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Australia Government paid 10 times what Western Sydney Airport land was worth, audit finds

13:02  21 september  2020
13:02  21 september  2020 Source:   msn.com

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Investigation found department’s operations ‘fell short of ethical standards’ after land was valued at just .1m. In a scathing report, released on Monday, the Australian National Audit Office (ANAO) found the m price tag paid by the infrastructure department was almost 10 times its fair value.

Taxpayers spent m on land worth only m for Western Sydney Airport 's second runway. The federal government has been castigated for paying a dairy farm operator 22 times more per Credit:Kate Geraghty. It led to an audit by federal Auditor -General Grant Hehir who has found that

The land was valued at $3 million less than a year after being bought for $29.8 million. (Supplied: Australian National Audit Office) © Provided by ABC Business The land was valued at $3 million less than a year after being bought for $29.8 million. (Supplied: Australian National Audit Office)

The Federal Government bought land from a billionaire family at 10 times its market value in a "significant and unusual transaction" linked to the development of Western Sydney Airport, according to the Australian National Audit Office.

The 12-hectare pocket of land was bought by the Commonwealth for $29.8 million from the Leppington Pastoral Company (LPC) in 2018, but less than a year later the Government estimated the plot was worth just over $3 million.

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Labor is demanding more answers after an audit found the federal government spent 10 times the market value on land for the Western Sydney Airport development. The National Audit Office found the government paid almost million for the 12-hectare plot when it was only worth million.

Labor is demanding more answers after an audit found the federal government spent 10 times the market value on land for the Western Sydney Airport development. The National Audit Office found the government paid almost million for the 12-hectare plot when it was only worth million.

The land was bought for the new Western Sydney Airport 32 years before it was needed as part of the development.

The plot in Bringelly, dubbed the Leppington Triangle, sits at the end of what will be the second runway of Sydney's second airport. The second runway is expected to be built around 2050.

LPC is one of the largest family-owned dairy companies in Australia, run by billionaire brothers Tony and Ron Perich. The company has diversified from cattle to commercial property, with a string of investments in and around Sydney.

In a report released today, the Australian National Audit Office (ANAO) questioned the integrity of the valuation and sale process, arguing the Government took an approach usually used for dealing with an "unwilling seller".

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Dangerfield was moved permanently forward after half-time and kicked three crucial late goals to help drag the Cats over If the Sydney Swans upset Geelong on Sunday afternoon they will leapfrog both the Suns and Hawks. Government paid 10 times what Western Sydney Airport land was worth .

The noise levels at the new Western Sydney Airport could be "significantly higher" than the Federal The pair measured noise generated by individual planes as they departed and landed from the The EIS for stage one of the Western Sydney Airport , which will have only one runway, was considered

But, the ANAO said there were repeated references to "goodwill" between the Commonwealth, the New South Wales Government and LPC leading up to the sale.

Serious concerns were raised about why only one valuation of the land was obtained prior to the sale, and why that work was done by a valuer suggested by LPC.

"Appropriate consideration was not given to costs and benefits when deciding to acquire the land early," the report said.

"The benefits identified by the department in its advice are questionable and there was no documented consideration of costs.

"The department did not demonstrate that the benefits of acquiring, and paying for, the land some decades in advance of need outweighed the cost to the Australian Government."

The ANAO noted the Federal Government had tried to buy the Leppington Triangle plot in 1989 and had been engaged in a 10-year dispute with the owners over carving out that parcel from the original acquisition.

Why did taxpayers buy land for 10 times what it was worth from a Coalition donor?

  Why did taxpayers buy land for 10 times what it was worth from a Coalition donor? An ANAO report has found Infrastructure Department officials were misleading and unethical when buying land that resulted in a 1000% windfall for a Coalition donor.The government department then behaved unethically when the Australian National Audit Office (ANAO) investigated the matter.

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Courtesy Western Sydney Airport . A new airport to replace the cramped, outdated facilities at Ho Chi Minh City's existing airport has been needed for a long time . It comes at a time when the airport is experiencing growth, including new long-haul flights to London.

In its response to the ANAO's scathing report, the department said it was investigating allegations of "individual breaches of integrity".

It conceded the valuation approach was "unorthodox", but said it had been backed by the Finance Department and the Australian Government Solicitor.

The ANAO was also critical of the way the department first responded to questions about the sale, and stated it was "not ethical behaviour".


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This is interesting!