Over the last few weeks I have been receiving a considerable amount of correspondence concerning the NSW Government’s decision to lease the operations of the Land and Property Informations titling and registry services.
Sadly, most of this incorrect information has been spread by Labor, the party whose hypocrisy about the privatisation of public services and assets is unmatched.
The $2.6 billion secured from this lease by the Berejiklian Government will be invested into new infrastructure across NSW. The Government will invest $1 billion of the proceeds into its stadia package while the remaining $1.6 billion will be invested into other infrastructure projects through its Restart NSW fund including 30 per cent for regional NSW.
It is also worth noting that the lease was agreed with an Australian consortium, which is made up of 80 per cent Australian institutional investors, including First State Super and investment funds from Hastings Funds Management, with the remaining 20 per cent stake held by the Royal Bank of Scotland Group’s pension fund, also managed by Hastings.
The Government has placed rigorous legislative and contractual safeguards around the concession to ensure the continued security of property rights and data, while also capping price rises at CPI for the full term of the lease.
Security of title will remain unchanged as the Government will continue to guarantee title and operate the Torrens Assurance Fund, which compensates landowners who suffer a loss due to fraud or error on the register.
Given the way bank fees have skyrocketed, can you imagine what Labor would have done if they tried to lease any NSW Government services?