Page 4580 - Week 12 - Wednesday, 31 October 2018
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We certainly know that there are many properties in Phillip that have been revalued. I think the same thing has happened in parts of Fyshwick and Braddon. Are we also going to see another wave go through in Mitchell or in Hume, or in Belconnen, or in any other commercial or light industrial area? If so, that could have a dramatic impact on the property values in those particular suburbs or locations.
What we are calling for today, we think, is very reasonable and it is something that the treasury should have. We believe that businesses in Canberra deserve a fair go. We should be backing these businesses to take risks, to make investments, to employ staff and to deliver products and services that people want. We should be backing these businesses in, not driving them over the border. I urge members to support the motion.
MR BARR (Kurrajong—Chief Minister, Treasurer, Minister for Social Inclusion and Equality, Minister for Tourism and Special Events and Minister for Trade, Industry and Investment) (4.27): I move the amendment circulated in my name:
Omit all text after (1), substitute:
“(1) notes:
(a) there are about 2000 more businesses operating in Canberra than there were three years ago;
(b) the ACT Government is transitioning the Territory’s revenue base to make it fairer and more sustainable by phasing out inefficient taxes like stamp duty and replacing this with revenue through the commercial and residential rates system;
(c) as a result of this tax reform program, the ACT Government has fully abolished stamp duty for all commercial property transactions under $1.5 million;
(d) commercial rates are growing by an average of six percent a year across Canberra from 2017-18 to 2021-22, giving certainty to the commercial property sector;
(e) since 2015-16 total commercial rates revenue has increased by around 30 per cent as a combined result of tax reform, growth in the net number of properties and rising property values; and
(f) there have been material changes to the unimproved land values of some commercial properties which have flowed through to calculated rates charges; and
(2) further notes that the Government will provide through Annual Report hearings:
(a) details of changes to commercial rates both across the Territory and in individual precincts where significant changes have taken place, including original data and working analysis;
(b) information on the Revenue Office’s methodology and schedules for valuing commercial land; and
(c) clarification on the number of property owners affected by changes in assessed commercial rates as a result of material changes in unimproved land values.”.
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