Businesses are set to extend the process for the sale of land under the Land and Water Services (LWS) reforms announced by Prime Minister Tony Abbott.
Key points:The Government says the Land Sale Process will end in 2020The process was to end by 2023, but it has been extended to 2020The Land and Energy Minister said it was a “very good outcome” for farmers and the economyThe changes, which were due to end in 2019, are part of the Government’s plan to increase efficiency and streamline the Land Office.
It is a significant development in the long-running Land Sale process which has seen the Government spend $5 billion in recent years to improve the Land Register and Land Management Agency.
The Government said the Land Sales Process would end in 2021.
However, it has also extended the process to 2020.
The LWS reforms will see the Land Registry and Land Services Agency, which manages land, auctioned off land for use by the Government in an auction.
In exchange for the land being auctioned, farmers will receive a royalty payment of up to 30 per cent of the price of the land.
The Land Sale processes are expected to bring in an estimated $30 million to $60 million to the Australian economy over the next two years.
“The Land Registry’s land sale auction, which was due to finish in 2021, has been delayed until 2021,” a spokeswoman for the Land Department said.
“This will give a great opportunity for the Government to take stock of the best value land in the state.”
The spokesperson added that the Government was also working on further improvements to the Land Registration System, including more streamlined land applications.
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