COTA Australia is urging immediate action from Federal, State, and Territory governments to standardise Power of Attorney laws following a revealing report by the Age Discrimination Commissioner. The report, "Empowering Futures: A national survey on the understanding and use of financial enduring powers of attorney," exposes critical gaps in Australians' comprehension of Power of Attorney laws, leaving many vulnerable to financial elder abuse.
Patricia Sparrow, Chief Executive Officer of COTA Australia, underscored the urgency for legislative reform: "This report lays bare the severe shortcomings in our system that imperil the financial security and decision-making autonomy of older Australians."
"The patchwork of laws across states and territories is a major roadblock to comprehensively safeguarding against elder abuse. We desperately need clear, consistent legislation, and a national register, to shield older people from financial exploitation."
The report's findings are alarming: only half of those with a financial enduring power of attorney sought professional advice before implementation, and a staggering 37% granted this power to individuals with known risk factors for perpetrating elder abuse highlighting the need for Governments to invest in awareness and education.
"We've long advocated for reform in this area, and this report from the Age Discrimination Commissioner reinforces the critical need for change," Sparrow emphasised.
Key recommendations include urgent reforms to achieve national consistency in these laws, enhancing both understanding and enforcement. The report also stresses the need for bolstered community awareness and standardised educational initiatives about financial enduring powers of attorney, equipping Australians for more effective future planning.
Sparrow concluded, "The facts are clear: widespread inconsistencies and knowledge gaps are jeopardising the safety and autonomy of older Australians. It's crucial we address these issues through comprehensive legal reform which should be a critical discussion point at the next Standing Council of Attorneys-General."
