MacroPlan’s Senior’s and Ageing in South East Queensland Workshop, hosted by Grant Thornton Australia last Wednesday was a sold out event with over 100 clients and colleagues from the property and aged care industry. Attendees heard from, Ross Elliott - Senior Business Advisor from MacroPlan, Darrel Price – Head of Corporate Finance from Grant Thornton Australia and Alison Quinn – CEO from RetireAustralia, who delivered engaging presentations that included a mix of statistical content and narrative to give guests an understanding of the future of the retirement market. First speaker Ross Elliot identified demographics which characterise the retirement market, specifically low average incomes and wealth levels. With rising life expectancy and declining percentage of life spent at work (50% for a male born in 2000 compared to 69% for a male born in 1950), it is becoming more and more difficult, and even unrealistic, for the average person to retire comfortably. One of the more surprising points raised was; the poverty rate of retirees across Australia, which is higher than many developed countries, and even developing countries such as Mexico.
Darrell Price explored the megatrends facing the retirement property market, including increasing cost pressure on Government support, the prediction of a disaggregation between aged accommodation and aged care, and the need to increase the density of retirement and aged care accommodation. Price emphasised the opportunities and challenges that could arise from the increasing penetration rate of retirement living, including the potential market for high density retirement accommodation within CBD locations across Australia, and the interstate movement from NSW and VIC towards South East Queensland.
Alison Quinn of RetireAustralia rounded out the afternoon’s content by presenting her extensive knowledge of the retirement sector. She emphasised the capacity of QLD and Australian residents to engage in retirement and aged care accommodation products, and the need to innovate aged care products and widen the options available in order to better fulfil consumers’ aged care needs. Allison explored the rise of decentralised, consumer directed care, which is expected to create more tailored solutions for home and aged care services, as well as placing significant downward pressure on profit margins for aged care providers. She also discussed the blurring of retirement market product categories (I.e. retirement villages, home care and residential aged care), and the distinct undersupply of retirement and aged care accommodation in the marketplace, due to upward pressure on land prices from developers of other, more profitable land uses such as residential development.
Once the workshop had concluded, guests enjoyed the opportunity to network with other attendees.
MacroPlan thanks Grant Thornton for hosting the seminar and for their ongoing support across a range of MacroPlan event initiatives.
Click here to download a copy of MacroPlan’s SEQ Retirement Workshop presentations.