Research - Budgets | Research

In 2022, 2023 and now in 2024, the Retirement Village Residents Association (RVRA) has developed and distributed a survey on the Asset Management Plans and Village Budgets...

RVRA 2024 Budget & Asset Management Plan Survey REPORT

The Survey covered 545 respondents from 166 different villages from all over NSW and many took the time to comment on their village’s experiences with the 2024/25 Budget and Asset Management Plan, giving us a unique insight into the concerns of Retirement Village residents.

Data from the Survey will provide guidance for future RVRA discussions and submissions with various NSW bodies in relation to Retirement Village legislation.

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T: 1300 787 213 | E: admin@rvra.org.au | W: https://www.rvra.org.au
PO Box 3349 Asquith NSW 2077
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RVRA Retirement Village Budget and Asset Management Plan Survey 2024
In our August 2024 online news bulletin, the RVRA requested members to complete our
confidential and anonymous survey about Village Budgets and Asset Management Plans (AMP).
The Survey closed on 27th September.
We present here this year’s findings which have been determined through a quantitative analysis of
the data from respondents for all questions and a qualitative analysis of the open- ended comments
for three of the questions.
These comments provide us with information about attitudes to the 2024/25 budget and the Asset
Management Plan. The use of open-ended comments in surveys provides valuable qualitative data
where the respondent is not limited to a set of options which are open to statistical analysis. These
comments require some interpretation. For this analysis we considered the attitude expressed by
each comment as positive, neutral, negative, and very negative.
As this is our third annual Budget and AMP Survey, we have also included some limited comments
on trends. We also note that some questions resulted in non-relevant responses. A note on the
relevance of the findings is appended.
Survey Findings
General Information (Questions 1 and 2)
• The total number of surveys completed by 27-9-24 = 545, which is an 11% decrease in
respondents over last year. NB – not all respondents completed every question.
• Results were from 166 different villages and 133 postcodes in NSW from 2011 Elizabeth Bay
to 2830 Dubbo area.
• Multiple (2 or more) respondents replied from 81 villages. We have provided additional data
on a per village basis by removing multiple responses from villages, where possible (see
boxes).

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What is an asset management plan?

Source - NSW Fair Trading

An asset management plan documents the costs of purchase, and ongoing maintenance, repairs and replacement of a retirement village’s major items of capital, including shared major items of capital.

The plan must include the following content:

an asset register of the village’s major items of capital, including information about the effective life of items of capital and
a maintenance schedule of the village’s major items of capital, including information about capital replacement, and
operators must also prepare a three-year report for capital maintenance extracted from the asset management plan to inform expenditure for the annual budget.

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