no politician dares touch - making old people sell the family home to pay for aged care. The Howard government was forced to back down from plans to introduce "accommodation bonds" after a community outcry, and the Rudd government pledged never to introduce them. But the Aged Care Association of Australia, which... Full story in Aged Care Housing Weekly / Subscribe  #377 / 2-08-10
Seniors demanding end to ageism / campaign
Brisbane: Seniors are demanding world class care, financial security, equality in work and an end to ageism. Launching its federal election demands campaign, Seniors Vote 2010, National Seniors Australia chief executive, Michael O’Neill, challenged this year’s contenders to demonstrate their commitment to older voters."How significant are the over-50s to you and... Full story in Aged Care Housing Weekly / Subscribe  #376 / 2-08-10
Guarantee from ACT Govt. over 50s homeless
Canberra: Over 50s homeless people in the ACT have been given a guarantee their future calls for help will not go unanswered, following the creation of a new co-ordinating agency. There are 59 homelessness services in the ACT offering accommodation, outreach and support. Minister Joy Burch says sometimes homeless people get lost in the cracks. "There are a number of rough sleepers," she said... Full story in Aged Care Housing Weekly / Subscribe  #375 / 2-08-10
Developer entitled to evict village manager
Melbourne: The Victorian Supreme Court has tossed Retirement Services Australia (RSA) Pty Ltd out of its management contract at a Doncaster retirement village. The 'Domaine' was a joint venture between the owner of the land at 31-43 Victoria St Doncaster, Melbourne (Darnley) and Clinton and Mark Casey's Retirement Services Australia (RSA). RSA was appointed to manage... Full story in Aged Care Housing Weekly / Subscribe  #374 / 30-07-10
Nursing Home owner hires private investigator
Christchurch: Villa Gardens nursing staff believe management has hired private investigators to find out who has passed information about the rest home to the media, unions say. The New Zealand Nurses Organisation (NZNO) and the Service & Food Workers Union (SFWU) have advised staff not to take part in any interviews. Rest home owner Oceania is not denying... Full story in Aged Care Housing Weekly / Subscribe  #373 / 29-07-10
Ryman Group reputation shredded in misstep
Christchurch: A managerial misstep has cast a pall over the finest reputation in the Australasian Retirement Village/Aged Care sector. Senior Ryman Healthcare management allegedly fought to keep an official Health and Disability Commission report from naming a Ryman village, despite ruling it in the public interest. The report refers to the circumstances of a death at... Full story in Aged Care Housing Weekly / Subscribe  #372 / 29-07-10
Retirement Villages 'Sanctuary Status' eroding
Geelong: The rationale that retirement villages provide a sanctuary against the vicissitudes of the 'real' and 'commercial' worlds, continues to be eroded as rapacious revenue raisers target villagers to satisfy their own ballooning cash flow needs. The latest infidel to ram-raid retirees' cash holdings is Geelong Council, which has imposed an 80 per cent rates price hike... Full story in Aged Care Housing Weekly / Subscribe  #371 / 29-07-10
Retirement Village investor to raise $NZ 25m
Auckland: Kingfish, Fisher Funds' investment vehicle for NZX companies, hopes to raise $25 million in the next two years through a warrant issue to investors. The announcement comes after Carmel Fisher, the vehicle's manager, told shareholders Kingfish will be keeping over half of its portfolio in listed companies with a market capitalisation of more than $500 million... Full story in Aged Care Housing Weekly / Subscribe  #370 / 29-07-10
Tribunal criticises Dept. of Health and Ageing
Brisbane: The Administrative Appeals Tribunal has lambasted the Aged Care Standards and Accreditation Agency Ltd / Department of Health and Ageing over the high costs of elongated hearings, the failure to consult and the editing of documents prior to submission on a court summons. The behaviourial patterns were subject to censure in a written ruling handed down by... Full story in Aged Care Housing Weekly / Subscribe  #369 / 23-07-10
Becton Retirement Living resales level static
Melbourne: The Becton Living Retirement Village Unit resales levels are not showing the promised 20 per cent annual growth owed its Middle Eastern Investment Partner. The 2010 financial year results show $54.17 million in resales versus "resales totalling $57.6million" in 2009. The figures were contained in Becton's June Quarter Business Update released to the ASX... Full story in Aged Care Housing Weekly / Subscribe  #368 / 20-07-10
Japara ex-executive launches legal action
Melbourne: Nursing home leader Japara Holdings is being ''closely monitored'' by the Department of Health and Ageing after serious allegations of mismanagement were raised during a bitter legal stoush over control of the company. In an affidavit filed with the Supreme Court, former chief executive Arnan Rouse alleges Japara, has ''on more than one occasion'' broken aged-care... Full story in Aged Care Housing Weekly / Subscribe  #367 / 19-07-10
Court orders end of Village Life liquidation
Brisbane: The Queensland Supreme Court has ordered the end of the liquidation of the seniors rental housing manager and developer Fig Tree Developments (A.K.A. Village Life). The ex Tony Roberts / John Krimmer entity will now trade as FTD Corporation Ltd with a new set of directors, including Greg Cornelsen, Anthony Crimmins and Steven Nicols. The court order was handed down on June 28... Full story in Aged Care Housing Weekly / Subscribe  #366 / 16-07-10
Queensland nurses act on pay contretemps
Brisbane: Fallout from Queensland Health's botched $100 million payroll system upgrade continued as the Queensland Nurses Union annual conference ruled to postpone non-essential tasks until pay problems were rectified. Health Minister Paul Lucas sought to defuse anger, saying that 11,500 staff who had been overpaid less than $200 do not have to repay the money... Full story in Aged Care Housing Weekly / Subscribe  #365 / 15-07-10
$1 million pledge for disability friendly homes
Sydney: The Federal Government will invest $1 million in new disability friendly housing designs and building guidelines. Parliamentary Secretary for Disabilities, Bill Shorten, launched the voluntary livable housing design standards, which include targets for wider doorways, ground-level bathrooms and entry-level access to improve living standards for the aged and disabled... Full story in Aged Care Housing Weekly / Subscribe  #364 / 15-07-10
Unions set to escalate nursing home losses
CANBERRA: Unions are getting set to push wage claims of up to 7 per cent a year, and the ACTU will launch a pre-election push to have the rights of union delegates enshrined in federal law and collective bargaining as it attempts to extract greater concessions out of the Gillard government and employers. ACTU secretary Jeff Lawrence said the peak union council's executive would... Full story in Aged Care Housing Weekly / Subscribe  #363 / 14-07-10
Lend Lease acquires Lend Lease Primelife
Melbourne: Property company Lend Lease has received approval from Lend Lease Primelife Group (LLP) securityholders to acquire the securities in LLP that it does not already own for 35 cents per security. Lend Lease already owns 43.2 per cent of Primelife, a retirement homes and seniors accommodation provider known formerly as Babcock & Brown Communities Group. Full story in Aged Care Housing Weekly / Subscribe  #362 / 15-12-09
Pensioners losing out in cost of living index
Canberra: It has been a great financial crisis in which to have a job. The latest tailored ''employed persons'' cost of living index shows that prices facing Australians who had jobs actually fell 1 per cent in the year since September 2008. It's the biggest fall in the decade since the figures have been compiled. By contrast the living costs facing aged pensioners climbed 2 per cent and those facing self-funded retirees rose 1.6 per cent. Fri 27 November 2009 / Subscribe  #361 / 25-11-09
Superannuation savings too low for retirement
Canberra: Raising compulsory superannuation contributions from 9 per cent to 12 per cent would lift men's retirement savings by a quarter over the next 30 years, but help women less because they are more likely to work part-time. But this substantial increase in retirement savings would only partially bridge the gap between how much Australians are putting away from retirement and what they need to maintain their pre-retirement lifestyle.  #360 / 25-11-09
Robot joins New Zealand retirement home staff
Auckland: Residents of an Auckland retirement village now have a robot helper, thanks to new research into inexpensive robotic assistants for the elderly. The Korean YUJIN robot will work alongside human staff at the Selwyn Retirement Village in Pt Chevalier, where its tasks will include taking vital signs and giving reminders. The robot is on trial following a University of Auckland study into older people's attitudes towards robot helpers.  #359 / 23-11-09
Health group denies health system is in crisis
Perth: The Health Consumers Council has described as redundant claims by the WA Opposition that the health system is in crisis. The Opposition Health Spokesman Roger Cook has renewed his attack on the Government's three per cent efficiency cuts, saying the system is in crisis and patients are suffering because of delays.
Full story in Aged Care Housing Weekly / Fri 27 November 2009 / Subscribe  #358 / 23-11-09
$2.5 million extension for aged-care hostel
Maryborough: Building permits issued in Victoria's north-west jumped by 46 per cent in the September quarter, according to new statistics - the second-strongest growth rate in the state, Commissioner Sarah McCann-Bartlett said. The largest rises in the north-west had come from the hospital and health-care sector. The massive jump in health-care permits was largely due to a $2.5 million extension to an aged-care hostel in Maryborough.  #357 / 12-11-09
Stockland appoints new Chief Financial Officer
Sydney: Property group Stockland has appointed Tim Foster as its new Chief Financial Officer (CFO), replacing Hugh Thorburn, who is retiring. Managing director Matthew Quinn said he was pleased to have identified such a strong successor to Mr Thorburn. "Tim is an experienced CFO and I look forward to him joining our executive team," Mr Quinn said in a statement. Full story in Aged Care Housing Weekly / Subscribe  #356 / 2-11-09
$58 million deficit hits home for elderly, ill
Christchurch: Hundreds of sick and elderly people are having their home health checks and personal care hours cut as the Canterbury District Health Board faces a projected $58 million deficit. The board is reassessing people receiving home help for housework and personal care. The board's annual plan put this year's projected deficit at $58m. It said $40m of cost increases would be avoided and another $8.3m saved to deal with the financial pressure.  #355 / 15-10-09
Adelaide court told of nursing home assaults
Adelaide: A nurse has gone on trial accused of bashing patients at an Adelaide nursing home. It is alleged an elderly woman fell to the floor when she was pushed onto a toilet by Amanda Louise Manuel, 30, of Greenwith. A co-worker told the court she also saw Manuel cause a 90-year-old man to fall by pushing her foot behind his knee. She said he was then dragged across the floor which caused him a carpet burn. Fri 16 October 2009 / Subscribe  #354 / 12-10-09
Christchurch care home denies understaffing
Christchurch: Another Christchurch rest home is being watched after claims of "disgraceful" staffing levels in its hos- pital wing. The Canterbury District Health Board confirmed it was working closely with the Windermere home. Concerns were raised by a staff member about staffing levels at the home. Windermere is owned by the Oceania Care Co, which rejects the claims. Chief executive Geoff Hipkins said staffing numbers quoted were a "crock".  #353 / 12-10-09
Care organisation faces closure in Queensland
Wynnum: CARE Inc, a charity that helps families from Redland Bay to Wynnum, could soon have its doors closed. The closure will devastate local businesses and the families who feel they have nowhere else to turn. Only some of CARE's funding comes from the State Government, but in hard times, it's been enough to tip things over.
Full story in Aged Care Housing Weekly / Fri 16 October 2009 / Subscribe  #352 / 12-10-09
"We've gotta get out of this place" / Broker
Melbourne: Takeover target Lend Lease Primelife's independent directors have unanimously recommended that security holders accept Lend Lease's 31 cent per security proposal to acquire the stapled securities that it does not already own. The bad news comes from stock broker David Spry at Holst. He recommends holders of Lend Lease stock should sell the over valued LLC stock. Full story in Aged Care Housing Weekly / Subscribe  #351 / 12-10-09
Tasmanian nursing home plans to cut staff
Hobart: Tasmanian aged care provider, Eliza Purton, is optimistic it can avoid forced layoffs. The company has announced plans to cut about 20 staff at three facilities to make up for a $1.5 million loss in the last financial year. Eliza Purton's CEO, Cathrin Boerma, says some staff have already come forward asking about voluntary redundancies. She says forced layoffs are a last resort. Full story in Aged Care Housing Weekly / Subscribe  #350 / 9-10-09
Bartlett 'ready to work' on health changes
Hobart: Tasmania's Premier has assured the Federal Government he is ready to discuss plans to change Australia's health system. The Federal Health Minister Nicola Roxon says the Government is willing to let the public rule on its public health agenda at the next federal poll. "If the states and territories don't want to be part of an important reform agenda, we are prepared to go the people to ask for their support to do it alone," she said.  #349 / 9-10-09
Hargreaves to step down from aged care role
Canberra: ACT Labor Minister John Hargreaves is to resign from cabinet and return to the backbench. His departure paves the way for fellow Brindabella MLA Joy Burch to become part of the ministry. Mr Hargreaves has worn many hats during his five years on the frontbench but his political career has been marked by a series of controversial incidents and calls for him to step down.
Fri 9 October 2009 / Subscribe  #348 / 9-10-09
ING "guarantees" retirement pension levels
Sydney: Through its proposed fully owned wealth management and insurance offshore arm ING Australia, Australia and New Zealand Banking Group is launching Australia's first retirement income product that offers a guaranteed minimum pension. ING MoneyForLife Funds uses an investment account approach but offers a guarantee on income and downside protection for volatile investment markets. Fri 9 October 2009 / Subscribe  #347 / 8-10-09
More Government support for terminally ill
Hobart: The Tasmanian Government has announced a new palliative care support network. The initiative is aimed at improving services and support to Tasmanians dealing with terminal illness, as well as their family, carers and healthcare professionals. The Health Minister Lara Giddings says previously the system was fragmented and many clinicians worked in isolation. Full story in Aged Care Housing Weekly / Subscribe  #346 / 1-10-09
Extra funding boost for home care program
Brisbane: Queensland Disability Services Minister Annastacia Palaszczuk says a program helping older people to stay living in their own homes has received a funding boost. Ms Palaszczuk and the Federal Minister for Ageing Justine Elliot will today announce an extra $36 million in funding for the scheme. Queensland has contributed $13 million. She says it will fund services like home maintenance and cleaning, transport, and meals on wheels.  #345 / 1-10-09
Aged care operator considers staying on
Bundarra: The operator of the Grace Munro Aged Care Facility at Bundarra says it will consider staying on for another 90 days, but only under certain conditions. The 11-bed facility, which is currently half full, will be closed on October 30 because it is not economically viable. The community-based committee fighting to save the low-care nursing home has met to develop its rescue strategy.
Fri 2 October 2009 / Subscribe  #344 / 1-10-09
ACT Govt. offers $77m for Calvary Hospital
Canberra: The ACT Government has agreed to buy the Calvary Public Hospital from the Catholic church. The Little Company of Mary Health Care has agreed in-principle to sell the hospital to the Government for $77m. Health Minister Katy Gallagher says the Government will now spend the next six weeks consulting with staff and the public about the proposed sale. As part of the deal the Government will sell Clare Holland House to LCMHC for $9m.  #343 / 1-10-09
Domain Principal announces a new CEO
Southport: Domain Principal Aged Care Group has a new CEO. Dr Gregory Roder joins from AMP Capital Investors. Dr Gregory Roder is also a Director of Domain Principal and he will continue to be a member on the
Group's (AMP Capital Investors) board. He replaces Bill Summers.
The full story in Aged Care Housing Weekly / Fri 2 October 2009 / Subscribe  #342 / 1-10-09
AMP/Meridien to sell retiree village portfolio
Sydney: AMP Capital Investors and the Meridien Group can expect to make between $100 million and $150 million from the sale of 12 South Australian retirement villages. The portfolio includes 946 retirement village units, and 246 serviced apartments. The joint venture owners confirmed it will accept off-market offers on the assets as a whole, or individually. The joint venture owners will retain villages in New South Wales and Queensland.  #341 / 30-09-09
Right to die: No challenge to court ruling
Perth: The lawyer representing quadriplegic man Christian Rossiter says he is glad the Right to Life Association will not challenge a decision allowing his client to refuse food at his Perth nursing home. On Friday Supreme Court Chief Justice Wayne Martin ruled Mr Rossiter could refuse food from his carers at Brightwater in Marangaroo, effectively allowing the 49-year-old to starve to death. Full story in Aged Care Housing Weekly / Subscribe  #340 / 26-08-09
Workers squeeze over 50s out of health queue
Wellington: The elderly could miss out on health services in favour of working-age people under recommendations being considered by Health Minister Tony Ryall, critics say. Details of the report, leaked to The Dominion Post, include calls for much stronger links between the Government's health and economic objectives, despite earlier claims that changes would be "patient-centric". Fri 28 August 2009 / Subscribe  #339 / 26-08-09
Party looks at superannuation shift for aged
Canberra: Mature-age workers would be allowed to continue paying money into their superannuation schemes beyond the age of 75 under a proposal to be considered by the Nationals at the weekend. The party will also consider requiring employers of mature-age workers to continue paying a 9 per cent superannuation guarantee, even if they have passed the retirement age. Full story in Aged Care Housing Weekly / Subscribe  #338 / 26-08-09
Jobs set to go from South Australia Health
Adelaide: Up to 275 jobs are expected to be cut from South Australia's public health sector over the next two years. The cuts are expected to save the Health Department up to $15 million per year. The Chief Executive of SA Health, Tony Sherbon, says a business review by Ernst and Young has found significant savings can be made in the areas of finance and administration. Full story in Aged Care Housing Weekly / Fri 28 August 2009 / Subscribe  #337 / 26-08-09
Lifeplan, Australia Unity vote to merge
Adelaide: Members of mutual company Lifeplan Funds Management overwhelmingly approved a proposal to merge with fellow mutual Australian Unity today. At a meeting in Adelaide, more than 98 per cent of Lifeplan members voted for the merger. Lifeplan will now seek final regulatory and court approvals for the merger. The merged group will operate under the Australian Unity brand.
Fri 14 August 2009 / Subscribe  #336 / 13-08-09
John Brumby splits Human Services department
Melbourne: Premier John Brumby has split Victoria's huge Department of Human Services in two in a bid to cut hospital waiting lists and better protect children at risk of neglect or domestic violence. Under the restructure, a new stand-alone Department of Health will be created, with a mandate to lift the performance of the state's public hospitals.
Full story in Aged Care Housing Weekly / Fri 14 August 2009 / Subscribe  #335 / 13-08-09
Hostel residents have to beg staff for food
Canberra: Elderly men living in aged-care hostels are being forced to beg staff for extra food because they are not served enough at meal times. Others are regularly given party pies or cocktail frankfurts as a main meal because there is not enough money to provide full meals, a study has found. More than 50,000 Australians who are mobile and can care for themselves live in low-level aged care, costing the Federal Government about $15,000 a year each.  #334 / 13-08-09
Retirees would 'buy' upgrade to age pension
Canberra: Retirees with modest superannuation nest eggs could "buy" a lifetime top-up to the age pension from the Government under a plan being examined by the Henry review of tax policy. Under the plan, lower income earners retiring with small super lump sums would be given the option of handing the money to the Government in return for guaranteed income payments indexed to the age pension.
