In the media – National
REIA: Housing affordability improves on the back of
falling interest rates
The Real Estate Institute of Australia (REIA) says that in the
first quarter of 2015, housing affordability in Australia improved,
however affordability is still worse compared to the same time last
year (03 June 2015).
More...
Property now Australia's biggest
industry
The property industry has almost doubled its contribution to
Australian GDP in the last decade and now has the economy's
largest footprint, finds new research from AEC Group (02 June
2015).
More...
Real estate agents and lawyers vulnerable to money
laundering risk
AUSTRAC has released two new reports to help Australian businesses
identify money laundering methodologies used through real estate
agents and lawyers (02 June 2015).
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Unfair NBN Charges to Hit New Home Buyers
The Urban Development Institute of Australia (UDIA) has strongly
criticised the Government's new NBN Greenfields policy, which
will burden new home buyers with the cost of building the NBN,
whilst existing households continue to get it for free (28 May
2015). More...
Telecommunications in new developments – a new
approach to competition
The Minister for Communications, has released the Government's
new policy for the provision of telecommunications infrastructure
in new real estate developments. People buying property in new
developments can also foster better outcomes by checking developers
have arranged for quality telecommunications before buying (27 May
2015).
More...
Investment in our cities is mission critical, says
GBCA
The latest audit underscores the importance of making our cities
work – with cities expected to contribute $1.6 trillion to
the economy by 2031 (25 May 2015).
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In the media – Victoria
Community Has A Say In Better Apartment
Design
Victorians are invited to contribute to the state's first-ever
discussion into future apartment design, as part of the Andrews
Labor Government's consultation into apartment living (30 May
2015).
More...
Metropolitan Planning Levy commences 1 July
2015
From 1 July 2015, all planning permit applications for projects in
metropolitan Melbourne with an estimated development (construction)
cost of more than $1 million will be levied $1.30 for each $1000 of
the estimated development cost (29 May 2015).
More...
Victorian Government reverses real estate licensing
decision
Earlier this week, the Minister for Small Business, Jane Garrett,
reversed the Regulation made by the previous Government to exempt
'large property owners' from regulation under the
Estate Agents Act (28 May 2015).
More...
Win for Victorian home buyers
The Victorian Government has agreed to exempt Australian
developers with foreign ownership from the new stamp duty surcharge
on foreign investment, saving future homebuyers thousands of
dollars (26 May 2015).
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In the media – New South Wales
NSW achieves highest housing approvals in 20
years
Planning Minister Rob Stokes welcomed new Australian Bureau of
Statistics figures showing housing approvals in the 12 months to
April 2015 are at their highest in two decades. This month's
approvals are up 32 per cent when compared to the monthly average
over the last five years (01 June 2015).
More...
Sydney light rail on the way
Construction on Sydney's light rail begins in less than four
months with a plan established for minimal disruption to commuters,
motorists and businesses (28 June 2015). More...
Sky's now the limit for Parramatta
Building
The landmark Aspire Tower development in Parramatta is another
step closer after the NSW Government approved building height
limits being removed for the site. The decision follows a request
from Parramatta City Council, and will support the creation of the
new tower which is expected to reach 306m in height and contain up
to 90 storeys (25 May 2015).
More...
In the media – Queensland
Gladstone port master plan sets the
standard
Public consultation begins this week on an initiative that will
drive economic development in and around Gladstone's port and
protect the Great Barrier Reef (09 June 2015).
More...
Queensland Government reportedly strikes deal to
facilitate $2 billion IFED irrigated agriculture
project
The investors behind the $2 billion Integrated Food and Energy
Development (IFED) project said they had agreed on a memorandum of
understanding with the State Government on water entitlements (04
June 2015).
More...
Environmental offset program a possible new income
stream for landholders
The Department of Environment and Heritage Protection (DEHP) is
encouraging farmers to register interest in conserving parcels of
land as environmental offsets for major developments, such as new
mines (04 June 2015).
More...
Preferred developer of Brisbane riverfront site at
Northshore Hamilton announced
A new $400 million waterfront community is a step closer after the
Queensland Government announced it will work exclusively with
Leighton Properties to finalise a detailed proposal to design and
build apartment, retail and commercial buildings in Northshore
Hamilton (26 May 2015).
More...
New State Govt $200 million infrastructure bonanza
generates regional jobs
A new Government infrastructure bonanza will pump $200 million
over the next two years into regional projects, supporting about
600 jobs across the state (25 May 2015).
More...
Palaszczuk govt delivers for Yeppoon
foreshore
The Government is to kick in another $1.5 million to redevelop
Yeppoon's foreshore into a modern beachside tourism precinct.
The redevelopment would be a catalyst for further economic growth
on the Capricorn Coast (25 May 2015).
