Partial sale of Western Australia’s land registry rakes in $1.41 billion for the state.
Land Services WA, a consortium of Macquarie Infrastructure; Real Assets; HESTA and Sunsuper, will take a 40 year lease on Landgate’s automated titling services for an upfront payment of $1.41 billion.
This figure is considerably less than the $2.86 billion reaped in the controversial sale of Victoria’s registry, a deal which sold off considerably more of the Victorian registry’s services.
WA treasurer and lands minister Ben Wyatt has stated that the way the public deals with Landgate won’t change, that service fees will be capped at the consumer price index (CPI), and that all staff will be retained with no forced redundancies.
Minister Wyatt also indicated that the upfront proceeds from the sale would be used to fund the National Redress Scheme for Institutional Child Sexual Abuse, and the costs of the lifting of the statute of limitations for historical sexual abuse.
“The successful transaction highlights the McGowan Government’s commitment to the responsible management of the State’s finances and to a prudent, yet decisive, approach which puts the taxpayers of WA first,” he said.
“I’m delighted that the proceeds will go to an important cause, allowing the Government to meet its ongoing funding requirements for the National Redress Scheme and to victims of historical sexual abuse.”
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