Fri 14 August 2009 / Subscribe  #333 / 13-08-09
Lend Lease Primelife appears back in court
Melbourne: Legacy issues keep Lend Lease Primelife (ASX:LLP) in a plethora of courts. Two retirement village syndicates have various Primelife entities in their gun sights. Glendale RV Syndication Pty Ltd is challenging over both the Glendale and Bayside Retirement Village property managers. Both matters are being heard in the Victorian Supreme Court. Full story in Aged Care Housing Weekly / Fri 14 August 2009 / Subscribe  #332 / 11-08-09
Shareholder rushing for Becton Group exit
Melbourne: Concord Capital appears to have lost confidence in the Becton Property Group (ASX:BEC) revival strategy. Its current plan is to get to the exit while there is still 12c to 15c to be had per share. Two notices have been filed showing a steady selling programme. Seven and a half million securities have now been moved on.
Full story in Aged Care Housing Weekly / Fri 14 August 2009 / Subscribe  #331 / 11-08-09
Granny flats to bolster housing density
Melbourne: Melbourne could accommodate an expected massive growth in population over the next 20 years without having to push the city's boundary out by 41,000 hectares, according to a range of planning experts and city leaders. They say development of Melbourne's existing dormant land could meet the housing demand by encouraging attached housing, granny flats and smaller housing stock development. Fri 14 August 2009 / Subscribe  #330 / 11-08-09
ASX queries Lend Lease Primelife price hike
Melbourne: Lend Lease Primelife (ASX:LLP) has been unable to give the ASX any reason to explain a 50 per cent hike in its share price in two trading days.
Lend Lease Primelife admitted to being involved in 'confidential discussions', but said the matter was 'not material' to its financial results.
Full story in Aged Care Housing Weekly / Fri 14 August 2009 / Subscribe  #329 / 11-08-09
Cancellation affects Queenstown valuations
Queenstown NZ: An agreement for an Australian company to develop a 350-unit development on the Queenstown Lakes District Council's prime Lake View site has been terminated after the company fell victim to the financial credit crunch. Council Chief Executive Duncan Field said the development company was unable to meet the necessary financial assurances that the council needed for the October 2008 agreement to continue.  #328 / 11-08-09
Vandals create havoc in village smash spree
Geelong: Vandals wreaked havoc at St Laurence Park retirement village in Lara at the weekend, causing more than $15,000 damage. Leading Senior Constable Mick Corridan said the vandals smashed car windows and jumped on cars. "They broke down all the street lights and broke letterboxes and picked up chairs and put them across streets," he said.
Full story in Aged Care Housing Weekly / Fri 14 August 2009 / Subscribe  #327 / 11-08-09
Brightwater denies quadriplegic court hearing
Perth: A nursing home has refused to allow a court hearing at the bedside of a quadriplegic man who has asked to be allowed to starve to death. Perth lawyer John Hammond last week requested the hearing before West Australian Supreme Court Chief Justice Wayne Martin at the nursing home where 49-year-old Christian Rossiter is a patient.
Full story in Aged Care Housing Weekly / Fri 14 August 2009 / Subscribe  #326 / 11-08-09
Survey shows construction activity declining
Canberra: Activity among construction firms contracted further in July despite a pickup in house building activity, a survey shows. The Australian Industry Group-Housing Industry Association performance of construction index (PCI) fell 3.1 index points to 39.5 points in July. The index has remained below the 50 level, which separates expansion from contraction, for 17 months. Full story in Aged Care Housing Weekly / Subscribe  #325 / 11-08-09
John Holland wins $270m health contract
Perth: Construction company John Holland has won a $270 million contract to redevelop a Perth healthcare facility. The wholly-owned Leighton Holdings subsidiary said in a statement on Friday that it had secured the contract to help redevelop the Joondalup Health Campus in Perth. The total value of the project is $332 million, with John Holland's share estimated at about $270 million. Full story in Aged Care Housing Weekly / Subscribe  #324 / 11-08-09
Hospice service wins long battle for bequest
Brisbane: A Minyama house left in a will to the Cittamani Hospice Service will bring much-needed funds to the organisation after a legal battle lasting more than five years. The Sunshine Coast resident Dale Allum, who died of cancer in 2004, left the house valued at between $600,000 and $800,000 to the Palmwoods-based palliative care service. Full story in Aged Care Housing Weekly / Fri 7 August 2009 / Subscribe  #323 / 6-08-09
State Government council fails to obey law
Canberra: Another taxpayer-funded State Government council has failed to lodge an annual report despite legislation requiring it to do so. The Disability Advisory Council was established two years ago and gets about $50,000 a year but hasn't sent one report to Community Services Minister Lisa Neville. Disability advocate Margaret Ryan discovered the council's failure when she tried to obtain a copy of its latest annual report.  #322 / 5-08-09
Bligh Govt. boosts accommodation for disabled
Brisbane: Disability Services Minister Annastacia Palaszczuk today officially opened the Cerebral Palsy League's new $6 million adult accommodation service in Fig Tree Pocket. Minister Palaszczuk said the Bligh Government has committed $1.9 million a year to provide 21 people with a disability with 24-hour supported accommodation places in the Brisbane area. Full story in Aged Care Housing Weekly / Fri 7 August 2009 / Subscribe  #321 / 5-08-09
New community housing development for Forde
Canberra: Chief Minister Jon Stanhope yesterday turned the first sod on Community Housing Canberra's (CHC) affordable rental development in Forde. The 20 one and two bedroom units will be offered to low and middle income earners at 74.9 per cent of market rent. "This development demonstrates the commitment of CHC to providing high quality affordable rental accommodation to Canberrans on low and middle incomes," Mr Stanhope said.  #320 / 5-08-09
Retirement village developer to be sued?
Perth: Landowners at Port Coogee are considering launching a class action against Australand, claiming the developer failed to tell them about contaminated ground- water. In February, 140 landowners received letters from the WA environment department stating their million-dollar properties had been classified "remediated restricted use". The full story in Aged Care Housing Weekly / Fri 7 August 2009 / Subscribe  #319 / 4-08-09
Superannuation funds to Rudd: hands off
Canberra: Wealth managers have called on the Federal Government to stop meddling in the retirement system and provide assurances that any changes to super laws recommended by the Henry Tax Review will not further undermine confidence. The industry is concerned that the sharemarket collapse last year and the frequent changes to super rules have created a crisis of confidence in the system.
Fri 7 August 2009 / Subscribe  #318 / 4-08-09
Woman convicted over gagging elderly patient
Auckland: A 61-year-old woman who taped a rest home resident's mouth shut has been convicted of common assault. Judge Allison Sinclair issued her reserved judgment on Mafoufoga Misiagi in Auckland District Court last week. Misiagi, whose name had previously been suppressed, was sentenced to 75 hours' community work. Misiagi worked at Belhaven Rest Home in Epsom, when she gagged the elderly resident for being "too noisy". Subscribe  #317 / 4-08-09
Ageing population to add extra pressure
Canberra: Australia's ageing population will put new pressures on health services while robbing them of skilled professionals, the National Health and Hospitals Reform Commission report on the state of the health system has warned. And our unhealthy habits will also take their toll as bad behaviour catches up with us, creating problems with preventable chronic diseases caused by smoking, excessive drinking, lack of exercise and poor diet.  #316 / 4-08-09
Knowles knows to stay out of over 50s villages
Melbourne: The Knowles Group, a private Melbourne- based developer and investor, has entered the city market to snap up an office building for $59 million from one of Colonial First State's unlisted funds. The Knowles Group sold its retirement portfolio to Stockland two years ago, retaining an interest in nursing homes, along with some smaller office assets, development projects, a cinema complex and a Mornington Peninsula winery.  #315 / 4-08-09
Financial planning body calls for reform
Sydney: The peak body representing financial planners, the Financial Planning Association has called for sweeping changes to boost consumer confidence in the profession, including tighter licensing requirements and tax incentives to encourage a shift away from commissions. In an extraordinary move, it has written to all members of Federal Parliament pleading for help in restoring their image.
Fri 7 August 2009 / Subscribe  #314 / 4-08-09
Elderslie Finance auditors to be investigated
Sydney: The corporate watchdog has approved a public examination into the auditors of the failed $140 million Elderslie Finance, which had been chaired by former Liberal leader John Hewson. The Australian Securities & Investments Commission has approved the examinations into Trood Pratt & Co, chartered accountants, to be conducted next month by receivers PricewaterhouseCoopers. Fri 7 August 2009 / Subscribe  #313 / 4-08-09
Legislation passed to impose duty on Vic leases
Melbourne: The controversial Duties Amendment Bill 2008 has been passed by the Upper House of the Victorian Parliament with minimal amendments. The Bill gives effect to the Victorian Government's 2008 media release announcing that it would close a loophole which allowed the use of complex long-term lease arrangements to escape stamp duty liability. The changes are however not limited to long-term leases. Fri 7 August 2009 / Subscribe  #312 / 4-08-09
Lend Lease Primelife 'forgets' to tell ASX
Melbourne: Under the ASX listing rules, it is incumbent upon each public company to keep the market "continuously updated about any material change". Lend Lease Primelife (ASX:LLP) obviously doesn't believe the loss of the Cumberland View contract and a pending multi-million dollar payout to the Buffalo Family et al, material.
Full story in Aged Care Housing Weekly / Fri 7 August 2009 / Subscribe  #311 / 3-08-09
Becton Group to write off another $75m-$85m
Melbourne: The ink is barely dry on the July 3 announcement that Becton Property Group (BEC) intended to write off $115m. Now Becton is to cut another $75m - $85m and still the Group does not have final audit sign off. More valuation adjustments will be necessary as Becton liquidates 32 development projects in a Depression market.
Full story in Aged Care Housing Weekly / Fri 7 August 2009 / Subscribe  #310 / 3-08-09
Sunland Group finds itself in Industrial Court
Brisbane: Sunland Group Limited, which has always fought tooth and nail over the slightest reputational insult / issue, now finds attacks much harder to parry. Sunland's woes continue to mount. Valuations and share price are just one side of the coin. Now there is the 'Dubai matter' and this week an enforced visit before Commissioner Spencer in the AIRC. Full story in Aged Care Housing Weekly / Fri 7 August 2009 / Subscribe  #309 / 3-08-09
Major jobs open up in industry downturn
Sydney: Senior executive roles are freeing up as the Depression puts pressure on company performance. This week Domain Principal Aged Care started scouting for a new C.E.O. (Bill Summers is exiting), a Melbourne based C.F.O. is being sought by an aged care group (Crown + Marks) and a Seniors Living director is being sought by m3property strategies. Full story in Aged Care Housing Weekly / Fri 7 August 2009 / Subscribe  #308 / 3-08-09
Hill resigns as mayor after suffering stroke
Port Lincoln: Mayor Max Hill has handed in his resignation as Mayor of the Lower Eyre Peninsula District Council this month but will remain as a councillor. Mr Hill said he was forced to resign due to medical reasons following a stroke and problems with his speech. "My greatest disappointment as mayor though was being unable to get a retirement village in Coffin Bay", Mr Hill added.
Fri 31 July 2009 / Subscribe  #307 / 30-07-09
Unions welcome 2.8 per cent wage increase
Sydney: Unions have welcomed the result of a state wage case which they say will give NSW's lowest paid workers a modest $15.50 extra per week. The NSW Industrial Relations Commission today awarded the 2.8 per cent increase, meaning wages for the state's lowest paid workers will reach $568 per week, Unions NSW says. "Today's result is economically smart and socially responsible,'' Unions NSW Secretary Mark Lennon said. Subscribe  #306 / 30-07-09
Super fund returns rolled by rogue market
Canberra: A roller-coaster share market, with eight months of declines and four months of growth, has forced superannuation funds to report their largest losses in Australian super history. The estimated 13 per cent average loss for the year to June 2009, however, does not tell the whole story. There are some winners among the super carnage and, of course, much bigger losers. Full story in Aged Care Housing Weekly / Subscribe  #305 / 29-07-09
Failed Victorian nursing home to be sold
Melbourne: Eleven months after being placed in administration, Roxburgh Park's near new Bridgewater aged-care facility is up for public sale. The 132-bed nursing home shut its doors late last year, forcing relocation of residents who had paid large admission fees to buy into the five-year-old Wedgewood Road facility. Bridgewater was reported to have breached several health regulations.
Fri 31 July 2009 / Subscribe  #304 / 29-07-09
Rising retirement costs increase retirees' woes
Canberra: Older Australians have been hit with a double whammy of rising retirement costs and the impact of the global financial crisis, which has carved a quarter or more off the wealth of one in every two self-funded retirees, according to new survey data. Working lives are being extended and plans made to scrimp and save to overcome the loss of wealth from the crisis or those who had planned to retire within five years. Fri 31 July 2009 / Subscribe  #303 / 29-07-09
Aged care needs greater Government focus
Wellington: "New Zealand's elderly deserve to be treated with dignity and respect", Associate Health Spokesperson Luamanuvao Winnie Laban said. "Last month I sought a Health Select Committee inquiry into aged care, to ensure that older New Zealanders were receiving the appropriate access to health services both in the community and in residential care", she also added. Full story in Aged Care Housing Weekly / Subscribe  #302 / 29-07-09
Coroner's decision to snare care group?
Melbourne: A high-needs autistic teenager, who died after he choked while no one was watching him, was meant to be receiving one-on-one care, the Coroner's Court heard during the week. Jesse Duncan-McGann was found lying on the floor at Peninsula Access Support and Training centre in Langwarrin in April last year. He was blue in the face when he was found by a carer. Full story in Aged Care Housing Weekly / Fri 31 July 2009 / Subscribe  #301 / 29-07-09
Canberra urged to compile league tables
Canberra: Nursing homes want to be next in line for league tables, in a major break with services such as schools and hospitals which have resisted such direct public comparisons. But Canberra is yet to commit to the approach in aged care. Martin Laverty, Chief Executive of Catholic Health Australia, said that all nursing homes should detail their performance across a range of indicators.
Fri 31 July 2009 / Subscribe  #300 / 29-07-09
Billions caught up in superannuation limbo
Canberra: Australia's superannuation industry is sitting on a massive $30 billion of funds - almost 38 per cent of annual contributions - which cannot earn interest due to administrative blunders, stuff-ups and an antiquated payment system. More than $13 billion of this money is classified as lost super. The other $17 billion is known as "unallocated" super. It has never been discussed publicly and is described as "super's dirty little secret".  #299 / 29-07-09
Solution sought for Bundarra aged care service
Bundarra: North-west New South Wales leaders have started meeting groups that are interested in taking over the aged care facility at Bundarra. If a new service provider cannot be found, the 11-bed Grace Munro Centre is likely to close this October. Inverell-based Maclean Nursing Homes runs the centre and says it has been functioning at a loss for several years now. Full story in Aged Care Housing Weekly / Fri 31 July 2009 / Subscribe  #298 / 29-07-09
Man killed in retirement village blaze
Bundaberg: A man has died in a fire at a retirement village at Bundaberg in Queensland's Wide Bay region. Crews were called to the complex in Jefferis Street in North Bundaberg just before 4:00AM AEST Sunday. They say one of the units was alight. Crews evacuated the block but later found a dead body. The cause of the fire is not known, but police say the formal identification of the dead man will take some time. Fri 31 July 2009 / Subscribe  #297 / 29-07-09
Retirement village syndicate back in court
Melbourne: The detritus of the retirement village syndicate / 94.24 tax break business still litters tax office desks and court rooms. Justice Finkelstein was back in court 8F of the Federal Court this morning glued to his monitor for a video hook-up listening to the latest ASIC application in the interminably drawn out prosecution of the defunct, but notorious, GDK Financial Solutions Pty Ltd. Full story in Aged Care Housing Weekly / Subscribe  #296 / 27-07-09
Victorian care home group in court tangle
Melbourne: Aged and Community Care Victoria Limited (ACCV) is the applicant in the commercial and equity division of the Supreme Court of Victoria in an action against Warley Hospital Incorporated. It is also pursuing Waverley Hospital Incorporated in the same court, in a separate action. Meanwhile, across town, Regis Waverley Gardens is in the Industrial Commission defending a S.643 allegation of unfair dismissal (Ramirez). Subscribe  #295 / 27-07-09
Potential aged-care conflict of interest found
Wagga Wagga: The advocacy group, Aged Care Crisis (ACC) has slammed what it asserts is a conflict of interest. The Chief Executive of Baptist Community Services (BCS) Dr June Heinrich also serves on the Aged Care Standards and Accreditation Agency (ACSAA) board. A BCS unit (Caloola Centre in Wagga) is currently under investigation over the death of a resident. Full story in Aged Care Housing Weekly / Fri 31 July 2009 / Subscribe  #294 / 27-07-09
Elderly to be forced to face bond demands
Canberra: Elderly Australians may have to sell the family home to pay for care in a nursing home under a proposed shake-up of the aged care sector. However, the industry would be forced to become more competitive with older people given more aged care places to choose from. The recommendations of the National Health and Hospitals Reform Commission released today urge the Government to introduce aged care bonds.  #293 / 27-07-09
Billions 'wasted' in health system: report
Canberra: Kevin Rudd's hand-picked health reform adviser has warned that Australia is wasting much of the $94 billion it spends each year on health services and will not be able to afford even the current, flawed system without major reforms. The Prime Minister's National Health and Hospital Reform Commission publicly released more than 120 recommendations in Canberra today. Full story in Aged Care Housing Weekly / Subscribe  #292 / 27-07-09
Health staff to rally against privatisation
Melbourne: Health staff in Orange will implement work bans tomorrow as part of state-wide action in protest of plans to privatise health services and contract out other services. The Health Services Union says staff will travel to Dubbo on Friday to take part in a rally outside the Department of Health office, to highlight their concerns about the future of the sector. The union's central west organiser, Gerard Hayes, says patient care will not be affected.  #291 / 27-07-09
Fire erupts at Mildura aged care centre
Mildura: There has been a fire in the kitchen of an aged care facility in Mildura. The Country Fire Authority says two trucks from Irymple and Mildura were called to Princes Court Homes, in Princes Street, about 11:00am (AEST) yesterday. They say the fire took about 15 minutes to extinguish, and a woman was taken to hospital with smoke inhalation. Another person was treated at the scene.
Fri 31 July 2009 / Subscribe  #290 / 27-07-09
Baptist's June Heinrich suspends staff member
Wagga Wagga: The Department of Health and Ageing has visited the Wagga Wagga aged care facility where a resident died after a fall last week. The department says it will thoroughly investigate the death of the 78-year-old woman who received hospital treatment but died on Sunday. Baptist Community Services says it is a tragic accident, but the company has suspended a staff member at Caloola Court for lifting without help. Subscribe  #289 / 24-07-09
More attacks revealed at disabled care home
Bomaderry: Another two patients had already been attacked at a New South Wales care centre where a disabled teenage girl was badly bitten this week, authorities have confirmed. Fifteen-year-old Meg Makila was severely injured when a man climbed into her bed and bit her on the face and chest at a respite centre on the NSW south coast. The intellectually and physically disabled girl could not fight off her attacker. Fri 31 July 2009 / Subscribe  #288 / 24-07-09
New Zealand elderly will be left begging
Wellington: Future generations of retired New Zealanders will be "begging in the streets" if Governments continue to turn a blind eye to a looming superannuation crisis, the retirement commissioner warns. Diana Crossan said successive governments had failed in their duty to taxpayers by sweeping repeated requests to address the question of future retirement income funding under the carpet. Fri 31 July 2009 / Subscribe  #287 / 24-07-09
Aged care redundancies creates union anger
Melbourne: Union representatives were meeting the bosses of a Young nursing home this morning who are threatening to cut jobs. Mercy Health announced on Monday it is asking some staff at the Mount St Josephs' facility to take voluntary redundancy to ensure the business remains financially sustainable. But the Health Services Union (HSU) is outraged it was not consulted before management told employees. Fri 31 July 2009 / Subscribe  #286 / 24-07-09
ACT in need of more hospital beds: union
Canberra: A doctors union is calling on both the ACT and Federal Governments to do more to increase the number of hospital beds in the Territory. Australian Salaried Medical Officers Federation ACT branch President Peter Collignon says there are 33 per cent fewer hospital beds than in 1981, with only 1.7 beds per 1,000 Canberra residents.
