Page 4864 - Week 15 - Thursday, 8 December 1994

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(3) & (4)

The only legislative matter which relates to this, and which is under consideration at the moment, is byway of determining the quantum of the "determined fee".

Since 1980, a policy introduced by the then Commonwealth Minister, the Honourable Bob Ellicott, has been used. Under the Ellicott policy, commercial lessees wishing to extend the term of their lease from 50 to 99 years could do so by paying 10% of the unimproved value.

In the same way, lessees with 99-year leases could apply, between the 69th and the 84th years of the term of the lease, for a further 99 years, at a cost of 10% of the unimproved value of the land.

One option may be to reinstate the Ellicott formula while a review of the quantum of the determined fee is under way. This matter, together with a range of other options, is currently under consideration by the Government.

4864

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