Legislative Assembly for the ACT: 1999 Week 11 Hansard (21 October) . . Page.. 3519..
Mr Corbell asked the Minister for Urban Services, upon notice, on 13 October 1999:
In relation to the Government's 99 year rural leases:
1) What is the process for the valuation of rural leases that are being considered for 99 year leases.
2) What information (such as carrying capacity) is supplied to the Australian Valuation Office (AVO) so that it can determine a value for a rural lease.
3) Which rural leases have been valued by the AVO for the purposes for providing 99 year leases.
4) What is the valuation of each rural lease.
Mr Smyth: The answers to the Member's questions are as follows:
1) For a lessee to obtain a further lease, an application must first be made for the grant of a further rural lease under section 171A of the Land (Planning and Environment) Act 1991 (the Land Act). There will be a new disallowable instrument under section 171A that will have a maximum rural lease term map as a schedule. That map will identify those areas that will be able to have lease terms of 99 years. Not all rural lessees will be eligible for 99 year leases.
When a lessee submits an application for the grant of a further rural lease, which is in an area eligible for a 99 year rural lease, Planning and Land Management will obtain a pay out figure from its valuers, currently the Australian Valuation Office (AVO). The pay out figure will include the value of the land (using the appropriate formula that will be specified in the disallowable instrument) and any improvements required to be purchased as part of the grant of a further lease.
2) The AVO will be supplied with block and details of the current lease. The AVO will assess the carrying capacity and the value of any government owned improvements.
3) No rural leases have been valued by the AVO for the purposes of providing for a 99 year rural lease. Applications for 99 year leases cannot be made until the Assembly deals with the proposed amendments to the Land Act, and the new disallowable instrument under section 171 A of the Land Act is tabled, and the disallowance period is complete.