Full story in Aged Care Housing Weekly / Fri 24 July 2009 / Subscribe  #285 / 23-07-09
Retirees await delayed reports on earnings
Canberra: Hundreds of thousands of people will have a long wait to find out how much their superannuation fund has lost this year. Record superannuation losses and market volatility have forced 45% of super funds to delay publishing their final results. It raises concern that fund managers are trying to find ways to make the best of their dismal results by scrambling for tax decisions and accounting loopholes to hopefully present a better case. Subscribe  #284 / 23-07-09
Disabled girl bitten in care-home attack
Bomaderry: A 15-year-old disabled girl has been severely injured in a biting attack by another resident of the respite home where she lives on the New South Wales south coast. Meg Makila cannot talk, but staff at the Bomaderry home heard her screaming in the middle of the night last week. A 22-year-old man who is also intellectually disabled, had climbed into her bed and was biting her on the face and chest. Fri 24 July 2009 / Subscribe  #283 / 23-07-09
Blame game in magistrates court over theft
Warwick: 61-year-old Ian Richard Rhodes has blemished an otherwise clean slate when he appeared before the Warwick Magistrates Court. It was a case of conflicting reports as the Oakey resident and an 18-year-old accomplice each gave sometimes differing reports of evidence for the same charge. They pleaded guilty to one charge each which was for taking equipment from the work-site of a retirement village on the south side of Warwick.  #282 / 23-07-09
Staff cleared of bullying in geriatric unit
Hobart: A coroner has cleared staff at a mental-health facility of accusations they mistreated an elderly and ill patient. Sheila Free, 75, died in the Royal Hobart Hospital on June 21 last year after spending a fortnight in the Roy Fagan Centre for psycho-geriatric care at Lenah Valley. Coroner Chris Webster said he was satisfied Mrs Free received "good and appropriate treatment" and that her treatment at the centre "did not contribute to her death".  #281 / 23-07-09
Shire chief wants aged care on hospital site
Morawa: The Shire of Morawa wants confirmation from the Western Australian Government that ownership of the town's old hospital will be transferred over to the shire. The Opposition says the Government is planning to sell off a number of old regional hospital sites as part of a fire sale to meet its 3 per cent budget cuts. The Government has denied the claim but has confirmed a number of hospitals, including the old Morawa site, will be sold. Subscribe  #280 / 23-07-09
John Brumby open to health services reform
Melbourne: Premier John Brumby, who has previously rejected a federal takeover of State Health Services, has kept open the option of accepting a proposal for federal control of services outside hospitals. Mr Brumby said he was happy to look at recommendations of the National Health and Hospitals Reform Commission, which include a proposal for a federal takeover of community health centres and hospital outpatient services. Subscribe  #279 / 23-07-09
A council concession could cost millions
Bunbury: There are concerns the City of Bunbury could be left with a $2 million hole in its budget if council grants a 20 per cent concession to residents of the Woodstock West Retirement Village. The total rate saving for the retirement village would be $23,256, however there were concerns any reduction would set a dangerous precedent for similar high density development throughout the city. Full story in Aged Care Housing Weekly / Subscribe  #278 / 22-07-09
Blackall aged care home extension opens
Blackall: A $2 million extension to an aged care facility in the central western Queensland town of Blackall will officially open today. The Federal Minister for Ageing, Justine Elliott, will visit the town to open a new wing at McLean Place. Owen Stockwell from the Barcoo Retirement Village says a local committee has been working for almost 30 years to establish an aged care complex in the town so it will be satisfying to see the extension opened.  #277 / 22-07-09
Privatisation a raid on community-raised funds
Leeton: A plan to sell state-owned nursing homes in the New South Wales Riverina has been dubbed a raid on community-raised funds. The State Government called for expressions of interest early this year on 11 nursing homes including facilities at Holbrook, Leeton, Harden, Murrumburrah and Corowa. Leeton Shire Council opposes any change to the Leeton Nursing Home, saying residents paid more than half the construction cost.  #276 / 22-07-09
Nurses to kick start national campaign
Brisbane: Aged care and the impact of swine flu on nurses will be hot topics at the 28th annual Queensland Nurses' Union conference. The three-day conference in Brisbane started today with the launch of the next stage of the Australian Nursing Federation's (ANF) national aged care campaign. ANF Secretary Ged Kearney said the campaign was aimed at making the 2010 federal budget the "aged care budget". Fri 24 July 2009 / Subscribe  #275 / 22-07-09
Cut price grocery deal aimed at pensioners
Canberra: Millions of age pensioners and senior shoppers are being offered discounts in the latest supermarket war. Customers showing their seniors card at Coles nationwide will receive a 10 per cent price cut at the cash register. Woolworths/Safeway refused to match the deal. The aggressive promotion comes on the eve of American giant Costco opening its Australian discount warehouse. Full story in Aged Care Housing Weekly / Subscribe  #274 / 22-07-09
Creditors vote on Sent's People First future
Melbourne: Creditors of seven of Ted Sent's retirement village development and management companies met in Melbourne on Monday this week to vote on whether to execute a Deed of Company Arrangement, terminate the administration or wind up each retirement village company. Retirement Funds Management Limited appointed a receiver and manager following several unsuccessful attempts by Sent to refinance the Beachmere project.  #273 / 22-07-09
Retirement Investment Group to be wound up
Melbourne: Victorian Families Retirement and Investment Group Pty Ltd has been placed in liquidation. The first meeting of creditors will be held at Worrells in Melbourne on July 29. The liquidator is Raj Khatri of Accountants (Worrells) Brisbane office. None of the VFRIG directors were available to comment on why the company failed.
Full story in Aged Care Housing Weekly / Fri 24 July 2009 / Subscribe  #272 / 22-07-09
Canberra to seize state health services
Canberra: Canberra could be set to seize control over billions of dollars worth of state health services under a controversial plan before the Rudd Government. A report expected to be released next week has proposed a big shift in health powers to the Commonwealth in a bid to end the "blame game" and cost-shifting between the states and Canberra. Full story in Aged Care Housing Weekly / Fri 24 July 2009 / Subscribe  #271 / 22-07-09
Retirement village investor AGM announced
Adelaide: Lifeplan Australia Friendly Society Limited (LAFS) will hold its AGM at the Adelaide Convention Centre in North Terrace, Adelaide on Thursday 13 August 2009.
The meeting will vote on a scheme of arrangement between Lifeplan and its members as at June 25. Australian Unity and Adelaide-based Lifeplan Funds Management have announced plans to merge. Full story in Aged Care Housing Weekly / Fri 24 July 2009 / Subscribe  #270 / 22-07-09
Ryman targets 15 per cent growth rate
Christchurch: Ryman Healthcare has set a target of 15 per cent annual earnings growth, as it is poised to benefit from a growth in demand from an ageing population. "Our medium-term target remains 15 per cent growth annually," said David Kerr, Chairman of the listed aged-care provider. "It'll take us a little time to get back to that, so we underline the word medium." Full story in Aged Care Housing Weekly / Fri 24 July 2009 / Subscribe  #269 / 22-07-09
Retiree village developer's house to be sold
Gold Coast: The multi-million-dollar home of financially troubled former Test cricketer Craig McDermott has moved one step closer to being sold, after attempts to auction the Gold Coast property earlier this year failed. The canal-front mansion, with a cinema and 10-car garage, were both put to a tender and auctioned in April. It was passed in at auction for about $5.3 million. Full story in Aged Care Housing Weekly / Fri 24 July 2009 / Subscribe  #268 / 21-07-09
Creditors vote hospice into liquidation
Brisbane: Parents dismayed by the closure of Queensland's only hospice for terminally ill children say they have been left in limbo. Zoe's Place, one of only three children's hospices in Australia, went into liquidation after a creditors' meeting yesterday. It was closed indefinitely on Monday. SV Partners, which is heading the liquidation, says all children receiving support from Zoe's Place have been placed with alternative service providers. Subscribe  #267 / 21-07-09
Visit to Goodwin for more aged care places
Monash: Federal Member for Canberra Annette Ellis and ACT Minister for Ageing John Hargreaves visited Goodwin Homes in Monash today, a major beneficiary of the additional investment of over $6 million a year for aged care places and grants in Canberra by the Rudd Labor Government. Goodwin Homes in Monash received funding for 44 residential aged care places. Full story in Aged Care Housing Weekly / Subscribe  #266 / 21-07-09
Leaked document reveals move to aged care
Heywood: The Heywood hospital will reclassify its acute beds for aged care within two years, a leaked document shows. Heywood Rural Health administrators plan to redirect funding away from its five acute hospital beds to focus on chronic diseases and aged care, it says. In response to community concerns, the hospital's accident and emergency service would be "maintained and improved" through further training of registered nurses.  #265 / 21-07-09
Paragon Care shareholding in constant flux
Melbourne: The shareholders in Paragon Care Limited (ASX:PGC) continue to be in constant flux. The changes this week involve Timothy Leonard Blanche, who has transferred his entire 24 million share stake to his TLB Healthcare Consulting Pty Ltd entity. The 10.8 per cent stake is valued at $600,000. TLB Healthcare Consulting Pty Ltd gives its operational address as 18 Lakeside Crescent, Croydon Hills in Victoria. 24 July 2009 / Subscribe  #264 / 21-07-09
Australia, New Zealand sign super deal
Canberra: A new trans-Tasman superannuation deal between Australia and New Zealand brings a seamless market economy between the two countries one step closer, Treasurer Wayne Swan says. Australian Treasurer Wayne Swan and NZ Finance Minister Bill English signed a memorandum of understanding in Brisbane on Thursday establishing a trans-Tasman retirement portability scheme.
Fri 24 July 2009 / Subscribe  #263 / 21-07-09
DCA Group set to wind up five entities
Sydney: The former nursing home giant run by David Vaux is to be wound up. The assets of the DCA Group now reside on BUPA's balance sheet. The companies to be wound up include D.C.A. Pty Limited, D.C. Australia Pty Limited, DC Outsourcing Australia Pty Limited, DC Outsourcing OTC Pty Limited, and Deloitte Consulting/ICS Pty Limited. All are in voluntary liquidation. Full story in Aged Care Housing Weekly / Fri 24 July 2009 / Subscribe  #262 / 21-07-09
SCV Group contracts rejig in disarray
Maroochydore: SCV Group only has a long term future if it can persuade the investors behind each of its seniors rental housing management contracts to pony up a lot more cash to have SCV Group run 'the show'. But already two of the syndicates are 'filibusting' (Capalaba + Inala). Meanwhile SCV Group bleeds cash as it attempts to corral the reluctant. Full story in Aged Care Housing Weekly / Fri 24 July 2009 / Subscribe  #261 / 21-07-09
Becton avoids end game after creditor deals
Melbourne: Becton Property Group (ASX:BEC) has avoided having to call in an administrator by recrafting its obligations to pay the liquidators of Australian Capital Reserve and by getting its bankers to ignore lending covenant breaches. CEO Matthew Chun has agreed to a pay freeze, Barry Shepherd has decamped, and Concord Capital has sold its holding down to 8.2 per cent. Full story in Aged Care Housing Weekly / Subscribe  #260 / 20-07-09
Retirement village syndicator being sued
Melbourne: Retirement village syndicator and lawyer Michael Brereton, who won a $1 million tax case, is now being pursued by his lawyers for allegedly unpaid bills.
Mr Brereton hired high-powered law firm Madgwicks to fight authorities. Madgwicks has lodged a statement of claim in the County Court for $368,184.
Full story in Aged Care Housing Weekly / Fri 24 July 2009 / Subscribe  #259 / 20-07-09
Resignations continue to plague Trinity Group
Brisbane: The Board of Trinity Limited (ASX:TCQ) has reported the resignation of the Group's Chief Executive Officer Laurie Brindle and of Deputy Chief Executive Officer Steve Leigh, on Sunday 19 July 2009. These resignations follow the departure of long-standing Trinity Director, Robert (Bob) Lette who resigned from the board of Trinity Limited and Trinity Funds Management Limited on the 10 June 2009.
Fri 24 July 2009 / Subscribe  #258 / 20-07-09
Stockland lifts stake in retiree village entity
Sydney: Property group Stockland has lifted its share holding in Queensland retirement village developer FKP to 19.9 per cent. FKP last month raised $324 million in a 2.3-for-one issue at 40c a share that was criticised for being "heavily dilutionary". In its statement to the ASX, Stockland said its interest should drop back to 14.9 per cent once the retail component of FKP's entitlement offer was completed.
Fri 24 July 2009 / Subscribe  #257 / 20-07-09
Superannuation body wants 12% guarantee
Canberra: Former NSW Liberal opposition leader John Brogden says he will push for an increase in the super guarantee to at least 12 per cent, but has urged against other wide-scale changes to the super system. The appointment of Mr Brogden comes at a time of unprecedented scrutiny of and flagging confidence in Australia's $1 trillion superannuation system. Full story in Aged Care Housing Weekly / Fri 17 July 2009 / Subscribe  #256 / 15-07-09
Work begins on home for younger disabled
Canberra: Work has begun on a new home for four disabled people under 65 who are living in Canberra nursing homes. The house has been jointly funded by the ACT and Federal Governments. There are currently 17 disabled people under 65 in ACT aged care facilities. Disability Services Minister John Hargreaves says he does not want younger disabled people to be stuck in nursing homes if they want to move out. Fri 17 July 2009 / Subscribe  #255 / 15-07-09
St Mary's site sold for seniors apartments
Melbourne: St Mary's school hall will form the centrepiece of a new affordable housing hub in Geelong, after the city landmark was sold off yesterday. The entire Catholic school site will undergo a $50 million transformation late next year when up to 150 apartments are constructed on the site. The 9657sqm parcel, owned by St Mary's Parish, was sold for an undisclosed amount to Common Equity Housing Ltd, not-for-profit housing association.  #254 / 15-07-09
Keep health out of cost cutting: Nicola Roxon
Canberra: Health Minister Nicola Roxon has called on Malcolm Turnbull to quarantine health from funding cuts as the opposition costs its policies before next year's federal election. Ms Roxon seized on the announcement that the Coalition had called an expenditure review committee meeting for this week to cost policies to be released in the lead-up to the next election. Full story in Aged Care Housing Weekly / Fri 17 July 2009 / Subscribe  #252 / 14-07-09
Lend Lease Primelife finds itself in court
Melbourne: Lend Lease Primelife (ASX:LLP) today found itself in a place of great comfort. Carrying on the traditions of its founder Ted Sent, it spent the day "in court".
Lend Lease Primelife knows the system best, because its been in it the most. This time it was defending an unfair dismissal claim (v. Steevens).
Full story in Aged Care Housing Weekly / Fri 10 July 2009 / Subscribe  #251 / 3-07-09
Laws to inject high spirits into nursing homes
Brisbane: Champagne corks will be popping at retirement villages throughout Queensland if State Parliament reverses a decision on liquor licences. The State Government says laws passed last year toughened up the Liquor Act but had some unintended consequences. The Fair Trading Minister Peter Lawlor says amendments currently before Parliament will allow retirement villages to serve small amounts of alcohol, without applying for a liquor licence.  #250 / 3-07-09
The end of Metlifecare's Richard De Haast
Auckland: A sliding share price, dropping valuations, slowing sales, criticism over puny apartments (at Takapuna) and the need to raise cash have all contributed to Metlifecare's CEO Richard De Haast making off for the exit. A grizzled retirement village veteran, Alan Edwards replaces De Haast at the end of July.
Full story in Aged Care Housing Weekly / Fri 3 July 2009 / Subscribe  #249 / 2-07-09
Mark Sewell gains 80 licenses in bed round
Wollongong: The Federal Government will fund more than 80 residential aged care places at a Warrigal Care facility planned for Wollongong. In the latest round of grants, the Government will fund 62 high-care places and 20 low-care places. Warrigal Care is in the process of lodging an application to build an aged care home, independent living units and a community care centre on Corrimal Street.
Fri 3 July 2009 / Subscribe  #248 / 2-07-09
Homelessness for elderly growing prospect
Perth: Western Australia's aged care industry says without more Federal Government funding the state's ageing population may soon have nowhere to go. The Federal Government has offered more than 1,200 beds to aged care facilities in WA this year. But the aged care sector has only allocated about 500 of these beds, with providers unable to afford new facilities needed to house more residents. Full story in Aged Care Housing Weekly. Subscribe  #247 / 2-07-09
No funds but hospital planning continues
Queanbeyan: The Greater Southern Area Health Service is pushing ahead with planning for the new multi-million dollar Bega Valley Regional Hospital in New South Wales south despite no clear construction date. The $100m facility was originally due for completion in 2012 but the State Government has put that date back saying it is struggling with finance due to the world's faulting economy. Fri 3 July 2009 / Subscribe  #246 / 2-07-09
Fatal fire at retirement village probed
Auckland: Police are investigating a fatal blaze in a retirement complex in South Auckland. The one bedroom unit at High Street Courts in Otahuhu, was well alight when firefighters arrived late Tuesday night. The fire is believed to have been started by a heater. The victim is understood to be a man though his name has not been released. The body was found after firefighters brought the fire at a single-level unit under control. Fri 3 July 2009 / Subscribe  #245 / 1-07-09
Large rise in detected aged-care lapses
Canberra: There has been a big rise in the number of official actions taken against nursing homes in Victoria and NSW for substandard care, including poor nutrition and pain management. This has been the result of a Federal Government crackdown on delinquent institutions in the past year. Aged Care Australia figures released show Victorian nursing homes were issued with 66 notices of non-compliance in the past year. Subscribe  #244 / 1-07-09
Becton company secretary decides to quit
Melbourne: Anne Jordan has packed her bags and departed from the company secretary role at Becton Property Group (ASX:BPG). She has been replaced by Jason Vanderzalm. His first announcement was to tell the business world that Becton has sought a trading halt to its shares. Becton is preparing a 'material announcement'.
