The ABS today released its , revealing that the fastest growing cohort of Australians is the 75-79-year-old age bracket.
RLC Executive Director Daniel Gannon said all levels of government can no longer delay the attention required to address the housing needs of an ageing population, with planning systems currently a major hurdle.
“With an annual growth rate of 6.55 per cent, the 75-79-year-old age group significantly out paces all other demographics with an average overall growth rate of 2.46 per cent,” Mr Gannon said.
“Despite a willingness from operators to develop more age-friendly communities to help accommodate Australia’s ageing population, they continue to face unnecessary barriers from the same governments crying out for more housing supply.
“We now know that 67 per cent of retirement village development applications take more than 365 days to complete assessment, while 23 per cent take more than 730 days. This is alarming and unacceptable at a time when we need more supply.
“More red tape and complexity in planning systems won’t help build the homes required to appropriately accommodate the demographic ‘silver tsunami’ we are facing,” he said.
Mr Gannon said governments need to better understand the potential upside of injecting more age-friendly housing supply into the market.
“Hospital beds across the country are full, ambulances are ramping in most capital cities, aged care facilities are at capacity and most retirement villages have lengthy waiting lists,” Mr Gannon said.
“Governments should be throwing the kitchen sink at unleashing more retirement villages given they are proven to keep people healthier and happier for longer,” he said.
Research released last year shows that retirement village residents are 41 per cent happier, 19 per cent less likely to require hospitalisation after only nine months, 15 per cent more physically active, five times more socially active, twice as likely to catch up with family or friends and have reduced levels of depression and loneliness.
“As a consequence, these communities are minimising the interactions older Australians have with GPs and hospitals, while importantly delaying entry into taxpayer funded aged care and saving the government $945 million annually as a result,” Mr Gannon said.
“The added bonus is that when older Australians ‘rightsize’ into a retirement village, it frees up important supply in the housing market for young couples and families,” he said.
RLC policy recommendations to streamline planning systems across the country include:
- Establishing minimum land allocations for the development of retirement communities in under-supplied areas.
- Significant zoning or development bonuses should be offered to incentivise the development of retirement villages, akin to those given to social and affordable housing.
- State governments to establish clear policies for increasing age-friendly developments through the introduction of targets in strategic regional and metropolitan plans.
- Planning authorities should work with industry to identify high-need locations and ageing hot spots.
