Page 3877 - Week 12 - Thursday, 24 October 2013

Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . . Video

Land—rent scheme
(Question No 151)

Mr Smyth asked the Minister for Economic Development, upon notice, on 19 September 2013:

(1) For each financial year since the establishment, including year-to-date, of the Government’s Land Rent Scheme, can the Minister provide details on the number of contracts exchanged, including number of contracts at the (a) normal rate of 4% and value of contracts and (b) discounted rate of 2% and value of contracts.

(2) What was the number of contracts rescinded, including number of contracts at the (a) normal rate of 4% and value of contracts and (b) discounted rate of 2% and value of contracts.

(3) What was the number of contracts not completed with purchase, including number of contracts at the (a) normal rate of 4% and value of contracts and (b) discounted rate of 2% and value of contracts.

(4) What was the number of contracts transferred to a crown lease, including number of contracts at the (a) normal rate of 4% and value of contracts and (b) discounted rate of 2% and value of contracts.

(5) What was the number of contracts initially eligible for the discount rental rate but are now required to pay the standard rental rate, including number of contracts at the (a) normal rate of 4% and value of contracts and (b) discounted rate of 2% and value of contracts.

Mr Barr: The answer to the member’s question is as follows:

(1) The table below details the number and value of land rent contracts exchanged each financial year since the commencement of the scheme.

Eligibility for the discount rate is not determined until after settlement; at exchange all contracts are assumed to be at 4 per cent. The ACT Government does not hold information on the breakdown.

Year

Number of Contracts Exchanged

Value of Contracts Exchanged (GST Inc)

2008-09

58

$11,255,500

2009-10

434

$109,790,000

2010-11

805

$229,151,900

2011-12

623

$136,291,500

2012-13

373

$89,121,500

2013-14 (to 19 Sept 2013)

198

$65,725,000

(2) The table below details the number and value of land rent contracts rescinded each financial year since the commencement of the scheme.

Eligibility for the discount rate is not determined until after settlement. As these contracts did not proceed to settlement, the ACT Government does not hold information on the breakdown.

Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . . Video