Full story in Aged Care Housing Weekly / Fri 3 July 2009 / Subscribe  #243 / 1-07-09
Bill passed to impose duty on Victorian leases
Melbourne: The controversial Duties Amendment Bill 2008 (Bill) has been passed by the Upper House of the Victorian Parliament with minimal amendments. The Bill, now awaiting royal assent, gives effect to the Victorian Government's 2008 media release announcing that it would close a loophole which allowed the use of complex long-term lease arrangements to escape stamp duty liability. Full story in Aged Care Housing Weekly / Subscribe  #242 / 1-07-09
Union back in strife over sacking of manager
Melbourne: The Health Services Union has hit acrimony again, with police called yesterday amid claims the President of an influential branch of the union, Pauline Fegan, bullied and tried to evict a senior manager. The manager had been fired using a controversial part of WorkChoices. Union Secretary Jeff Jackson last night said agreement had been reached for a spill of positions and elections to be held in October. Fri 3 July 2009 / Subscribe  #241 / 1-07-09
New Zealand retirement village values shot
Auckland: The foundering of the Albany City Property Investments retirement village plan; the Queenstown property tip up with its plethora of defaults and Metlifecare's misreading of the market in Takapuna have all contributed to a rethink in the New Zealand market. Now Lend Lease Primelife is stripping 5 per cent off the value of its New Zealand assets. Full story in Aged Care Housing Weekly / Fri 3 July 2009 / Subscribe  #240 / 30-06-09
PM balks at immediate hospital takeover
Canberra: The Coalition wants the Rudd Government to take over the nation's public hospitals, but NSW and Victoria have indicated they'll fight any such power grab by the Commonwealth. PM Kevin Rudd and Health Minister Nicola Roxon say that's still on the cards, but they'll "carefully consider'' the results. However, Opposition health spokesman Peter Dutton says Labor hasn't fixed the hospital system as promised and time's up. Subscribe  #239 / 30-06-09
Cat burglar cleans out Arcare office
Melbourne: A burglar has broken into the Melbourne office of Arcare and filched the care home developer's 'notebooks'. The break-in is thought to have occurred sometime on Friday night. Police are on the lookout for any team of young men who suddenly takeover any vacant land and start building nursing home rooms. Full story in Aged Care Housing Weekly / Fri 3 July 2009 / Subscribe  #238 / 30-06-09
Government may axe payments for elderly
Wellington: Tough economic times are forcing the Government to consider whether student support payments for people aged over 65 are a sound investment. Increased demand for tertiary education has meant that in the first three months of this year, Government spending on student allowances was nearly $58m, compared with $47m in the first three months of last year. The amount given in student loans for fees rose from $500m to $570m.  #237 / 30-06-09
Super fund managers letting down retirees
Canberra: Australian superannuation funds recorded the second worst investment performance among the 30 OECD countries last year due to heavy reliance on equities ahead of the global financial meltdown. An OECD report "Pensions at a Glance 2009" also finds Australia's over-65s had the fourth highest rate of poverty in the OECD.
Full story in Aged Care Housing Weekly / Fri 3 July 2009 / Subscribe  #236 / 30-06-09
Unions planning to duck new workplace law
Melbourne: Unions have flagged plans to beat Julia Gillard's ban on pattern bargaining by lodging multi-employer pay claims and taking co-ordinated industrial action after the new workplace regime starts operating on July 1. Employers warned the union strategy was de facto pattern bargaining, increasing their "trepidation" about the new laws, which they said represented "big increases in union power". Fri 3 July 2009 / Subscribe  #235 / 30-06-09
Health-care reformers look beyond hospitals
Canberra: The Rudd Government will be handed proposals tomorrow for the redirection of health spending away from hospitals, with the Health Minister Nicola Roxon forecasting that they are likely to trigger a "difficult" debate. The National Health and Hospitals Reform Commission and two other health taskforces will propose greater reliance on non-hospital measures to combat chronic diseases. Full story in Aged Care Housing Weekly / Subscribe  #234 / 30-06-09
Uniting to close a second aged care home
Melbourne: Two high-care nursing homes are to be closed in Kew and Ascot Vale, forcing 105 elderly residents to find new accommodation. Uniting Aged Care Victoria, operator of the two homes, Bodalla, in Kew, and Marivale, in Ascot Vale, blamed inadequate Federal Government funding for the decision to sell both properties.
Full story in Aged Care Housing Weekly / Fri 3 July 2009 / Subscribe  #233 / 30-06-09
Uniting Aged Care Victoria to close 100 beds
Melbourne: A 100-bed high-care centre in Kew is set to close, leaving its residents with three months to find a new home. Uniting Aged Care Victoria and Tasmania (UACVT) today announced residents of the Bodalla Home in Walpole St would need to find alternative accommodation, and pinned the blame squarely on the Federal Government. UACVT Chief Executive Robyn Batten said the decision to close was made with "deep regret". Subscribe  #232 / 25-06-09
Stockland shake-up as executives vacate
Sydney: Stockland, Australia's biggest residential developer, is recasting its poorly performing residential arm, with the shock departure of the division's head Denis Hickey among the major changes. Mr Hickey, who has been in charge of the trust's residential operations for nine years, will walk out the door with three other key executives, as Stockland moves to split the division into two separate units.
Fri 26 June 2009 / Subscribe  #231 / 25-06-09
Australians urged to boost super payments
Melbourne: Time is waning for Australians to benefit from the Federal Government's superannuation co-contribution scheme before the top-up is lowered from July 1, a leading industry body says. Australian Industry of Superannuation Trustee Chief Executive Fiona Reynolds said Australians who could make voluntary contributions to their superannuation should do so by June 30. Full story in Aged Care Housing Weekly / Subscribe  #230 / 25-06-09
Superannuation sector faces hefty fee shock
Canberra: The Federal Government's hitman on superannuation has flagged a crackdown on fees well beyond industry plans to phase out commissions on investment and super products from 2010. Jeremy Cooper, who heads the forthcoming operational review of the retirement sector, also questioned the effectiveness of super choice and proposed a lobby-style group for super investors as a means of pushing for lower charges.  #229 / 24-06-09
Cherry fails to blossom on Gold Coast project
Labrador: Property identity David Cherry and City Pacific have listed a 4499sq m Labrador parcel, which has approval for a three building retirement project, for sale. The holding, on the corner of Imperial Parade and Frank and Labrador streets, was intended to be the follow-up project of Grande Pacific Broadwater, Australia’s first five-star vertical retirement village in Southport by the partners. Full story in Aged Care Housing Weekly / Subscribe  #228 / 24-06-09
Slow take-up for vertical village retiree homes
Auckland: The first stage of the $100 million Metlifecare Takapuna has opened three-quarters empty. Manager Lynda Hull, who shifted from Metlifecare Kapiti to open the new five-level "vertical village", said only 20 of the first 78 apartment units were sold. She attributed the lack of sales activity partly to the state of the property market but institutional investors said the Takapuna site's tight size and price is responsible. Subscribe  #227 / 24-06-09
Mirvac share register in constant flux
Sydney: Nakheel Investments (Australia) Pty Ltd has ceased to be a substantial shareholder in Mirvac; retirement village impresario Adrian Fini has sold down his Mirvac holding; the Commonwealth Bank has been a net seller, and only Vanguard Investments, ING Group and Barclays have lifted their exposure to the recapitalised Australian builder and developer. Full story in Aged Care Housing Weekly / Fri 26 June 2009 / Subscribe  #226 / 24-06-09
Becton morphs into being Scrooge McDuck
Melbourne: The well paid board members of Becton Property Group (ASX:BEC) have decided they will not pay a final distribution to security holders for the financial year to 30 June 2009. "We need to preserve cash", says Becton Chairman Brian Pollock. It didn't appear to cross their minds to take a stipend haircut themselves.
Full story in Aged Care Housing Weekly / Fri 26 June 2009 / Subscribe  #225 / 23-06-09
ASIC casts a shadow over reverse mortgages
Sydney: Tony D'Aloisio, Chairman of ASIC and Paul Clitheroe, Chairman of the Australian Government Financial Literacy Board have launched 'Thinking of using the equity in your home? A new independent guide to reverse mortgages and other equity release products'. "Equity release products can have significant risks" said Mr D'Aloisio.
Full story in Aged Care Housing Weekly / Fri 26 June 2009 / Subscribe  #224 / 23-06-09
Administrators take over Ted Sent's empire
Melbourne: It has been 6 years since Ted Sent was unceremoniously dumped as the C.E.O. of Primelife. The organisation he put together in the ensuing 66 months to prove his detractors wrong, is now being boxed up for the incoming administrator. People First Retirement Services Pty. Ltd. is finished. A total of seven companies have imploded. Full story in Aged Care Housing Weekly / Fri 26 June 2009 / Subscribe  #223 / 22-06-09
Aged care facilities in hands of receiver
Melbourne: A Queensland-based family has seen its two Victorian aged care companies put into receivership. Deloitte now controls Shamrock Nursing Home and Torkar. The two entities control three nursing homes (Mt. Martha, Safety Beach, and West Preston and seven S.R.S. facilities). Deloitte partner Simon Wallace Smith is endeavoring to orchestrate a sale of all properties. Full story in Aged Care Housing Weekly / Fri 26 June 2009 / Subscribe  #222 / 22-06-09
Colac nursing home avoids being 'wound-up'
Colac: The empire of Melbourne theatre / nursing home king David Marriner has been saved from court action taken by the Australian Tax Office. The tax office was threatening to wind up several Marriner companies over an allegedly unpaid tax bill. But in documents lodged with the Supreme Court on Thursday, Mr Marriner agreed to pay the tax office $8 million. Full story in Aged Care Housing Weekly / Fri 26 June 2009 / Subscribe  #221 / 22-06-09
Fed Govt. should fund hospitals says Nelson
Canberra: Former opposition leader Brendan Nelson wants Canberra to take over public hospitals, warning that current arrangements cannot meet public expectations of the health system. Dr Nelson, also former National President of the Australian Medical Association, has also insisted that poor management, bureaucratic inertia and misallocation of resources are eroding the morale of hospital staff. Full story in Aged Care Housing Weekly / Subscribe  #220 / 22-06-09
Push to axe super tax breaks for wealthy
Canberra: The Federal Govt has been urged to scrap superannuation tax breaks for the wealthy, with tax experts declaring them unnecessary, excessive and loaded towards Australia's wealthiest. A conference convened by the Govt's Henry Tax Review and the Melbourne Institute heard tax experts argue that the huge tax breaks were largely wasted, and there was no point in taxpayers financing incentives for superannuation when it was compulsory.  #219 / 22-06-09
Lend Lease Primelife under valuation cosh
Melbourne: Lend Lease Primelife (ASX:LLP) has still not offered any public explanation for the sudden departure
from its Board of the only qualified aged care valuer on its team (Graeme Martin) at the same time it altered its valuation policy. Recent aged care facilities sales suggest LLP's policy is bloating LLP asset values.
Full story in Aged Care Housing Weekly / Fri 19 June 2009 / Subscribe  #218 / 18-06-09
Trinity puts clamp on dividend payments
Brisbane: Trinity Limited (ASX:TCQ) has abandoned its dividend distribution policy. Trinity Chief Executive Officer Laurie Brindle says the "suspension of the distribution aligned with the Group's prudent capital management programme". He makes it sound so sensible. The reality is the joint is falling apart. Since the Board knocked back 80 cents a share, it’s been all downhill to the wrecker's yard.
Fri 19 June 2009 / Subscribe  #217 / 18-06-09
Becton determines half year coupon payout
Melbourne: Becton Property Group Limited (ASX:BEC) will pay 3.0621 cents per convertible note on July 7. Becton recently also settled its retirement village / Oman Investment Fund deal. The Omanis coughed up $28m for a 50 per cent interest in Becton's village division. The money will underpin Becton's development of three retiree village sites.
Full story in Aged Care Housing Weekly / Fri 19 June 2009 / Subscribe  #216 / 18-06-09
NZ financial advisers' commission on line
Auckland: New Zealand will "inevitably" follow Australia's lead in phasing out commission on investment products, the Investment Savings & Insurance Association (ISI) says. ISI Chief Executive Vance Arkinstall said today there was a growing movement within the financial services industry in Australia to phase out commission on investment products. "It is inevitable New Zealand will follow this change," Arkinstall said. Subscribe  #215 / 18-06-09
Karingal home to stretch its food budget?
Dalby: The food budget at Karingal Nursing Home is shot. The cook has 40+ residents, an equal number of staff and now 5000 mice to feed each week.
Portion control is difficult because no one has been able to advise the kitchen just how much food should be allocated to the arrivistes.
Full story in Aged Care Housing Weekly / Fri 19 June 2009 / Subscribe  #214 / 18-06-09
Superannuation fund rises above break even
Wellington: The New Zealand Superannuation Fund made a profit of 3.47%, or $587m in May, the same month the Government turned off the tap of contributions for the next decade. The Labour Government had planned to put about $2b a year in the "Cullen fund" to build up a fund that would partly pay for pensions. The fund is now just above break even $27m above state contributions since it started in 2003. Fri 19 June 2009 / Subscribe  #213 / 18-06-09
Stockland to create new retirement division
Sydney: Australia's second biggest real estate company, Stockland, will create a new retirement division to focus on the sector. The company will separate the retirement business from the residential division, which had been led for the past nine years by Denis Hickey. David Pitman, current General Manager for strategy and corporate development, will take charge of the retirement living division. Full story in Aged Care Housing Weekly / Subscribe  #212 / 17-06-09
New villages for retired highlight growth area
Auckland: Two Auckland retirement village projects worth about $200 million open this week. Metlifecare will open part of a huge new village on the North Shore just a day after rival Summerset opens its $90 million South Auckland village. The North Shore development will eventually have 246 apartments, 15 serviced units and five care suites on the site beside North Shore Hospital. Building work is finished on the project's first stage. Subscribe  #211 / 17-06-09
Prime Trust launches 5 star aged care home
Buderim: Prime Trust has opened its nursing home / hotel in Buderim. The state of the art aged care facility serves chef-prepared meals, has spa baths, exercise classes and a "sweeping vista" from the lounge room. The nursing-hotel was opened by ex-Health Minister Dr Michael Wooldridge and Prime Trust Director Peter Clarke. The facility Manager is Dianne Weeks. Full story in Aged Care Housing Weekly / Fri 19 June 2009 / Subscribe  #210 / 17-06-09
Labor's pension reforms pass Lower House
Canberra: The Federal Government's controversial pension reforms have passed the lower house. Under the draft laws, singles will receive a $32.49 a week increase in the pension, while couples will get an additional $10.14 a week. Also, the qualifying age for the pension will be gradually increased from 65 to 67 years between 2017 and 2023. Families and Community Services Minister Jenny Macklin said it was a landmark legislation.  #209 / 17-06-09
Super funds industry to scrap commissions?
Sydney: The superannuation industry is doing away with commissions and moving to a fee-based system that will reduce costs to consumers, and aim to increase competition. Investment and Financial Services Association (IFSA) CEO Richard Gilbert today announced a new consumer charter for fund members, saying it was a major event for the industry and would instill confidence in the market.
Fri 19 June 2009 / Subscribe  #208 / 17-06-09
Residents angry at retirement home fee hike
Alstonville: Self-funded retirees living at an Alstonville retirement village could soon be forced to pay up to $15 extra every fortnight for their service charges. The charges at Maranoa Retirement Village are expected to increase in September in line with the age pension. But some residents do not even receive the pension. Baptist Community Services is reviewing "the situation". Full story in Aged Care Housing Weekly / Fri 19 June 2009 / Subscribe  #207 / 17-06-09
Denis Hickey decides to go fishing .....
Sydney: Retirement village development doyen Denis Hickey is bowing out. He has resigned as a Director of FKP Limited and FKP Management Limited (effective today / Wednesday, 17 June 2009) and has left Stockland. Denis Hickey ran Stockland's residential division for nine years, but there was a hint of animus in the wording of the Stockland press release. Full story in Aged Care Housing Weekly / Fri 19 June 2009 / Subscribe  #206 / 17-06-09
Retirement village impresario sells down
Perth: Retirement village impresario Adrian Fini has sold down his shareholding in the Mirvac Group (ASX:MGR). Mr Fini has quit almost 2.7m shares. The on-market sale raised $4m. Mr Fini's interests still hold 10m Mirvac securities. Mr Fini has resigned his Executive Directorship and has foregone a portion of his performance rights and options issued in 2007. Full story in Aged Care Housing Weekly / Fri 19 June 2009 / Subscribe  #205 / 17-06-09
Perpetual Ltd abandons Abacus shareholding
Melbourne: Perpetual Limited has abandoned the Abacus Property Group (ASX:ABP) share register. The perennial share player has lost faith in the cellar dweller as it struggles with its high debt, overvalued assets balance sheet, and its funding commitments to a plethora of developers, including Cliff Cook with his Sydney suburban high rise village ambitions. Full story in Aged Care Housing Weekly / Fri 19 June 2009 / Subscribe  #204 / 16-06-09
ING group continues to shred its reputation
Dunedin: The Dunedin meeting between ING Chief Executive Helen Troup and about 200 upset investors has been described as a "patsy" and a public relations exercise which did nothing to address the concerns of those who attended. The meeting is being held by the company throughout the country to explain the final offer to investors in two funds frozen in March last year which contained money from more than 13,000 people.  #203 / 16-06-09
Shell seeking shareholder consent to sell
Sydney: Shell Villages and Resorts Ltd (ASX:SVC) has to seek shareholder approval to allow it to sell its Cooroy Retirement Village and its Brisbane River Terraces Village. SVC is also currently trying to cut a deal with its creditors that will pass muster with the auditor. It is still adrift of complying with many other ASX listing requirements.
Full story in Aged Care Housing Weekly / Fri 19 June 2009 / Subscribe  #202 / 16-06-09
Australian Tax Office bungle hits retirees
Canberra: Thousands of low-income earners on the verge of retirement have been hit by the delay of $186 million in superannuation co-contribution payments from the Federal Government. The Australian Tax Office has announced on its website that it will struggle to make 200,000 payments by the end of this month "due to problems with our systems".
Full story in Aged Care Housing Weekly / Fri 19 June 2009 / Subscribe  #201 / 15-06-09
Federal Government to make carer payments
Canberra: The Federal Government will go ahead with promised pension increases and carer payments this week. Families and Community Services Minister Jenny Macklin said the $600 carer supplement payments would begin from June 17. She said she would introduce pension change legislation to Parliament today to allow for the $32 increase to the single pension and $10 a week for couples from September 20. Fri 19 June 2009 / Subscribe  #200 / 15-06-09
Share crash forces superannuation reform
Canberra: Up to 90 per cent of recent retirees are unlikely ever to meet their expected investment returns after the market crash of the past year, with many likely to run out of savings and wind up dependent on the age pension. The Henry Tax Review is considering proposals that may reduce the heavy dependence of retirees on the sharemarket, while the OECD is urging nations to reform their retirement regimes to promote safer investments. Subscribe  #199 / 13-06-09
Superannuation returns to be worst on record
Canberra: Superannuation funds are poised to post a double-digit fall in value this financial year in what would be their worst performance on record and almost double the size of last year's decline. Research firm Chant West estimates that the median balanced vehicle will report a 13.4 per cent fall in the 12 months to June 30.
