Page 1496 - Week 05 - Wednesday, 10 April 2013

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MR SMYTH: With my last 10 seconds I will simply say this is a very sad tax. This motion seeks some information, including the link between the fund and the tax, and I commend the motion to the Assembly.

MR BARR (Molonglo—Deputy Chief Minister, Treasurer, Minister for Economic Development, Minister for Sport and Recreation, Minister for Tourism and Events and Minister for Community Services) (6.00): I thank Mr Smyth for again bringing forward the lease variation charge. It is probably on his greatest hits list: “When there’s nothing else to talk about, why don’t I bring on an LVC motion?” I think this would be the fifth or sixth time that we have debated this. But I am always pleased to have an economic policy debate with the shadow treasurer.

Members would be aware that I have circulated an amendment to Mr Smyth’s motion, and I move the amendment circulated in my name:

Omit all words after “notes”, substitute:

“(a) the Lease Variation Charge (LVC) represents good public policy. It ensures the community receives an appropriate benefit from the increase in value that accrues to a landholder following a change to the permitted use on their land;

(b) the latest activity report shows that revenue received to 4 April 2013 is $7.361 million on 115 applications. This includes:

(i) $1.735 million from residential redevelopments (46 applications or 281 units);

(ii) $0.888 million from commercial sector redevelopments (29 applications);

(iii) $0.460 million from industrial redevelopments (14 applications); and

(iv) $4.278 million from mixed and other redevelopments (26 applications);

(c) as at 4 April 2013, there were 82 applications in the system, totalling $15.411 million that has been determined but not paid over the past two years. The main applications were:

(i) 45 residential redevelopments with assessed revenue of $2.344 million;

(ii) 13 commercial applications with assessed revenue of $1.570 million;

(iii) 7 industrial applications with assessed revenue of $0.443 million; and

(iv) 17 mixed redevelopment applications, with around $11.054 million in assessed revenue; and

(d) that 25 projects have been funded through the Urban Improvement Fund to date. These projects are detailed on pages 203-204 of Budget Paper 3.”.

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