More...
Published – articles, papers, reports – National
Australia's National Greenhouse Accounts 2013:
Department of the Environment
The Department has released Australia's National Greenhouse
Accounts presenting national, state and territory and industry
emissions estimates for 1990-2013, 28 May 2015.
More...
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APRA quarterly ADI property exposures statistics for
March 2015
ADIs' commercial property exposures were $234.2 billion, an
increase of $15.1 billion (6.9 per cent) over the year. Commercial
property exposures within Australia were $193.3 billion, equivalent
to 82.5 per cent of all commercial property exposures. ADIs'
total domestic housing loans were $1.3 trillion, an increase of
$107.1 billion (9.0 per cent) over the year (26 May 2015). More...
In Practice and Courts - National
ACCC: issues paper for the East Coast Gas
Inquiry
The issues paper seeks information and responses from industry
participants and other interested parties to assist the ACCC in its
inquiry into the east Coast gas market. Submissions are due by 2
July 2015 (04 June 2015).
More...
ACCC: input into review of water charge rules in the
Murray-Darling Basin
The ACCC has released its issues paper seeking submissions on
possible amendments to the Commonwealth water charge rules.
Submissions should be provided to the ACCC by Friday 26 June 2015.
More...
In Practice and Courts – Victoria
SRO: State Taxation Acts Amendment Bill
2015
As part of the 2015-16 State Budget the Victorian Government
introduced a new non-resident duty surcharge and an absentee owner
land tax surcharge. This surcharge, which is in addition to any
stamp duty or landholder duty payable, is proposed for contracts
entered into (or a relevant acquisition made) on or after 1 July
2015 (27 May 2015).
More...
The Planning and Environment Amendment (Recognising
Objectors) Bill 2015
The Planning and Environment Amendment (Recognising Objectors)
Bill 2015 has been introduced into Parliament. It requires VCAT and
responsible authorities to have regard to the number of objectors
to a permit application in considering whether a proposal may have
a significant social effect (28 May 2015).
More...
In Practice and Courts - Queensland
Announcements, Draft Policies and Plans released 2015
OSR: Payroll Tax Rebate, Revenue and Other Legislation
Amendment Act 2015
On 2 June 2015, the Act was passed by Parliament. The Act makes a
number of other amendments to revenue legislation administered by
us:
Duties Act 2001- amendments to the duties framework to implement a transfer duty model to support electronic conveyancing in Queensland
provide concessional duty treatment for agreements for the transfer of exploration authorities under certain farm-in agreements in the resources sector
extend the exemption for land transferred to the state for a public or community purpose to include statutory vestings
First Home Owner Grant Act 2000 - an amendment gives effect to an existing administrative arrangement by ensuring the Commissioner of State Revenue can exercise certain taxpayer beneficial discretions to grant an exemption from eligibility required for the grant, without time limitations
Taxation Administration Act 2001 - a number of amendments support the transfer duty model for electronic conveyancing. These amendments will commence on Royal Assent.
New planning legislation into the Parliament, 04 June
2015
The legislation was introduced by the Shadow Minister for
Infrastructure, Planning, Small Business, Employment and Trade, Tim
Nicholls MP as a Private Member's Bill and largely mirrors the
LNP's Planning and Development Bill which lapsed
before Parliamentary Committee in January 2015.
More...
Cases - Queensland
Chief Executive, Department of Transport and Main
Roads v Cidneo Pty Ltd [2015] QCA 96
REAL PROPERTY – COMPULSORY ACQUISITION OF LAND –
COMPENSATION – ASSESSMENT – MARKET VALUE – BEFORE
AND AFTER METHOD – where the appellant's land was resumed
– where the Land Court assessed compensation using the
'before and after' method – where the assessment
required consideration of the likely contribution for external
roadworks – where, subsequent to the resumption, the
contribution for external roadworks was agreed upon – where
the Land Court, in assessing compensation, did not take into
account post-resumption events – whether post-resumption
events ought to have been taken into account when assessing
compensation. REAL PROPERTY – COMPULSORY ACQUISITION OF LAND
– COMPENSATION – ASSESSMENT – SEVERANCE –
where s 20 of the Acquisition of Land Act 1967 (Qld)
requires that in assessing the compensation to be paid regard must
be had to any severance damage or injurious affection damage
– where the Land Court concluded that the transport
infrastructure contribution was neither severance damage or
injurious affection damage – whether the transport
infrastructure contribution was severance damage or injurious
affection damage. Acquisition of Land Act 1967 (Qld), s
20. Adelaide Fruit and Product Exchange Co Ltd v Adelaide
Corporation (1961) 106 CLR 85; [1961] HCA 20, considered. More...
This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.