Full story in Aged Care Housing Weekly / Fri 19 June 2009 / Subscribe  #198 / 13-06-09
Sanctions imposed on north-east nursing home
Scottsdale: The Federal Government has imposed sanctions on a north-east Tasmanian nursing home for inappropriate medication management and a lack of qualified staff. The North East Aminya Hostel at Scottsdale failed to address issues that were identified earlier this year. The Federal Department of Health and Ageing has found that there are at least three examples of non-compliance with the Aged Care Act at the Hostel. Subscribe  #197 / 13-06-09
Chairman defends Aspen's lack of frankness
Perth: The Chairman of Perth property company Aspen Group, Reg Gillard, has defended a decision to lend $7.2 million to two senior executives as part of Aspen's $82.4 million capital raising to reduce bank debt. A number of shareholders have protested against the move, arguing that Chief Executive Angelo Del Borrello and Chief Financial Officer Gavin Hawkins should source the loan elsewhere.
Fri 12 June 2009 / Subscribe  #195 / 8-06-09
Paragon Care receives shareholder approval
Melbourne: Paragon Care shareholders have backed the proposed marriage with aged care supplier AxisHealth. The remit was passed on a show of hands at an extraordinary general meeting held last Friday (5 June 2009) in Melbourne. Four other resolutions pertaining to the structure of the deal were also passed at the same meeting confirmed Paragon Care Company Secretary John Osborne.
Fri 12 June 2009 / Subscribe  #194 / 8-06-09
Mine workers unearth new careers in aged care
Torquay: Two Hervey Bay jobseekers have unearthed a surprising new career direction since the downturn in the mining industry. Between them, Terry Capstick and Lyle Daymond have worked in the state’s mines for more than 25 years, but now thanks to a government-funded training and employment program, they have turned their attention to aged care. Full story in Aged Care Housing Weekly / Fri 12 June 2009 / Subscribe  #193 / 8-06-09
Recent funds venture cuts into LMW's profit
Sydney: LandMark White, the listed seniors housing property valuation and consultancy business, has warned that the group will report a trading loss for the year because of the recent foray into funds management. Chairman Glen White advised that although the company's traditional valuation business was in profit, the need to support the new funds management arm, LMW Invest, would result in a trading loss for the year. Subscribe  #192 / 8-06-09
Reverse mortgage borrowers spend frugally
Sydney: New research shows that fewer than 10 per cent of Australian reverse mortgage holders have used the equity in their homes to pay for holidays, hobbies and luxury items. Most said they used the money to fund necessities such as home repairs and to provide an income, according to a survey by RBS Reverse Mortgage. Reverse mortgages allow people over 60 to borrow against the value of their home with payments and interest not due until death.  #191 / 8-06-09
Rudd rules out changes to super access
Canberra: Kevin Rudd has ruled out raising the age at which people can access superannuation, despite the proposed increase in the pension eligibility age. The Prime Minister yesterday effectively pre-empted consideration of a recommendation from the Government's own tax inquiry, which said the two should be aligned.
Full story in Aged Care Housing Weekly / Fri 12 June 2009 / Subscribe  #190 / 8-06-09
Seniors choosing to stay in the workforce
Canberra: Older workers are proving Kevin Rudd might be right to lift the pension age, with research showing more people in their 60s are delaying retirement. The figures debunk the view that older workers are being thrown on the scrapheap as the recession bites hard. In fact, the seniors' work ethic is making it harder for youth and freshly arrived migrants to get jobs, a Monash University researcher says. Fri 12 June 2009 / Subscribe  #189 / 8-06-09
TV programme pillories aged care standards
Sydney: Four nursing homes were singled out in a scathing attack on ineffectual complaints mechanisms in last night's ABC TV Four Corners programme. Masonic Care, Queensland Health, Summit Care and Regis/Macquarie Capital were at the centre of the debate about the three government agencies investigating via bookwork compliance and the toothless Aged Care Commissioner reviewing the 'actual resident experience'.  #188 / 3-06-09
Retirement village profits recycled into cinema
Melbourne: The cashed-up Zig Inge Group has swooped on the Rivoli Cinema, paying the James Packer - backed Challenger Financial Services $20.2 million. The Zig Inge Group, which raked in $406 million in late 2007 from selling its retirement villages to Macquarie Capital Funds and the FKP Group, is planning to hold the cinema as a passive investment. The heritage-listed cinema is leased to Village Roadshow until 2020.  #187 / 3-06-09
Baby boomers ready to work longer: Research
Tasmania: Retiring at 67 may not be as big a psychological shift as it appears with baby boomers' expected retirement age now reaching 64.3 years, according to the paper "Which of Australia's baby boomers expect to delay their retirement?" by University of Tasmania social researchers Natalie Jackson and Maggie Walter. It is blue-collar boomers more likely to struggle with the physical demands of working into their late 60s, the study finds.  #186 / 3-06-09
Papers show ACTU to target retirement income
BRISBANE: The union movement will argue that national retirement savings are still inadequate and push for a lift in the single pension rate, bans on advisers getting commissions on superannuation guarantee products and a 'super baby bonus'. Policy documents for the ACTU triennial congress show that unions will use their influential position in the industry superannuation funds movement to press for further action by the government.  #185 / 3-06-09
Proposed disability plan has growing support
Canberra: A proposed national disability insurance scheme is a "light on the hill" for the disabled and their carers, a sector more marginalised than at any time in the past 30 years, says Rhonda Galbally, head of a key disability advisory group. "The situation for people with disabilities and carers in Australia is a disgrace," the chairwoman of the National People with Disabilities and Carers Council said.  #184 / 3-06-09
Half of aged care residents 'too sick to eat'
Darwin: A senior Australian dietitian says up to half of people in aged care homes and up to 40% of people in hospitals are malnourished. Dr Merrilyn Banks from the Royal Brisbane and Women's Hospital has studied local and international data to look at how much the problem costs the health system. She says nutritious food is usually provided by hospitals and aged care facilities, but people who are sick and frail often do not eat enough.  #183 / 3-06-09
ING continues to shred its brand with new offer
Auckland: Investors and financial advisers have labelled ING's latest frozen funds offer disgraceful and say it has removed any credibility the company still had. The proposal, which ING said was its full and final offer, gave investors locked into its Diversified Yield Fund and Regular Income Fund the choice to take cash now at a rate of 60c per unit for DYF and 62c per unit for RIF or leave it in a cash account that paid 8.3% p.a. interest for the next 5 years.  #182 / 3-06-09
Receivership cuts Queenstown property values
Queenstown: New Zealand property developer Nigel Anthony McKenna's two companies, Melview (Kawarau Falls Station) Development Ltd, and Melview (Kawarau Falls Station) Investments Ltd, are in receivership. The default will add to the pressure on valuers to reassess the value of Queenstown property. The downward pressure on values may yet sideline mooted retirement village projects in the Lakes District. Fri 29 May 2009 / Subscribe  #181 / 28-05-09
Retirement village supplier cuts staff numbers
Melbourne: Programmed Maintenance Services Ltd has posted a slight drop in full year net profit after redundancy costs and funding a defence against a takeover. Programmed said net profit after tax (NPAT) for the year ended March 31 was $28.1 million, including costs of $3.5 million in redundancies and $3.4 million defending against a takeover offer by Spotless Group Ltd. Full story in Aged Care Housing Weekly / Fri 29 May 2009 / Subscribe  #180 / 28-05-09
Pittsworth Hospital CEO suspended indefinitely
Pittsworth: Pittsworth Hospital CEO Stephen Born has been suspended indefinitely after an investigation into high staff turnover at the facility. Brisbane industrial relations consultant John Lawson told the management board that a culture of control and fear of retribution had upset employees, about 85 of whom had left in the past two years. Mr Born is on full pay, after his suspension on Friday - the day after Mr Lawson presented his findings.  #179 / 28-05-09
Ryman Healthcare 'holding up better than most'
Christchurch: Ryman Healthcare's annual net profit has fallen 9 per cent to $66.1 million, compared with the 2008 March year. But the Christchurch listed retirement village business says it is holding up better than others exposed to the property sector. Chief Executive Simon Challies said yesterday's result reflected new village building delays and that the "unrealised fair value movement" on Ryman property was lower than the prior year.  #178 / 28-05-09
Make us pay extra to superannuation: Boomers
Canberra: Seven in 10 Australians support an increase in the superannuation guarantee from 9 per cent to 15 per cent, and half those are prepared to contribute at least some of the extra themselves rather than leave it to employers. The findings, in a survey conducted by consultancy firm Mercer, reveal people are acutely aware the current level of superannuation saving will not ensure a comfortable retirement. Fri 29 May 2009 / Subscribe  #177 / 27-05-09
Union revolt grows on retirement age issue
Canberra: The backlash against Kevin Rudd's plan to lift the aged-pension eligibility age to 67 has escalated, with a key right-wing union rejecting the move and leaving the Prime Minister at risk of being repudiated at July's Labor Party National Conference. The Shop Distributive and Allied Employees Association yesterday called for a rethink of the plan. Full story in Aged Care Housing Weekly / Fri 29 May 2009 / Subscribe  #176 / 27-05-09
Nurses to be doctors at walk-in clinics
Canberra: Walk-in clinics allowing patients to seek faster treatment from a nurse practitioner will be set up in public hospitals around Australia, starting with a $10 million centre at Canberra Hospital. The move, announced by Kevin Rudd on a visit to the hospital yesterday, will give patients with minor illness or injury another option over where to seek treatment. Full story in Aged Care Housing Weekly / Fri 29 May 2009 / Subscribe  #175 / 27-05-09
Victorian Govt. to fund housing for disabled
Melbourne: The Department of Human Services is seeking submissions from providers to build and operate six new residential sites. The housing initiative is targeting people with a disability.
The tender is being co-ordinated by Sue Gooding. Applications close on May 26, 2009.
The full story in Aged Care Housing Weekly / Fri 29 May 2009 / Subscribe  #174 / 26-05-09
Super Fund eyes $1b Queenstown retiree deal
Queenstown: The NZ Superannuation Fund is in talks to underwrite an ambitious $1 billion Queenstown property development as lenders get the shivers over its sale prospects. The deal could make the Super Fund the buyer of last resort for parts of a project at Kawarau Falls Station which remained unsold when it was finished. But the parties have not yet been able to agree on the terms and negotiations are continuing. Fri 29 May 2009 / Subscribe  #173 / 26-05-09
New Director appointed to G.P.T. boardroom
Sydney: GPT has invited a rapacious lion into its boardroom. Rob Ferguson will also take on the role of Deputy Chairman. Mr Ferguson is also Chairman of Class Action Litigation Funder IMF (Australia) Ltd. Given GPT's recent corporate history, it looks like a move to head off a potential adversary. It gives new meaning to the saying about keeping your enemies close. Full story in Aged Care Housing Weekly / Fri 29 May 2009 / Subscribe  #172 / 26-05-09
Don't wreck superannuation: Paul Keating
Canberra: Paul Keating and Bill Kelty, joint architects of Australia's compulsory superannuation system, have strongly warned against any move to raise to 67 the age at which people can take their benefits. Mr Keating, who introduced the scheme as Treasurer and later extended it as Prime Minister, said such a change would make "pointless" the salary sacrifice involved. Full story in Aged Care Housing Weekly / Subscribe  #171 / 26-05-09
Revolt by unions on working until the age of 67
Canberra: Left-wing trade unions have demanded Kevin Rudd dump his plan to lift the pension eligibility age from 65 to 67 or face a showdown over the issue on the floor of the Labor Party National Conference in July. Insisting workers should be allowed to retire at 65, the unions have also rejected a proposal by the Henry review that people also be prevented from accessing their superannuation until the age of 67. Fri 29 May 2009 / Subscribe  #169 / 25-05-09
Acorn Capital lifts its Becton shareholding
Melbourne: The private capital adventurer, Acorn Capital Limited (Acorn) is wading deeper into the Becton Property Group labyrinth. It has upped its interest from 7.11 per cent to 8.28 per cent in an averaging down manoeuvre. The last private buccaneer to travel a similar route in retiree housing was Co-Investor Pty Ltd in the SCV Group. It got wiped out in the Mark Roberts frolic. Full story in Aged Care Housing Weekly / Fri 29 May 2009 / Subscribe  #168 / 25-05-09
Brumby Govt. to bypass residents on planning
Melbourne: Hundreds of apartment complexes are to be built across Victoria without any community consultation or rights of appeal for neighbours as the Brumby Government tries to fast-track billions of dollars in federally funded projects. Laws to take effect tomorrow will in effect bypass the planning process, with $3 billion worth of social housing and school projects to have "no public notification or review". Fri 29 May 2009 / Subscribe  #167 / 25-05-09
Research shows over-55s lifting share of jobs
Melbourne: People aged over 55 are the only ones in the labour market increasing their rates of employment, even after the economic downturn, according to surprising new research. The research by Monash University demographers Bob Birrell and Ernest Healy has found ageing workers are finding more jobs, while young people are being laid off.
Full story in Aged Care Housing Weekly / Fri 29 May 2009 / Subscribe  #166 / 25-05-09
Victoria nursing home sanctioned for failures
Melbourne: A Melbourne nursing home has had sanctions placed on it by the Federal Government after failing to fix a number of patient care issues. St Benedict's Private Nursing Home in Sandringham, in Melbourne's southeast, will now have a nursing adviser appointed for at least 6 months to ensure it complies with its responsibilities.
Full story in Aged Care Housing Weekly / Fri 29 May 2009 / Subscribe  #165 / 25-05-09
Retirement village builder returns from dead
Perth: When it comes to fallen angels redeemed, building services provider Nomad Building Solutions is one stock that fits the bill. The shares have doubled in value since management instability, and signs that the commodities boom was over led to a record closing low for the stock of 15.5c in January. Despite the rally, the stock is still trading at a price-earnings discount to its major rival Fleetwood and the wider market. Fri 29 May 2009 / Subscribe  #164 / 25-05-09
Commission to examine medical records mishap
Sydney: The Privacy Commission has launched an inquiry into how boxes containing sensitive records from a number of private aged care facilities came to be left on a Sydney street. A taxi driver discovered at least ten boxes of personal information belonging to staff and patients outside the Moran Health Care Group building in Sydney's CBD on Sunday. Full story in Aged Care Housing Weekly / Fri 29 May 2009 / Subscribe  #163 / 25-05-09
Hills Industries to book $12 million in charges
Adelaide: Hills Industries Ltd will book net charges of between $10 million and $12 million in its full year results following a restructure and warns it may not pay a final dividend. The home, hardware and aged care products distributor said the significant charges relate to closure of some operations and workforce cuts.
Full story in Aged Care Housing Weekly / Fri 29 May 2009 / Subscribe  #162 / 25-05-09
Sunshine Coast Retirement Village evacuated
Caloundra: A retirement village on the Sunshine Coast was evacuated overnight as a deluge of more than 250mm lashed Caloundra. Residents from the Golden Beach retirement home were moved to higher ground as a precaution. Premier Anna Bligh says Queenslanders should brace themselves for more wild weather, as thousands of people call emergency services for help. Full story in Aged Care Housing Weekly / Subscribe  #161 / 21-05-09
Hurley says he is staying at Valad Group
Sydney: Peter Hurley, Managing Director of Valad Property Group, has denied industry talk he is about to leave the listed property trust, following joint founder Stephen Day out the door. Industry insiders have said Mr Hurley was leaving the company because Valad's major shareholder, Kevin McCabe, was unhappy with the current management. Mr McCabe did not return calls seeking comment. Mr Hurley said yesterday that the rumours were far from the truth.  #160 / 21-05-09
Ted Sent's deal buried in Viculus detritus
Melbourne: The collapse of Viculus Ltd has killed off its proposed reverse takeover of Ted Sent's retirement village interests. Interests associated with Viculus Managing Director Carlo Colosimo claim to be owed about $550,000, while Non-Executive Director Peter Caluzzi has lodged a $250,000 claim. The administrator has promised further details on the directors' claims, as well as information on a proposed Deed of Company Arrangement.  #158 / 21-05-09
Microsoft charity crackdown spurs boycott
Canberra: Microsoft faces a backlash from thousands of aged care providers and charities that are set to dump its software to avoid some $50 million in price hikes. The Redmond giant is pressing ahead with new global software licensing agreements, some imposing a whopping 500 per cent price increase, to stamp-out what it initially claimed were illegal uses of its discounted offerings by not-for-profit agencies. Fri 22 May 2009 / Subscribe  #157 / 21-05-09
Ryman Healthcare profits down 9pc to $66m
Christchurch: Aged care and retirement village operator Ryman Healthcare has reported a 9 per cent fall in full year profits to $66.1 million. When an unrealised fair value movement in investment properties of $16.4m and a $3.3m deferred tax expense were taken into account, the company reported a realised profit of $53m for the year to the end of March, up 5 per cent from a year earlier. Full story in Aged Care Housing Weekly / Subscribe  #156 / 21-05-09
Superannuation to keep falling says Minister
Canberra: Superannuation Minister Senator Nick Sherry has a message for Australians anxious about the toll the downturn has taken on their super funds: get ready for another shock. Speaking at a financial advisers' luncheon in Melbourne yesterday, Senator Sherry warned that Australians faced a negative average rate of return ranging from 10 to 15 per cent. Full story in Aged Care Housing Weekly / Fri 22 May 2009 / Subscribe  #154 / 21-05-09
Administrators close Melbourne nursing home
Melbourne: A nursing home in Melbourne's eastern suburbs has been shut down by administrators. Around 55 residents of the Gracedale Manor aged care home at Ringwood North will need to find new accommodation. Residents and staff of Gracedale Manor on Warrandyte Road were told of the news last night. It is expected that the residents will be moved out of the hostel over the next two to three weeks. Fri 22 May 2009 / Subscribe  #152 / 21-05-09
Government says 50,000 new beds needed
Canberra: The Productivity Commission says Australia needs 50,000 new aged-care places to brace for a chronic shortage of aged-care beds in the next two decades.
The research paper entitled Trends in Aged Care Services is available at the underlined link.
(http://www.pc.gov.au/research/commissionresearch/aged-care-trends).
Fri 22 May 2009 / Subscribe  #149 / 20-05-09
UnitingCare Housing seeking Board members
Melbourne: UnitingCare Housing Victoria Ltd is seeking Board members to foster its creation of affordable housing in Victoria. UnitingCare Housing Victoria Ltd is a new company established by the Uniting Church to increase low end housing stock in Victoria. It will compete with existing Housing Associations for Victoria Government funds allocations. Full story in Aged Care Housing Weekly / Fri 22 May 2009 / Subscribe  #148 / 20-05-09
Carers to receive additional $600 on July 1st
Canberra: Carers will receive an extra $600 on July 1, a year after the Federal Government announced the new payments. The payments were approved by Parliament last week. Around 156,000 people in Victoria will benefit from the new Carer Supplement to be paid annually to the recipients of Carer Payments and Carer Allowance.
