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ARTICLE · 09 MARCH 2009

UGB Development: Growth Areas Infrastructure Contribution

Maddocks
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On 24 December 2008 the Victorian Government released information on the form of the proposed "Growth Areas Infrastructure Contribution" (GAIC).

AustraliaReal Estate and Construction

On 24 December 2008 the Victorian Government released information on the form of the proposed Growth Areas Infrastructure Contribution (GAIC).

Snapshot

  • GAIC is a proposed compulsory charge of $80,000 or $95,000 per hectare on certain UGB land situated in Melbourne's 5 growth areas (Casey-Cardinia; Hume; Melton-Caroline Springs; Whittlesea; and Wyndham);
  • A transitional regime will apply from 2 December 2008;
  • GAIC will be payable by the landowner upon subdivision, sale or issuance of a building permit;
  • Land in all 5 of Melbourne's growth areas will be treated uniformerly;
  • The form of the GAIC will be materially different to the State infrastructure contribution outlined in the 2005 A Plan for Melbourne's Growth Areas (refer to Maddocks Update: 28 November 2005 http://tinyurl.com/c2jrl7)

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