The Bill to implement the Growth Areas Infrastructure Contribution ("GAIC") was defeated by 19 votes to 18 in the Upper House of State Parliment recently.
The Minister of Planning, Justin Madden has in the media repeated his earlier statement that the proposed expansion of the Urban Growth Boundary will not proceed without the GAIC to partially fund it.
Below is an extract on a previous newsletter on this issue.
“The proposed change to Melbourne’s Urban Growth Boundary will result in a GAIC payable by the landowners. The rates are a one-off payment of $80,000 or $95,000 per hectare. The GAIC applies to land transactions on, or after 2nd December 2008. There are a few exemptions which are similar to the current stamp duty exemptions. The main areas of land are around the Werribee area, and to the north of Melbourne.”