Full story in Aged Care Housing Weekly / Fri 22 May 2009 / Subscribe  #147 / 20-05-09
Gangs strip super accounts via mail theft
Melbourne: A gang of fraudsters is robbing victims of their superannuation savings in an alarming new identity scam. Police believe the process begins with the theft of a super statement from private mailboxes. After replicating the victim's identity onto counterfeit ID cards, the thieves create a Self Managed Superannuation Fund online with a linked bank account. Full story in Aged Care Housing Weekly / Fri 22 May 2009 / Subscribe  #146 / 20-05-09
Retiree village development site to be sold?
Melbourne: A development block at 161-169 Jells Road, Wheelers Hill in Melbourne is to be sold. The site has planning approval for 98 retirement village apartments. The property is zoned Residential 1 and is in a Melbourne 2030 neighbourhood activity centre. The selling agent is Gross Waddell. The expected price is between $5.25 million and $5.75 million. Full story in Aged Care Housing Weekly / Fri 22 May 2009 / Subscribe  #145 / 20-05-09
Teys doesn't like the intense public scrutiny
Sydney: The Australian Securities Exchange (ASX) has conditionally agreed to allow Michael Teys and his executive team to resume their collective private lives away from constant public scrutiny. Teys Ltd is a public company basket case. In nine months the share price has lost 95 per cent of its value, Letters of Demand rained down and the latest strata deal fell apart. Full story in Aged Care Housing Weekly / Fri 22 May 2009 / Subscribe  #144 / 20-05-09
Marriner's age care facility to be wound up?
Colac: The empire of Melbourne theatre king David Marriner is under siege from the ATO, forcing the businessman to seek a $9 million-plus rescue package. The man who runs the Regent, Princess, Forum and Comedy theatres has revealed his financial woes in a Supreme Court affidavit. The companies under siege include those running a resort and other tourist operations in Queensland and one that bought an aged care facility. Subscribe  #143 / 18-05-09
House prices to fall further: report
Sydney: House prices, which have already posted their largest yearly fall since the Great Depression, could continue plunging despite cuts to interest rates and the extension of the first home buyers grant. A study of house prices since the beginning of the last century by RBS questions the view the housing shortage will prop up prices, finding house prices have "a life of their own" that is independent of supply and demand. Subscribe  #142 / 18-05-09
Backlash over Budget's new pension age
Canberra: The Coalition has slashed Labor's lead and Prime Minister Kevin Rudd's popularity has fallen 10 points in an Age/Nielsen poll that also finds people don't like the Budget plan to raise the pension age. Although most people believe the Budget is fair and economically responsible, fewer are happy than with last year's Budget. Significantly more (38 per cent) say they personally will be worse off. Full story in Aged Care Housing Weekly / Subscribe  #141 / 18-05-09
Charities may be hit by accounting change
Canberra: Donations to not-for-profit entities could be jeopardised by an accounting change that could make them appear too profitable, some accountants fear. Known as AASB 1004, this particular rule specifies how not-for-profit entities should account for grants and donations. Australian Accounting Standards Board Technical Director Angus Thomson said some accounting professionals were critical of the standard because... Subscribe  #140 / 16-05-09
Lock on savings proposal 'will hurt projects'
Canberra: Treasury head Ken Henry's proposal to lock up superannuation entitlements until people reach 67 will discourage them from topping up employer super and shrink the pot of money available for crucial nation-building projects, the super industry has warned. The global financial crisis is shredding super balances and confidence in the sector is sagging said head of Australian Institute of Superannuation Trustees Fiona Reynolds.  #139 / 16-05-09
Retirement village unit take-up rate slows
Sydney: There has been an increase of 4 per cent in the number of retirement villages opened in Australia in the past year. "This has resulted in a lift of 5.5 per cent in stock," said the National Director of the Health and Aged Care sector for Jones Lang LaSalle, Peter McMullen. "But the residential take-up rate is only up 3.1 per cent over the past 3 years," he added. Full story in Aged Care Housing Weekly / Fri 22 May 2009 / Subscribe  #138 / 16-05-09
Developer to evict retiree village residents
Brisbane: 31 residents of New Farm's Gleneagles retirement village are being forced from their homes by a Brisbane property developer. Despite assuring residents at a meeting in December, 2006, that their long-term tenancy agreements were "iron clad", Tom Dooley Developments has asked residents to move out by July 10 as Gleneagles, which overlooks the Brisbane River, is transformed into a modern apartment complex. Subscribe  #137 / 16-05-09
Retirement village consent still not changed
Wanaka: A resource consent application for a controversial proposed retirement village for Wanaka remains unchanged, despite a restrictive covenant which expressly prohibits the developers from exceeding building height restrictions. Stoney Creek Village Ltd (SCVL) Director Tony Hannon said the resource consent application was... Full story in Aged Care Housing Weekly / Fri 22 May 2009 / Subscribe  #136 / 16-05-09
Govt. playing different tune says Mansour
Melbourne: Aged and Community Care Victoria Chief Executive Gerard Mansour said the Federal Budget cut critical aged care funding and overlooked investment in aged care infrastructure. Mr Mansour said although the Budget continued some existing funding, it cut annual increases of 1.75 per cent to the conditional adjustment payments, worth a total $910 million to the industry over four years.
Fri 22 May 2009 / Subscribe  #135 / 16-05-09
Long-serving Valad founder calls it a day
Sydney: Stephen Day, one of the founders of the crippled Valad Property Group, has stepped down from the Board and ceased employment with the group. Mr Day launched Valad with Barry Wynne in 1997, acting as joint Managing Director until 2004, and Executive Chairman until last August when he stepped back to be an Executive Director. Full story in Aged Care Housing Weekly / Fri 22 May 2009 / Subscribe  #134 / 16-05-09
PM plan to raid superannuation for projects
Canberra: The Rudd Government plans to tap Australia's $1 trillion pool of superannuation savings to help plug a $58 billion hole in its nation-building program. The funding shortfall for approved infrastructure projects has raised concerns that unless a greater portion of national savings can be accessed, some of the 15 rail, road and ports projects announced by Wayne Swan as Tuesday night's Budget centrepiece may never be built. Subscribe  #133 / 16-05-09
Family homes to stay exempt in pension test
Canberra: The Rudd Government has ruled out a proposal to include family homes in the means test for the age pension. The idea was put to the Government by Treasury Secretary Ken Henry this week in a report released with the Budget. Dr Henry suggested retaining the exemption for family homes in the pension means test, but capping the value of homes that qualify for the exemption. Full story in Aged Care Housing Weekly / Subscribe  #132 / 15-05-09
20 per cent of super funds short of cash
Canberra: Up to 20 per cent of defined benefit superannuation funds may have insufficient money to meet their payouts, according to the national regulator. Millions of Australians could be affected as fixed-payout super funds face solvency problems because of the financial crisis, the Australian Prudential Regulation Authority has warned. According to APRA, almost six million super accounts are held in defined benefit funds across Australia.  #131 / 15-05-09
Nursing home owners misusing bond money
Melbourne: The Federal Government has created a secret audit squad that is about to be set loose on targeted nursing home operators who are 'believed' to be surviving via the misuse of accommodation bond money. The hit squad is a response to recent nursing home failures which are set to cost the Government guarantee fund almost $50 million.
Full story in Aged Care Housing Weekly / Fri 15 May 2009 / Subscribe  #130 / 14-05-09
Extend First Home Owner Grant longer: critics
Sydney: The Federal Government's six-month extension of the boosted First Home Owner Grant (FHOG) has been criticised for being too short and announced too late. The Retirement Village Association says the FHOG has contributed to a small recovery in the retirement village sector by putting prospective residents in a better position to sell their homes. Full story in Aged Care Housing Weekly / Fri 15 May 2009 / Subscribe  #129 / 14-05-09
Seniors face new poverty gap at age 65
Canberra: Elderly people will be driven on to unemployment benefits and face poverty after the rise in the aged-pension age to 67, a major seniors lobby group has warned. The retirement age will be gradually lifted to 67 years by 2023, under changes outlined in Tuesday's Budget. The Combined Pensioners and Superannuants Association NSW policy co-ordinator Charmaine Crowe said the new rules would... Fri 15 May 2009 / Subscribe  #128 / 14-05-09
Retirement to be put on hold until 67 years
Canberra: Workers will be forced to delay retirement until they turn 67 instead of 65 under a plan to make the aged-pension system financially sustainable and avert a "demographic time bomb". Faced with an ageing population and massive increase in pension payments, Wayne Swan said the Government would begin increasing the aged-pension age from 65 in 2017 to 67 by 2023. Full story in Aged Care Housing Weekly / Subscribe  #127 / 13-05-09
City doctors offered $120k to go country
Canberra: Rural Australia will get a $134 million package of measures designed to boost its medical workforce, including the first relocation grants worth up to $120,000 designed to entice city doctors to move to the country. The payments would be accompanied by a reworking of an existing scheme that pays retention grants for rural doctors, and other incentives that should attract more overseas-trained doctors into the bush. Subscribe  #126 / 13-05-09
Annual handouts for carers locked in at $600
Canberra: Almost half a million carers across the nation were winners for once in last night's Budget, securing new annual payments worth at least $600 starting this year. And many will qualify for two such payments each year under a new spending program the Government estimates will cost about $1.8 billion over the next five years.
Full story in Aged Care Housing Weekly / Fri 15 May 2009 / Subscribe  #125 / 13-05-09
Rudd pulls plug on super concessions
Canberra: Superannuation concessions and co-contributions will be wound back under retirement income policy changes that will deliver more than $4.3 billion into Treasury coffers over the next four years. The changes are in line with the recommendation of a panel headed by Dr Ken Henry that the age for people to access superannuation benefits be eventually increased to 67 years.
Fri 15 May 2009 / Subscribe  #124 / 13-05-09
Private income to affect pension payments
Canberra: The Government will save $1.6 billion over five years by reducing the payments of at least 300,000 pensioners who are considered well off because they receive private income from superannuation or property. Under a measure that takes from some pensioners, the Government will increase the income test taper from 40 cents to 50 cents in the dollar for a single pensioner and from 20 cents to 25 cents in the dollar for each member of... Subscribe  #123 / 13-05-09
Govt. deems its time to defuse ageing bomb
Canberra: The Budget has made a modest but significant start on tackling the biggest issue facing Governments in the long run. Paring back the subsidy for private health insurance for higher income earners, tightening the means test for the pension and reducing the additional amount people can tip into their tax-advantaged superannuation accounts all contribute to the Government eventually wrestling a ballooning Budget... Subscribe  #122 / 13-05-09
Specialist fees hit in medical cutbacks
Canberra: Canberra has cut almost $2.8 billion in Government subsidies from health funds, drug companies, pathology, diagnostic imaging and high-charging medical specialists as it struggles to fund its big-spending health promises made late last year. The Federal Health Budget has delivered its biggest blow to the private health sector in years. Full story in Aged Care Housing Weekly / Fri 15 May 2009 / Subscribe  #121 / 13-05-09
Seniors Health Card spared from the chop
Canberra: A clampdown on eligibility for the popular Commonwealth Seniors Health Card that delivers cheap medicine to thousands of retirees will not proceed. Budget papers reveal the Government has back-flipped on a measure in last year's Budget that was about to stop thousands of self-funded retirees getting the card.
Full story in Aged Care Housing Weekly / Fri 15 May 2009 / Subscribe  #120 / 13-05-09
Electronic health costs 'modest' claims report
Canberra: Nationwide electronic health infrastructure will cost a modest $1.5 billion over five years, or $2.6 billion over a 10-year roll-out, according to leaked funding details. Federal and State Ministers have kept tight wraps on costings and timetables since agreeing last December to adopt the National E-Health Strategy, prepared by Deloitte.
Full story in Aged Care Housing Weekly / Fri 15 May 2009 / Subscribe  #119 / 12-05-09
Funds brace for super slug in Federal Budget
Canberra: Fund managers and financial planners are bracing for superannuation inflows to slow sharply as the Rudd Government tightens up on tax breaks for voluntary contributions. The measures, expected to be detailed in tonight's Federal Budget, come against a very tough market backdrop. Funds under management have fallen by between 15 and 20 per cent over the past year, mostly as a result of heavy losses in equities. Subscribe  #118 / 12-05-09
Elderly to receive all of pension top-up
Canberra: Aged care home operators and state governments will be prevented from skimming the $30 a week increase to the pension, as the Budget snaps the nexus between the pension and the percentage taken by aged care homes and public housing. Nursing home residents currently pay 85 per cent of their pension in fees to the aged care provider. Full story in Aged Care Housing Weekly / Fri 15 May 2009 / Subscribe  #117 / 11-05-09
Aged care supplier rejigs its profit forecast
Adelaide: Australian company Hills Industries Limited has announced a revision to the previous earnings guidance given in February 2009. The Chairman, Ms Hill-Ling, said that following a review of operations by management, the Board expected that the operating profit attributable to Hills shareholders will be approximately 40% below the prior year as compared with the previous guidance of 30%.
Fri 8 May 2009 / Subscribe  #116 / 7-05-09
High income earners to pay for pension rises
Canberra: Pensioners will receive up to $30 a week extra in a Federal Budget that will target Australia's biggest earners. The rich will have their superannuation tax breaks slashed in half to fund the pension increase, with next Tuesday's Budget expected to boast the largest deficit in Australian history. The deficit could be as high as $70 billion. The Budget will not return to surplus until 2015.
Fri 8 May 2009 / Subscribe  #115 / 7-05-09
ClearView eyes aged care advice market
Sydney: ClearView Retirement Solutions is looking to expand its aged care advice services. ClearView technical director Dante de Gori is also looking to expand the company's offering of longevity products that give capital protection, potentially through a partnership in which ClearView would put its own brand on the products.
Full story in Aged Care Housing Weekly / Fri 8 May 2009 / Subscribe  #114 / 7-05-09
Old Oaks Care Home prepared as isolation site
Warwick: The former Oaks Nursing Home at Warwick Hospital has been earmarked as a swine flu isolation zone in the event of a national outbreak. Queensland Health confirmed late yesterday the facility - which has stood empty since the 'new' Oaks was opened in early 2007 - would be quarantined as a site for the assessment of anyone local suspected of carrying the deadly virus. Full story in Aged Care Housing Weekly / Subscribe  #111 / 7-05-09
VDM wins $15m Queensland building contract
Brisbane: VDM Group, through its Queensland subsidiary Bellero Constructions, has secured a $15.3 million construction contract for stage 1 and 2 of the Torbay Retirement Villages project. The Parklands site when stages 1 - 9 are finished will consist of a 165 place aged care facility and 135 independent living units, said Torbay CEO Philip Parry. Full story in Aged Care Housing Weekly / Fri 8 May 2009 / Subscribe  #110 / 7-05-09
Pensioners advocacy group picks up subsidy
Brisbane: Queensland Community Services Minister Karen Struthers said that the State Government would continue to provide financial support to the Australian Pensioners and Superannuants League Queensland (APSLQ). Minister Struthers said the organisation would receive more than $109,000 a year for the next three years to represent the interests of seniors and pensioners throughout Queensland. Fri 8 May 2009 / Subscribe  #109 / 5-05-09
Federal Govt. gives $5m for Doncaster hub
Melbourne: Manningham’s $33 million community hub has received a $5 million Federal Government funding boost. The cash will go towards developing Doncaster's civic precinct which includes aged-care services. Building work is expected to begin in November this year and construction will be completed by 2011. "This will truly be a one-stop-shop for the community," Cr Pick said. Full story in Aged Care Housing Weekly / Subscribe  #108 / 5-05-09
Swan guarantees retiree credit system
Canberra: Treasurer Wayne Swan has dismissed reports that dividend imputation could soon be scrapped and signalled that self-funded retirees are unlikely to lose their retirement benefits. Mr Swan said the current system had delivered "enormous benefits" to the economy. "I'm somewhat puzzled by the continued reports that there is some threat to dividend imputation," Mr Swan said.
Fri 24 April 2009 / Subscribe  #107 / 23-04-09
Retirement village still in Holy Cross plan
Wooloowin: The Sisters of Mercy have decided to withdraw one apartment building from their development next to Holy Cross School. It still leaves townhouses, apartment buildings up to eight storeys high, a childcare centre, a retirement village, offices and a restaurant. Sisters of Mercy property director Laurie Rogencamp said the change was about "accommodating the school’s wishes". Full story in Aged Care Housing Weekly / Subscribe  #106 / 23-04-09
Real estate sentiment at 10-year low
Sydney: Sentiment across the Australian real estate sector is at a 10-year low, and industry stakeholders predict that most property classes will remain in the doldrums until 2011. "The fall in sentiment over the last six months is the most dramatic fall since the survey began in 1998," said Australian Property Institute (NSW) president Robert Hecek, as he released the institute's Australian Property Directions Survey for April. Subscribe  #105 / 23-04-09
$6.4b social housing budget divided up
Canberra: Guidelines for the Federal Government's $6.4 billion social housing initiative show that it aims to kick start housing projects torpedoed by the credit crunch. Projects that have planning approval but have stalled due to lack of finance will be candidates for funding. The blueprint, released last night, shows NSW, Victoria and Queensland have gained the lion's share of funding. The program aims to build 15,000 homes. Subscribe  #104 / 23-04-09
Mariner Financial fund breaches covenant
Sydney: The Mariner Financial's unlisted Coastal Investment Fund quietly informed investors this week it had breached its bank loan covenants with the Commonwealth Bank of Australia, blaming a reduction in property values, income and net operating profit. Mariner Financial chairman and managing director Bill Ireland told investors the fund had not reached forecasted revenues. Full story in Aged Care Housing Weekly / Subscribe  #103 / 23-04-09
Seniors Lobby Group warns Rudd Government
Canberra: The nation's most powerful seniors group has warned Kevin Rudd that the Government faces a backlash if it winds back dividend imputation or increases tax on superannuation contributions. National Seniors group has written to the Prime Minister demanding he back away from any cost-cutting targeted at self-funded retirees in the budget next month. Full story in Aged Care Housing Weekly / Fri 24 April 2009 / Subscribe  #102 / 22-04-09
Retiree village investors share price hit
Sydney: Valad Property lost some ground when investors were told the company knew of no reason for the recent hectic trading activity. The diversified group's securities closed down 12.1 per cent, or 0.07¢, to 5.1¢ on average turnover. Yesterday Valad was issued with a please explain by the stock exchange, after a sudden spike in its price from 4.8¢ on Thursday. In response, Valad's directors said they were unaware of any reason for the gains.  #101 / 22-04-09
John Hewson departs Pulse Health boardroom
Sydney: Dr John Hewson has departed yet another public company boardroom. His resignation has been accepted by the Pulse Health board. The entity's cash position is still parlous, with the hospital / community care operator only having $225,000 cash on hand at the end of March. Pulse needs to improve operational cash flow throughout the group. Full story in Aged Care Housing Weekly / Fri 24 April 2009 / Subscribe  #100 / 22-04-09
Barclays Group departs 'like a bat out of hell'
Sydney: The U.K. headquartered bank Barclays Group has taken a leaf out of Meatloaf's music heritage and vacated Stockland's share registry with unseemly haste. In a series of transactions over the past 30 days, Barclays 'shot through like a Bondi tram'. The retirement village developer and manager has given no reason for Barclays flight.
Full story in Aged Care Housing Weekly / Fri 24 April 2009 / Subscribe  #99 / 22-04-09
Banker to breathe new life into ailing GPT?
