The great retirement rort

Australians get ripped off while saving for retirement just to get scalped by retirement villages when they finally get there. Tackling this racket is the government's chance to redeem itself following its lacklustre performance over the CBA scandal.

If the government is looking for a way to redeem itself in the eyes of the nation’s ripped-off retirees after the CBA financial planning fiasco and its pro-bank FoFA amendments, I have just the answer: the scandal that is retirement villages.

The way most of these things operate is as crooked as bank-owned financial planning and property spruiking. In fact retirement villages and aged care accommodation are the progeny of the worst of both.

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