Page 1573 - Week 08 - Wednesday, 27 September 1989
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We promised in our election statements to establish a rental bond trust. We intend to introduce legislation this financial year for a rental bond trust and a real estate agents fidelity guarantee fund. The budget provides an advance of $250,000 to meet the costs of establishing a rental bond trust which will provide protection for both tenants and landlords. It will be compulsory for both private landlords and real estate agents to lodge bond money with the trust. The interest earned within the trust will be mostly used to assist lower income renters and those disadvantaged in the private rental market. A five-person statutory rental bond trust board will be created. A discussion paper on the rental bond trust will be released next month and we will be seeking the views of the industry and the community, particularly on dispute settling procedures.
A fidelity guarantee fund will be created by an amendment of the Agents Act 1968 and will be introduced by the Minister for Industry, Employment and Education. This fund will provide compensation to those who suffer a loss as a result of real estate, business or stock and station agents being unable to account for the moneys being held in their trust accounts.
In addition to helping to meet the housing needs of ACT residents, the surplus income earned by both the rental bond trust and the fidelity guarantee fund will also be used to improve landlord and tenant relations; to provide information on the rights and obligations of both landlords and tenants; to provide education and assistance to industry on residential real estate; and to meet the costs of dispute settling and administration.
Mr Speaker, I seek leave to table a series of information papers providing more detail on the measures included in the budget.
Finally, Mr Speaker, I would like this Assembly to be aware of the ongoing work of the housing policy review. It is our intention to issue, for public consideration, a series of policy discussion papers to form a basis for future housing initiatives. These policy papers will focus on the special needs of groups such as women, the aged, people with disabilities, people living with AIDS, people from non-English speaking backgrounds and Aboriginal people. The housing policy review will also examine issues for people living in caravan parks and boarding houses. We will also be examining our election policy promise to create a housing and tenant council.
Another important area is the operation of the ACT Housing Trust, with some of these matters being touched on already. We will look at further improvements in repairs and maintenance to reduce vacancy times. We must redesign our home ownership schemes. We are looking at Housing Trust services for the aged. We will review the rent and rent
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