Sydney: Key investors yesterday gave a mixed reception to the long-awaited appointments of a new chairman and chief executive of the embattled GPT Group. The former chief financial officer of St George Bank, Michael Cameron, will step into the chief executive's job vacated by Nic Lyons. Board member Ken Moss has been appointed to the chair for an indefinite term. Full story in Aged Care Housing Weekly / Fri 24 April 2009 / Subscribe  #98 / 22-04-09
Funds dry up for palliative / home carer groups
Brisbane: The depression has cut off the funds path for many palliative care providers. Karuna Hospice in Brisbane, headed by Buddhist nun Yeshe Khadro (YK) has, until now, provided free home palliative nursing and spiritual care. She said the Brisbane service cost $1.8 million a year to run and Queensland Health provides 44 per cent of that amount. The rest has to come from donations or artworks. Full story in Aged Care Housing Weekly / Subscribe  #97 / 20-04-09
Community Housing Group new over 60s force
Melbourne: Australia has a new crew of housing developers. They are the nation's not-for-profit community housing associations. For 20 years they have been quietly increasing their share of the nation's public housing, but they have gained new impetus under the Rudd government's housing initiatives. Community Housing Limited's chief executive, Steve Bevington, has around 2000 houses under management. Fri 24 April 2009 / Subscribe  #96 / 20-04-09
Greedy landlords gouging seniors says AAG
Melbourne: Melbourne is not full of benevolent landlords who take seriously their role in providing a social service, said Doreen Rushby, chairwoman of Housing for the Aged Action Group. "Rather more often we are struggling to find housing for the growing number of older people that cannot afford the outrageous rent hikes now being sought," Ms. Rushby declared. Full story in Aged Care Housing Weekly / Fri 24 April 2009 / Subscribe  #95 / 20-04-09
Becton continues to shed reduced price assets
Melbourne: Becton Property Group has reportedly taken a sizeable loss on the sale of a Box Hill office it bought for $15.7 million in November 2007. An undisclosed private investor is believed to have purchased 19-23 Prospect Street for more than $12.5 million. GormanKelly director Sandro Peluso and agent Vince McQuillen declined to comment on the sale price. Full story in Aged Care Housing Weekly / Fri 24 April 2009 / Subscribe  #94 / 20-04-09
Viculus man spurned over N.T. property deal
Melbourne: It hasn't been the best year so far for Allan Myers Q.C. Viculus has been a cock-up (the Ted sent deal is dead, court action has ensnared the Elms retirement village, and a couple of Viculus entities are in the hands of receivers) and now he's in a legal tussle with a N.T. station shareholder partner, and a Dubai Group opposes the proposed AACo cattle station deal with Myers. Full story in Aged Care Housing Weekly / Subscribe  #93 / 20-04-09
NZ boomers rush to take out more mortgages
Wellington: Credit reporting agency Veda Advantage reveals that mortgage applications from the baby boomer market between 44 and 62 years old are up 45% in March 2009 from March 2008. Veda Advantage New Zealand managing director John Roberts says the statistics show a growing surge of renewed interest in the housing market for the first quarter of 2009. Full story in Aged Care Housing Weekly / Fri 24 April 2009 / Subscribe  #92 / 20-04-09
Resort receivership to stymie retiree village?
Creswick: A $250 million golf resort in Victoria's spa country has been placed in the hands of receivers. KordaMentha has been appointed to take over the Forest Resort in Creswick, near Ballarat, because its owners could not repay the $38 million owed to investors. The move places in jeopardy the plan to build a retirement village on the same site. Full story in Aged Care Housing Weekly / Fri 24 April 2009 / Subscribe  #91 / 18-04-09
Healthcare NZ's 'biggest threat' - OECD
Wellington: Rising healthcare costs pose the biggest threat to the long term sustainability of the New Zealand economy, the OECD says. In its 2009 report on New Zealand the 30-member Organisation for Economic Co-operation and Development paints a fairly downbeat picture of the country's immediate future. About a third of the report is devoted to healthcare. Full story in Aged Care Housing Weekly / Fri 24 April 2009 / Subscribe  #90 / 18-04-09
Retirement costs dip as super plunges
Melbourne: Retirement costs dipped in the December quarter, a new study shows, but at nowhere near the pace of the superannuation values over the same period. A retired couple living 'comfortably' needs to spend $50,414 a year, or 0.3% less than the September quarter, the Westpac-Association of Superfunds of Australia Retirement Standard showed. In the December quarter, the median balanced superannuation funds shed 9.9% of their value.  #89 / 18-04-09
Taxman seeks to wind-up over 50s developer
Christchurch: Inland Revenue is seeking the liquidation of Parkside Construction, a luxury home building company of Christchurch builder Andrew O'Neil. It is his second building company to strike trouble. Parkside Developments was placed in voluntary administration in July last year and nutted out an agreement with creditors for partial repayment over two years. The wind up application will be heard in court on Monday April 27.  #88 / 18-04-09
IMF tips unusually severe world recession
Washington: The International Monetary Fund has warned that the global recession could be "unusually long and severe" as a leading index for the Australian economy fell lower than in the downturn of the early 1990s. In the April World Economic Outlook, the IMF said the recovery from the recession would be sluggish because downturns caused by financial crises are worse than... Full story in Aged Care Housing Weekly / Subscribe  #87 / 18-04-09
Brumby gives VIC councils his 'backhand'
Melbourne: The Brumby Government is preparing to override more local councils in a bid to speed up development projects as it tries to stimulate Victoria's sagging economy. Yesterday's announcement from Planning Minister Justin Madden that he was intervening to accelerate five major projects is unlikely to be the last, with his department already examining other potential sites. Full story in Aged Care Housing Weekly. Subscribe  #86 / 18-04-09
Alarm as Australian wealth goes into freefall
Canberra: Australian wealth held in the form of shares, investments and property is collapsing at the fastest rate on record, shrinking an extraordinary 12 per cent in the past year. Federal Treasury calculations released to economic modellers yesterday suggest that the average Australian lost an inflation-adjusted $26,400 in 2008 - 11.8 per cent of their real wealth. Full story in Aged Care Housing Weekly / Fri 24 April 2009 / Subscribe  #85 / 18-04-09
Becton pays a usurious price to stay alive
Melbourne: The Omanis have been 'promised' a 20 per cent 'rate of return' over the five years of their commitment to the Becton Property Group. And if they don't double their $31m in that time, they are able to opt out of the deal under a buy back guaranteeing them the same minimum rate of return. By way of comparison, Rio Tinto sold bonds this week with a coupon rate of 9.5 per cent. Full story in Aged Care Housing Weekly / Subscribe  #84 / 18-04-09
Administrators call meeting of creditors
Melbourne: The administrator of an aged care nursing home company has called another creditors meeting for April 23. Robyn Erskine and Peter Goodin are the administrators of Kendalle Pty Ltd. The defunct company operated Grandview Gardens Aged Care, Gracedale Manor Aged Care, and Yarra West Aged Care. The company is associated with Millisa Fischer-Massa and Giulino Massa. Full story in Aged Care Housing Weekly / Subscribe  #83 / 18-04-09
Walker says market bottom still 1 year off
Sydney: Billionaire property developer Lang Walker believes the bottom of the market could still be nine to 12 months away and that the remainder of 2009 will be "tricky". But while he expected the economic downturn to last nine months to a year, the lower end of the residential housing market would be the first to emerge from the recession.
Full story in Aged Care Housing Weekly / Fri 24 April 2009 / Subscribe  #82 / 18-04-09
Retirement village lender under pressure
Brisbane: Research house Morningstar has withdrawn its recommendation on the $600 million LM Mortgage Income Fund. LM closed the fund to new applications last month as it started repaying its $150 million line of credit facility with Commonwealth Bank of Australia. Morningstar said LM's approach had never been one of its favoured strategies, noting its exposure to riskier sectors such as construction and pre-developed land. Subscribe  #78 / 15-04-09
Court orders retiree fund to convene meeting
Melbourne: The Victorian Supreme Court has ordered a meeting of the members of Australian Wealth Management Ltd (AUW) to consider "embracing" a scheme of arrangement. The meeting has been set down for April 22 in Ord Minnett's Melbourne office. The AUW board agreed late last year to a merger with IOOF Holdings Ltd, another ASX listed entity. Full story in Aged Care Housing Weekly / Fri 17 April 2009 / Subscribe  #77 / 15-04-09
Reverse mortgage lenders under fire over fee
Melbourne: The National Information Centre on Retirement Investments (NICRI) wants reverse mortgage finance providers compelled to spell out the exact dollar obligations that attach to break fees. "One, three and five year break-fee obligations need to be specified," said NICRI director, Wendy Schilg, "It remains an issue of significant concern." Full story in Aged Care Housing Weekly / Fri 17 April 2009 / Subscribe  #76 / 15-04-09
Unemployment contagion sweeps into care
Melbourne: Australia faces a protracted recession according to a private index of future activity which has slumped to its worst reading in almost 27 years. The annualized growth rate of the Westpac Bank-Melbourne Institute leading index of economic activity sank to -5.1% in February, from an already dire -4.8% in January. A New York hospital/nursing home combo laid off 400 staff today saying the downturn had now reined in healthcare.  #75 / 15-04-09
Aged care facility appeals WorkCover decision
Adelaide: The South Australian WorkCover levy review panel has granted an extension of time for Tickled Pink Aged Care Pty Ltd to challenge the gravitas of the WorkCover claims made by two of its ex-employees. Tickled Pink has been burdened with heavier WorkCover levies as a result of its employees claim history.
Full story in Aged Care Housing Weekly / Fri 17 April 2009 / Subscribe  #74 / 15-04-09
Subsidy mindset shapes bad standards delivery
Canberra: At some point the aged care housing
sector has to start focusing on providing a service that
actually attracts a willing patronage paying a
commercial rate (its a novel idea, but hotels / cruise
ships manage it) instead of being cocooned perennially in
a cost plus hand out mentality.
Full story in Aged Care Housing Weekly / Fri 17 April 2009 / Subscribe  #73 / 14-04-09
Secure care facility for Northern Territory
Darwin: The NT Government today announced that secure care facilities will be established in the Northern Territory for young people and adults with complex needs. Children and Families Minister Malarndirri McCarthy said the facilities were a recommendation from the 2007 audit of client care undertaken by Dr Howard Bath. Ms McCarthy said $13.9 million had been committed in 2009-10 and 2010-11 to construct the stand alone secure care facilities.  #72 / 14-04-09
ING to sell assets to settle Government loan
Sydney: ING, the biggest Dutch financial services firm, plans to raise as much as €8 billion ($A15 billion) selling assets after tapping a government rescue fund last year. ING expected to sell between 10 and 15 businesses "over time and as market conditions permit", leading to proceeds of €6 billion to €8 billion, it said. ING manages the floundering ING Real Estate Community Living Fund (ILF). Full story in Aged Care Housing Weekly / Subscribe  #71 / 14-04-09
Becton gets boost from Middle Eastern oil
Melbourne: Becton Property Group has entered into a $160 million strategic partnership with the Oman Investment Fund. OIF, will own 50 per cent of an Australian retirement villages joint venture and will pay Becton $31.1 million in cash to reduce its debt and provide future development fund. In addition to the retirement alliance JV, OIF will be issued 20.5 million Becton shares, giving it a 9.9 per cent interest in the company. Subscribe  #69 / 14-04-09
Retirement village directors under scrutiny
Melbourne: As a result of a recent legal action, activist shareholders are likely to go to court to try to inspect directors' liability insurance policies, giving them a strategic insight into how much money they could recover in any legal action. In the first ruling of its kind, Federal Court judge Alan Goldberg gave permission for a shareholder to examine a company's directors' and officers' insurance policy...
Fri 17 April 2009 / Subscribe  #67 / 14-04-09
Seniors housing plan for new Melbourne suburb
Melbourne: Melbourne is to get a new suburb, on the banks of the Maribyrnong River just 10 kilometres from the city. The old munitions factory site near Highpoint Shopping Centre in Maribyrnong will be transformed over the next decade into a still-to-be named suburb with about 6000 residents. Cleaning up the 128-hectare is expected to take two to three years. Full story in Aged Care Housing Weekly / Fri 17 April 2009 / Subscribe  #65 / 14-04-09
Aged care investment continues unabated
Canberra: Minister for Ageing Justine Elliot says aged care investment has not stopped. "Construction in the sector is strong with aged care building approvals averaging $100 million a month from July 2007 to December 2008," her spokeswoman said. "No Australian Government has invested more in aged and community care in Australia." said the Federal Minister. Full story in Aged Care Housing Weekly / Fri 17 April 2009 / Subscribe  #64 / 14-04-09
Aged care will sink without help says Liberals
Queensland: The Australian aged care sector needs more federal government funding if it's to stay afloat, the coalition says. Opposition spokeswoman for ageing Margaret May said there was little incentive to invest in an aged care industry that was barely turning a profit. "Aged care providers are making decisions not to build any further aged care facilities because the return on their investment is not there," she said. Fri 17 April 2009 / Subscribe  #63 / 14-04-09
Reverse mortgages to be subject to new laws
Canberra: Federal Cabinet has signed off on two new pieces of legislation to stop predatory lending practices by banks, card providers and finance brokers. The package, to be introduced to Parliament by September, will also cover bank and non-bank home loans. The elderly, more of whom are using reverse mortgages to compensate for shrinking superannuation returns, will also receive new protection.
Fri 17 April 2009 / Subscribe  #62 / 14-04-09
AMA steps into service standards debate
Sydney: Aged care homes should be forced to employ nurses to prevent dangerously sub-standard medical care, the Australian Medical Association said. Peter Ford, who chairs the AMA's committee for healthy ageing, called on the Government to make medical care a condition of accreditation. Dr Ford said it was unacceptable that some homes employed just one nurse to care for up to 120 residents. Fri 17 April 2009 / Subscribe  #61 / 14-04-09
Home prices in staggering 3 months drop
Sydney: Home prices have crashed across the country, with the number of properties sold at auction falling dramatically in the first three months of the year. The Australian Property Monitors group says Sydney and Perth showed the sharpest falls, with average prices dropping by more than $150,000. The average price for all properties sold at auction in Sydney over the first quarter was $616,237, compared with $786,682 in January to March last year. Subscribe  #60 / 14-04-09
Housing construction starts under Rudd's plan
Hobart: The Federal Member for Franklin, Julie Collins MP, and the Tasmanian State Minister for Human Services, Lin Thorp, have today marked the start of social housing construction under the first stage of the Nation Building Economic Stimulus Plan (NBESP). "The $16.1 million will see 65 new social housing units built across Tasmania, the majority of which will be completed and occupied by the end of this year." said Julie Collins. Subscribe  #59 / 14-04-09
Retiree village sales torpedoed by collapse
Auckland: House prices are continuing their downward slide in New Zealand with Auckland driving the slump. Statistics from Quotable Value show a 9.3 per cent decline in national property values in the year to March - worse than the 8.9 per cent decline for the year to February. Valuations spokesman Blue Hancock said the Auckland region, particularly the central city and Manukau, was driving the national decline. Fri 17 April 2009 / Subscribe  #58 / 14-04-09
S.A. budget pledge halts nurses campaign
Adelaide: The Australian Nursing Federation (ANF) has cancelled a strike planned for this week because it has been given a funding guarantee from the South Australian Government. The ANF says more than 5,000 public sector nurses had planned to strike over the Government's failure to deliver on a funding promise it gave two years ago.
Full story in Aged Care Housing Weekly / Fri 17 April 2009 / Subscribe  #57 / 14-04-09
Over 50s housing plan mooted for Darwin
Darwin: Three controversial housing schemes go before the planning authority this week. They involve Territory Housing wanting to build units for seniors in cul-de-sacs in Darwin's northern suburbs. The streets are Brooks PI, Milner; McKay PI, Rapid Creek; and Marshall Ct, Malak. Residents in Brooks and McKay places are protesting about the plans. The Development Consent Authority will consider the proposals today. Fri 17 April 2009 / Subscribe  #56 / 14-04-09
Federal Minister outguns nursing home sector
Canberra: The Rudd Government has got Australian nursing homes resembling Italian tanks. No matter what tactic has been embraced by associations, nursing home groupings or individual operators, each attack has been parried. The Federal Minister for Ageing, Justine Elliot, has been outstanding in the attempted... The full story appears in today’s edition of Aged Care Housing Weekly. Subscribe online now and get edition immediately.  #55 / 9-04-09
Voucher system to kill off half nursing homes
Canberra: Funding could be stripped from aged care homes and vouchers of up to $50,000 handed directly to residents in a radical aged care overhaul being examined by the Federal Government. Under the proposal, vouchers would go directly to seniors and their families, allowing them to decide what sort of care they... The full story appears in today’s edition of Aged Care Housing Weekly. Subscribe online now and get edition immediately.  #54 / 9-04-09
Ryman remains best performed CCRC group
Christchurch: The Christchurch, New Zealand headquartered retirement village developer/manager Ryman Healthcare Ltd (NZE: RYM) remains the best performing entity in the sector in Australasia. The Simon Challies-managed entity told the Securities Exchange this week that it is "continuing to trade well"... The full story appears in today’s edition of Aged Care Housing Weekly. Subscribe online now and get edition immediately.  #53 / 9-04-09
Aged care impresario back in Federal Court
Melbourne: Retirement village developer and fund raiser Richard Beck, was back in the Federal Court of Australia today. The Westpoint matter is still wending its way through the legal system. Justice Finkelstein is hearing the Ann Street Mezzanine Pty Ltd case against the Perth based fund raiser. The case is still bogged down in legal skirmishing and obduracy. Full story in Aged Care Housing Weekly / Fri 10 April 2009 / Subscribe  #52 / 9-04-09
Victorian retirement group to be wound up
Melbourne: An application has been made in the Federal Court of Australia to wind up Victorian Families Retirement & Investment Group Pty Ltd. The plaintiff is the receiver of Storm Financial Limited. The matter has been set down for hearing by Justice Logan in Brisbane on the 23 April 2009. Tucker + Cowen is acting for the plaintiff.
Full story in Aged Care Housing Weekly / Fri 10 April 2009 / Subscribe  #51 / 9-04-09
Retirees exact revenge for income losses
Auckland: Directors of the failed Five Star Group of companies have been banned from corporate life for five years. Peter Barker, the deputy registrar of companies, said Marcus Arthur MacDonald, Nicholas George Kirk and Anthony Walpole Bowden are prohibited from directing or managing companies in New Zealand for five years. Barker found failings to be serious and fundamental. Full story in Aged Care Housing Weekly. Subscribe  #50 / 9-04-09
Melee breaks out at Health Union meeting
Melbourne: Last night, the tension boiled over when violence erupted at a meeting of the Health Services Union's Victoria No. 1 branch at Dallas Brooks Hall in East Melbourne. Police were called to the meeting after punches were thrown between members of rival factions. The meeting was called by Mr Jackson, the branch secretary, and his supporters to discuss the crisis in the union. Full story in Aged Care Housing Weekly. Subscribe  #49 / 9-04-09
Aged care providers going broke, inquiry told
Canberra: A Senate inquiry has been told that aged care providers are going broke and cannot expand because of inadequate federal funding and a lack of credit from the banks. The peak industry body - the Aged Care Alliance - has told Brisbane hearings into Residential and Community Aged Care that there has been a record number of insolvencies in the sector. Full story in Aged Care Housing Weekly / Fri 10 April 2009 / Subscribe  #48 / 8-04-09
Land banks to lose up to 75 per cent of value?
