Page 1280 - Week 05 - Thursday, 25 June 1992
Next page . . . . Previous page . . . . Contents . . . . Debates(HTML) . . . . PDF . . . .
The Bill amends the Rates and Land Tax Act of 1926 and sets new rates for rates and land tax in the ACT. We are pleased and delighted to see that there is no increase in the rate of land tax, Madam Speaker. Whilst the Liberal Party believes, and has said, that the one per cent tax on residential property should not be there at all, at least the Chief Minister has not seen fit to increase it.
Madam Speaker, we note that the Chief Minister says that there is a 5 per cent average increase in the rates, yet we heard her suggest yesterday that the inflation rate was somewhat less than that. We express concern about that, but there is nothing that we of the Opposition can do about it at this stage. The fact that the yearly ratings system comes in is good, Madam Speaker; we applaud that. In fact, it was something that Mr Kaine commenced to introduce when he was Chief Minister.
We note that the value of the dollar has decreased and that property rates, or property values, have increased. Ironically, Madam Speaker, we note that the suburb that has the most increase is Reid. Mr Moore, I do not think you have noted that.
Mr Moore: I noticed that, yes. I am absolutely delighted.
MR DE DOMENICO: It is pleasing to see that Mr Moore will be making more than the average contribution to the rates bill of the ACT. For all those reasons, Madam Speaker, the Liberal Party does not intend to oppose this Bill. I have kept my comments brief.
MS SZUTY (11.50): In responding to the Government's urgent Bill on rates and taxes, I would like to take the opportunity to thank the Chief Minister, the Minister for Urban Services and the Minister for Education and Training for making officers from their departments available to me for briefings on these issues at short notice.
From 1 January this year the Australian Valuation Office has determined that there has been an overall increase in the value of ACT land of 18.4 per cent. Values, of course, vary from area to area across Canberra. In Belconnen, for example, the January 1991 average valuation was $43,700. This has risen to $55,700, a percentage increase of 27.46. In Tuggeranong there has been a 29.05 per cent increase, in Weston Creek 24.89 per cent, and in South Canberra 19.67, which, at an average rate of $1,449.97, is still almost twice as high as any other rates cost. Overall, the rise represents an increase of $1.2 billion in property valuations.
The general rate, set at 1.019c in the dollar, is actually less than in the previous year. However, on average, there will be an extra $73 in rates for every Canberra ratepayer. Rates for rural landholders continue at half the general rate. In the commercial sector, values have actually dropped. Although it is only a small bonus to businesses, rates in this sector will reduce slightly, offering some relief. In my election platform I pledged to peg rates to the consumer price index, but I do not consider these rises to be unacceptable, in view of the substantial increases in the unimproved value of ACT land.
Next page . . . . Previous page . . . . Contents . . . . Debates(HTML) . . . . PDF . . . .