Working with state governments and the private sector, we will augment public investment with sensible value-capture arrangements, such as selling the development rights to space over new railway stations. If Mr Turnbull means that existing property owners whose property values are potentially enhanced by new projects should be hit with a new tax, he should be upfront about his plans before the election.Ī Shorten Labor Government will invest directly into railways and roads and create a $10 billion infrastructure financing facility to leverage more private investment into infrastructure. Value capture is not a magic pudding and the risks of damaging the economy with naive approaches are very real.ĭoes the Federal Government propose introducing new taxes or just encouraging state governments to do so? At the moment we have no idea. On Friday Mr Turnbull launched a pale imitation of Labor’s 10 Point Plan for Better Australian Cities which failed to commit a dollar of new funding for infrastructure but proposed paying for new projects by taxing people whose property values rise because of the construction of those projects.īut with his so-called policy going no further than general statements, it is unclear exactly what Mr Turnbull means when he talks about value capture.Īs Property Council of Australia Chief Executive Ken Morrison said in a statement yesterday:
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Malcolm Turnbull should explain to Australians whether his plan to utilize value capture to pay for new railway lines and roads is code for the introduction of a new tax on existing property owners.
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