Sydney: "Englobo land will have fallen by 60 to 75 per cent by the time this correction is over," says LandMark White chief executive Brad Piltz. CB Richard Ellis's Kevin Stanley estimates the peak-to-trough decline in values could reach 40 per cent. He said the softening in yields was only halfway through and that by the time yields reached their peak, they alone would have counted for a 30 per cent decline in capital value peak to trough. Subscribe  #47 / 8-04-09
Seniors housing REIT values to fall further
Sydney: Property values are only halfway to the bottom and when the dust clears there will be as few as six listed property trusts left. KordaMentha managing partner Berrick Wilson said the question was "who will survive and how". McGrath Nicol's Tony McGrath said the size and the extent of problems were on such a scale that there was little desire to allow the market to find its natural floor. "There will be A-REIT bailouts on a major scale."  #46 / 8-04-09
Health Services Union official under scrutiny
Sydney: A federal Labor MP and former union chief is facing allegations that his union credit cards were used to pay for escort services and to withdraw more than $100,000 in cash. Craig Thomson, 44, is a former national secretary of the Health Services Union, officials of which had made the allegations. The allegations are outlined in a letter written by HSU national secretary Kathy Jackson in January to law firm Slater and Gordon. Subscribe  #45 / 8-04-09
Retiree village lender late with repayment
Surfers Paradise: The auditors of Gold Coast-based LM Investment Management's $642 million flagship mortgage fund have highlighted the vehicle's financing arrangements as it fights to pay back a $150 million bank facility by the end of July. The fund, which was closed to new investment, is on a tight installment plan to pay back Commonwealth Bank. But it missed the first payment, due at the end of February, triggering higher interest rates. Subscribe  #44 / 7-04-09
SCV Group puts brake under cash burn rate
Maroochydore: SCV Group has managed to put a stop to its cash burn rate in February. The seniors rental housing manager only dropped $2000. It has reserves of $193,000, but all its financing facilities are fully drawn. SCV Group is liquidating its property holdings and repatriating the funds to its bankers. NAB has extended its SCV loan until 30 June 2009. Full story in Aged Care Housing Weekly / Fri 10 April 2009 / Subscribe  #43 / 7-04-09
ANZ banker takes shot at property developers
Melbourne: Outgoing deputy chief executive of ANZ, Bob Edgar, has warned that the nation's troubled property market has reached an inflection point and that while credit is still available for the right deal, property developers must temper their forecasts to the harsher realities of the global economic crisis. "Can you tell me when property developers were happy with the amount of finance they were getting from the banks or anybody else?" Dr. Edgar said.  #42 / 7-04-09
Abacus to target over 60s for mall housing
Sydney: Abacus Property Group has gained development approval from the NSW Land and Environment Court to expand its Ashfield Mall property in Sydney. The expansion will include 2800 sq m of retail space, 860 sq m of commercial space, 16 serviced apartments, a child-care centre and a new residential complex with 116 apartments and 12 town houses. Westfield is also targetting over 60s for its shopping mall/residential development in Melbourne.  #41 / 7-04-09
Australian economy to turn down again
Canberra: The bear market rally is about to tank. The G20 talkfest agreed nothing substantive, the fiscal stimulus will be saved, bank executives are openly savaging developers, commodity price contracts will shed 40/50 per cent, unemployment will rise to 10/12 per cent, property prices will fall after July, 64 per cent of firms expect profits to fall and 57 per cent expect to report March Quarter sales falls. The ASX all ords will go down to 2900.  #40 / 7-04-09
Court case set to absorb aged care provider
Melbourne: Aged and Community Care Victoria Limited has finally got its dispute with the Phillip Island domiciled Warley Hospital Incorporated into the Victorian Supreme Court. The matter came before Associate Justice Evans in Court 2 yesterday. The same judge is also hearing the Director of Housing v Beddoes case.
Full story in Aged Care Housing Weekly / Fri 10 April 2009 / Subscribe  #39 / 7-04-09
New aged care housing projects to be culled?
Melbourne: The increasing moves to curb property lending will have serious consequences for greenfields projects and put added pressure on the federal government's Australian Business Investment Partnership, also known as RuddBank, to support lenders and industry participants. Westpac CEO Gail Kelly said 'we're not looking to bring on any more property exposure'. Full story in Aged Care Housing Weekly. Subscribe  #38 / 7-04-09
Aged care hostel saved from arsonist's act
Perth: Firefighters saved an aged care hostel and several homes in Perth as they fought a deliberately lit fire and a nearby suspicious blaze. The late-season fires broke out 18 minutes apart and about 15km from each other in the city's southwestern suburbs of Southern River and Byford. Fire authorities said the Byford fire was started by an arsonist. Full story in Aged Care Housing Weekly / Fri 10 April 2009 / Subscribe  #37 / 6-04-09
Justice Kenny hears pair in Federal Court
Melbourne: The explosive row in the Health Services Union, which has been referred to police, could reshape the delicate balance of power in Victorian Labor politics. The committee of management of the union's No 1 branch, controlled by president Pauline Fegan, has moved to strip secretary Jeff Jackson of the ability to appoint delegates to the ALP's state conference. Full story in Aged Care Housing Weekly / Fri 10 April 2009 / Subscribe  #36 / 6-04-09
Two charities squabble over aged care spoils
Brisbane: One of Australia's leading community care providers has claimed it will have to close down facilities, relocate hundreds of sick and elderly people and spend tens of millions of dollars if it loses court action brought by the St Vincent de Paul Society over the ownership of more than $200m in assets. The dispute is being fought in the Queensland Supreme Court between Ozcare, a taxpayer-funded charity, and St Vincent de Paul.  #35 / 6-04-09
RSL merger to trigger new nursing home
Melbourne: The coalition of the Dandenong and Cranbourne Returned Services Leagues (RSL) clubs in Melbourne will hasten the redevelopment of the lawn bowls and tennis site in Edith Street into a low cost social housing complex for 92 elderly citizens. The developers are obliged to house 30 RSL residents currently ensconced at the Thuruna site. Full story in Aged Care Housing Weekly / Fri 10 April 2009 / Subscribe  #34 / 6-04-09
Seniors apartments catch on at Westfield
Melbourne: Global retail giant Westfield Group is taking a bold step into the residential landscape with a $40 million proposal to build 185 apartments on land next to its Doncaster shopping centre in Melbourne.
The move reflects an emerging trend away from big, single-use retail assets towards a "town centre" approach.
Full story in Aged Care Housing Weekly / Fri 10 April 2009 / Subscribe  #33 / 6-04-09
Models aim to deliver affordable housing
Sydney: Pushing capital city boundaries further out for the sake of affordable housing is a "false economy", according to the Lord Mayor of Sydney, Clover Moore. She said the growing urban sprawl was "bad for the economy, bad for the environment and creates social inequities where low-income earners/seniors are forced to the edges of our cities and denied the benefits of living close to employment and services". Subscribe  #32 / 6-04-09
Work starts on Torquay retirement village
Torquay: Work has started on Kithbrook Park, a $90 million over-55s community, three kilometres west from central Torquay. The 20-hectare project is being developed on former farmland at 460 Grossmans Road. Project manager Rina Neustroski said 112 units within the first stage of the development had sold with about 50 per cent of buyers coming from the Surf Coast area. Full story in Aged Care Housing Weekly Subscribe  #31 / 6-04-09
$10m respite project in jeopardy?
Melbourne: The vision for a $10m respite centre at Point Nepean, financed by philanthropist/transport tycoon Peter Gunn, is unraveling. A state/federal squabble over money has stalled the transfer of the 90 hectare bayside site to Victoria. Mr. Gunn wants to build a respite facility for lower income families caring for the disabled.
Full story in Aged Care Housing Weekly / Fri 10 April 2009 / Subscribe  #30 / 6-04-09
Test case loss hits village investors
Melbourne: Nearly 80 investors lost their argument against the Australian Taxation Office over tax deductions totaling millions of dollars for investments in a retirement village scheme. The full Federal Court decided in favour of the ATO on Thursday, overturning an earlier decision. The decision in the test case involves Nine Network presenter Lisa Wilkinson and her husband, writer Peter Fitzsimons. Subscribe  #29 / 6-04-09
Retirement village lender in court appeal
Wellington: A finance company has argued it didn't know seven elderly tenants living in a defaulted property it took had signed leases to stay until their deaths. Lawyer for Cashmere Capital Ltd, Greg Hair appealed a High Court ruling made last November in the Court of Appeal in Wellington today. The previous ruling allowed the residents to stay in their rooms in the converted motel. Full story in Aged Care Housing Weekly / Subscribe  #28 / 2-04-09
Retirement village contractor sheds staff
Melbourne: Programmed Maintenance Services has cut its forecast earnings for fiscal 2009 and shed staff to cope with the economic downturn. The company said it had made an unspecified number of staff redundant because of lower demand for services and the amalgamation of some divisional activities and functions. Programmed has downgraded its forecast earnings for the 12 months to March 31 from $74m to $70m-$71m. Subscribe  #27 / 2-04-09
Fig Tree issues disingenuous press release
Brisbane: The Fig Tree Developments Ltd (FTD) company secretary Robert Dubery has issued a disingenuous ASX announcement claiming FTD will not be required to contribute to any payment to its disaffected shareholders pursuant to the settlement of their $30m claim. That statement implies the FTD balance sheet has escaped scotfree. What a load of self-serving, self-deluded poppycock. Fri 3 April 2009 / Subscribe  #26 / 2-04-09
Seniors housing provider to be wound-up?
Dubbo: A seniors housing provider based in Dubbo is facing being wound-up via a NSW Supreme Court order.
The Central Darling Shire Council is petitioning the court to have the Nyampa Aboriginal Housing Company Ltd closed down. The application is due to be heard on April 14. The council is being represented by Andries Gerrit Boog.
Full story in Aged Care Housing Weekly / Fri 3 April 2009 / Subscribe  #25 / 2-04-09
GPT caught up in $100m class action
Sydney: Disgruntled shareholders are preparing to seek damages of at least $100m of GPT Group over misleading earnings guidance provided last year. Legal firm Slater & Gordon is handling the class action, which it expects to file in the Federal Court in Melbourne later this month. The case is another potential liability for GPT, whose partly owned wholesale funds already faces paying the Besen family retail dynasty more than $200m. Subscribe  #24 / 2-04-09
CapitaLand to takeover retiree village player
Melbourne: Asian property group CapitaLand is believed to be investigating privatising Australian-listed property group Australand ahead of a debt repayment due in June, sources in Singapore said. CapitaLand, which already owns 59.3 per cent of the Australian developer, has a war chest of S$6 billion ($5.7 billion) following last week's S$1.84 billion capital raising. Full story in Aged Care Housing Weekly / Fri 3 April 2009 / Subscribe  #23 / 2-04-09
Fatal crash in 'safe' retiree village car park
Toowoomba: The operator of Darling Downs' retirement village where a woman was killed in a car crash says the area is not a hazard to drivers or pedestrians. A car being driven by an 86-year-old woman crashed through the wall of a building at the Village on the Downs centre in Toowoomba. A 71-year-old woman was killed and six others were injured. Company secretary Leon Stephan says the crash happened in a new car park. Fri 3 April 2009 / Subscribe  #22 / 2-04-09
Impresario still locked in litigation
Perth: Attempts to wind up a company linked to the collapsed Westpoint Group have hit a snag, with Westpoint founder Norm Carey seeking to disqualify a Federal Court judge. The company filed a motion to disqualify the judge, John Gilmour, from hearing the case. Lawyer Arthur Metaxas told the court on Monday the judge had acted in previous legal proceedings against Mr. Carey or his family. Justice Gilmour has reserved his decision. Subscribe  #21 / 2-04-09
Fig Tree hangs on to solvency by a thread
Brisbane: Founding Village Life directors John Krimmer and Tony Roberts have agreed to extend the term of their $3m loan to Fig Tree Developments Ltd until 30 June 2009.
Fig Tree was unable to repay any part of it on April 1, despite receiving a substantial tax refund. Fig Tree is facing shareholder damages claim and lawsuit from Prime Trust.
Full story in Aged Care Housing Weekly / Fri 3 Apr 2009 / Subscribe  #20 / 2-04-09
Super funds bury losses in small print
Canberra: Super savers who have lost up to 50 per cent of their retirement nest eggs in the stockmarket rout may see their poor annual results only in fine print when they get their returns this year. Superannuation Minister Nick Sherry wants funds to report five and 10-year results "prominently", as a way to educate fund members that super is a long-term investment. Full story in Aged Care Housing Weekly / Fri 3 April 2009 / Subscribe  #19 / 2-04-09
Health Services Union under police scrutiny
Melbourne: A key ALP-affiliated union has exploded into internal acrimony, with the police called in to investigate claims of unauthorised spending and questionable tendering involving hundreds of thousands of dollars of members money. An audit into the affairs of the Health Services Union's No. 1 branch in Victoria has raised queries about finances as well as a $5000 payment to an employee and ALP identity while she was in the US. Subscribe  #18 / 2-04-09
Senior executive quits Lend Lease Primelife
Melbourne: Ms. Simone Lander has resigned her company secretary role on the Lend Lease Primelife Limited (LLP) board, and vacated a similiar position at Lend Lease Villages Responsible Entity Limited. No reason was given for the resignation. Lend Lease has shed over $100m in its Australasian retirement village / aged care play for the Babcock + Brown communities entity. The LLP share price is currently trading Circa 11c-12c. Subscribe  #16 / 1-04-09
Retirement park developer raises new equity
Perth: Peet, Australia's third-largest listed land developer, will raise up to $81.5 million in new equity to cut debt and strengthen is balance sheet. The group has launched a 1-for-3 accelerated non-renounceable entitlement offer at a price of $1.10 a share. Chief executive Brendan Gore said the raising would reduce net debt - from 45 per cent to around 33 per cent. Full story in Aged Care Housing Weekly / Fri 3 Apr 2009 / Subscribe  #15 / 1-04-09
Metlifecare $37.8m raising oversubscribed
Wellington: Retirement village operator Metlifecare has raised the $37.8 million expected through the issue of 35 million ordinary shares to pay down debt. Metlifecare, which posted a $61.9 million interim loss, said the shares represented 40 per cent of the ordinary shares already on issue. The right issue, in which major shareholders participated, closed oversubscribed by 0.5 per cent, chairman Jim McLay said. Fri 3 April 2009 / Subscribe  #14 / 1-04-09
Govt. plans inflation bonds for retirees
Canberra: The Government is expected to issue special long-term investment bonds with returns linked to inflation to help self-funded retirees avoid a repeat of the superannuation calamity caused by the global financial crisis. The Government bonds proposal initiative will form part of a package of retirement income reforms to be unveiled in next month's budget in response to the Henry Tax Review. Fri 3 April 2009 / Subscribe  #13 / 1-04-09
Charities win bulk of new housing tenders
Canberra: Charities have beaten the private and public sectors in their bids for a share of the Rudd Government's $623 million fund to build cheap rental accommodation for those on low incomes. The list of successful tenderers for the scheme's first round shows that not-for-profit operators such as Community Housing Ltd, BlueCHP Ltd and the Gold Coast Housing Company Ltd have secured some of the largest subsidies. Subscribe  #12 / 1-04-09
Cash access diminished as banks decamp
Sydney: Dexia SA, Bank of Tokyo Mitsubishi, BOS International, ING and Merril Lynch have been named as some of 23 foreign banks that are withdrawing or have signalled plans to scale back their commercial property lending in Australia. The property Council of Australia has warned there is "clear evidence that foreign financiers are leaving the Australian market at an accelerating pace".
Fri 3 Apr 2009 / Subscribe  #10 / 1-04-09
Abbott does backflip over pension rise
Canberra: Coalition community services spokesman Tony Abbott has changed his tune on social welfare, saying it would be hard for the Government to "begrudge" disability support pensioners and carers an increase in the May budget. He has warned that the financial consequences of the budget would be horrendous but carers, disability support pensioners and veterans have been guaranteed increases in their fortnightly payments. Subscribe  #7 / 1-04-09
Retiree village deal headed for SA court
Adelaide: The fate of a $40 million retirement village at Bellevue Heights will be decided in court after Mitcham Council rejected the proposal, saying it would be a "serious over-development" of the site.
The Council's development assessment panel (DAP) refused plans to build 74 units at the former ECH nursing home on Eve Rd, this week. Full story in Aged Care Housing Weekly / Fri 13 Mar 2009 / Subscribe  #6 / 11-03-09
Single aged care rooms too dear
Melbourne: Baby boomers want only the best for their elderly parents when it comes to nursing home care, and that means a single room with ensuite in a modern facility. Older homes with 3/4 beds to a room are falling out of favour. While consumer demand and government regulations are driving the new standard, operators say single-room facilities are too expensive to build. Full story in Aged Care Housing Weekly / Fri 13 Mar 2009 / Subscribe  #5 / 9-03-09
Foundations of DMF under corrosive attack
Melbourne: The announcement that a Korean investment entity is to build a Vertical Continuous Care Retirement Community (CCRC) in Australia without a "Deferred Management Fee (DMF)" platform is yet another example of why Lend Lease Primelife C.E.O. Rod Fehring is wrong in his assertion that the fundamentals applying to the retirement market remain sound. Full story in Aged Care Housing Weekly / Fri 6 Mar 2009 / Subscribe  #4 / 5-03-09
Demise of ING Seniors Housing Fund closer
Sydney: ING Real Estate Community Living Group (ILF) is on 'commercial death row'.
Its securities price dipped as low as 2.7 cents this week, a lender has demanded the repayment of $23.9 million within the next 90 days, it has shed what assets it can for a nominal amount and it is eating up its remaining cash sitting still. Full story in Aged Care Housing Weekly / Fri 6 Mar 2009 / Subscribe  #3 / 5-03-09
Koreans launch $220m retiree tower
Southport: A South Korea based development group has launched to the market its $220 million Victoria Towers project at Southport. City Plan Partners, headed by Carl Lee, has appointed Ray White Surfers Paradise Group to market the 35-level over 50s project. Mr Lee said the Gold Coast was one of the safest property markets anywhere in the world. Full story in Aged Care Housing Weekly / Fri 6 Mar 2009 / Subscribe  #2 / 4-03-09
Ocean Grove village plans dusted off
Ocean Grove: Plans for an environmentally sustainable village with man-made lakes, a new school and a retirement village have been revived for a 186 ha piece of Ocean Grove, about a 100 kilometres drive south-west of Melbourne. Kingston Downs Estate North is the second major residential redevelopment proposed around the coastal township recently.Full story in Aged Care Housing Weekly / Fri 6 Mar 2009 / Subscribe  #1 / 2-03-09