Page 1752 - Week 06 - Wednesday, 13 May 2015
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for the redevelopment of a project of that sort if you put in, say, 180 units at $60,000 per unit is $10.8 million. The value of existing land is $3 million. That brings it down to $7.8 million. The LVC at 75 per cent is $5,000,850.
If we make some assumptions and if it does not go ahead, the government lose stamp duty at approximately $4 million; GST under the marginal scheme pay back when it comes back via the Grants Commission at, say, $7 million; increasing rate revenue, $2.85 million; and stamp duty on the resale of units in the first five years—call it $1 million. It comes to $14.85 million, plus the amenity they are trying to create and all the things—
Mr Barr: What is the developer profit?
MR SMYTH: There he goes, “What’s the developer profit?” The man who hates profit; the man who hates the creation of wealth and assets; the man who does not believe people should get ahead so they can re-employ and invest. This is the old Labor Party view: “You rich developers, you have all got bad backs because you are lying on those rolls of $1,500 notes in your mattresses because you are hoarding it away.” The government gets a fair cut but it is what is lost that is the problem.
Mr Barr: So you’re committing to abolishing all of these taxes, are you?
MR SMYTH: There you go: you interrupt; you throw assertions across the chamber. I have not said anything of that kind, and you know it.
Mr Barr interjecting—
MADAM ASSISTANT SPEAKER (Ms Lawder): Order, Mr Barr!
MR SMYTH: I am just showing you—
MADAM ASSISTANT SPEAKER: Through the chair, thank you, Mr Smyth.
MR SMYTH: We have still got some time to put our policies in the field. We will release them progressively, as you know.
Mr Barr: You have had 15 years.
MR SMYTH: I have had 15 years of agony watching you screw up the economy. But these are examples. I did not put these examples together; these are put together by professionals in the field that show your regime is failing. That is why you are now giving the University of Canberra a fair go. Nobody else gets a fair go, because it cannot happen under that which you have foisted on this city, in cahoots with your Greens colleagues. That is the problem. Why aren’t we supporting all, with one planning system for all? Why do we have different sectors in this way?
Minister, what you have done has failed. You signed away all those programs in 2006. It is the very same government that this year promised $4.4 million to ACT businesses but really only about $600,000 goes to direct support. The CBR network that
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