Latest news with #LifestyleCommunities
ABC News
09-07-2025
- Business
- ABC News
Residents of over-50s estates win case against exit fees
In Victoria there's been a huge legal win against the odds. Eighty-three people living in over-50s estates in Melbourne have taken on the ASX-listed company Lifestyle Communities, accusing it of charging exorbitant exit fees when they move out. This week they won their case, a Victorian tribunal ordering the company to stop the practice. The decision will impact thousands. Justice Ted Woodward also heard that some families had been forced to continue paying rent for their relatives after they had died. Investigative reporter Adele Ferguson exposed the practice on 7.30 last year.
Perth Now
09-07-2025
- Business
- Perth Now
Australian shares dip as Trump's tariffs target copper
The Australia share market has lost ground as Donald Trump expands his trade war with steep new tariffs on copper and pharmaceuticals. At midday on Wednesday, the benchmark S&P/ASX200 index was down 27.2 points, or 0.32 per cent, to 8,565.3, while the broader All Ordinaries lost 25.5 points, or 0.29 per cent, to 8,803.2. Overnight, the US president said drug manufacturers would be given a year or so to move manufacturing to the US, otherwise they would "tariffed at a very, very high rate, like 200 per cent". Mr Trump also flagged the White House would be imposing 50 per cent tariffs on copper, which Commerce Secretary Howard Lutnick said could begin at the end of July or start of August. Copper prices surged after the comments, ending the trading day up 13.1 per cent for their strongest one-day gain since 1989. Australia is a major copper producer but exports very little to the United States, with most going to China and other Asian-Pacific countries. The US gets most of its copper from Chile. "The idea is to bring copper home, bring copper production home," Mr Lutnick said later on CNBC. IG analyst Tony Sycamore said that encouraging domestic copper production was a challenging objective given the complexities of relocating a copper mine. At midday, seven of the ASX's 11 sectors were lower, with financials flat and energy, consumer discretionary and utility shares collectively higher. The materials sector was down 0.6 per cent, with the iron ore giants higher and goldminers down as the price of the yellow metal dropped to a one-week low of $US3,310 an ounce. BHP was up 0.4 per cent, Fortescue had added 0.7 per cent and Rio Tinto had advanced 0.6 per cent, while Northern Star was down 4.1 per cent, Evolution had retreated 8.8 per cent and West African Resources dropping 4.6 per cent. Sandfire Resources, the largest copper-focused miner on the ASX, was down 3.8 per cent, while Capstone Copper Corp had retreated 2.9 per cent. In the energy sector, uranium explorers and producers were under pressure, with Bannerman Energy falling 7.9 per cent and Deep Yellow retreating 7.1 per cent. In the financial sector, the big four banks were mostly higher. Westpac had added 0.8 per cent, ANZ was up 0.2 per cent and NAB had advanced 0.4 per cent. CBA was the outlier, dropping 0.2 per cent. In real estate, Lifestyle Communities had plunged 36.2 per cent to an eight-year low of $4.495 after a Victorian tribunal found the land lease operator breached the state's tenancy laws by charging residents significant exit fees without properly disclosing them. Lifestyle Communities said it relied on legal advice when drafting the contracts, was disappointed with the outcome and intended to appeal. In health care, Telix Pharmaceuticals was up 6.6 per cent after its prostate cancer imaging agent was granted a permanent insurance code by the US Medicare and Medicaid system. The Australian dollar was buying 65.20 US cents, from 65.43 US cents at close of business on Tuesday.
Bloomberg
09-07-2025
- Business
- Bloomberg
Australian Over-50s Village Operator's Stock Drops on Fee Ruling
Lifestyle Communities Ltd. shares tumbled the most in 16 years after an Australian state tribunal ruled that some of the retirement village operator's exit fee agreements should be scrapped. The stock plunged as much as 42%, the most since January 2009, after the Victorian Civil and Administrative Tribunal found that some of the company's deferred management fees, also known as exit fees, should be declared void. The company plans to appeal the decision, it said in an exchange statement Tuesday.
AU Financial Review
09-07-2025
- Business
- AU Financial Review
Lifestyle Communities shares plunge after tribunal ruling
ASX-listed retirement living operator Lifestyle Communities' shares tumbled as much as 41 per cent on Wednesday morning after a Victorian tribunal ruled that the lucrative exit fees the business charged to departing residents were invalid. The company had paused trading on Monday ahead of the Victorian Civil and Administrative Tribunal decision, which found that Lifestyle Communities had breached tenancy laws by failing to clearly disclose deferred management fees in its residential site agreements.
ABC News
08-07-2025
- Business
- ABC News
Lifestyle Communities appeals exit fee ruling
Land lease operator Lifestyle Communities has announced it will appeal a landmark legal victory by residents who accused the company of charging hefty exit fees, as well as continuing to charge fees after residents died. The victory was handed to more than 80 residents of a retirement community in Wollert, in Melbourne's outer north. Guest: Sam Hooper, SC Sam Hooper, SC Producer: Eddy Diamond Lifestyle Communities statement: Lifestyle Communities CEO Henry Ruiz said the company takes its compliance obligations very seriously and has sought legal advice at various stages of its history to ensure contracts are compliant with all relevant legislation. He said the company was disappointed with the outcome. Full statement here.
