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Legislative Council - Fifty-Second Parliament, First Session (52-1)
2011-10-18 Daily Xml
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LAND MANAGEMENT CORPORATION

In reply to the Hon. D.G.E. HOOD (3 February 2009).

The Hon. G.E. GAGO (Minister for Regional Development, Minister for Public Sector Management, Minister for the Status of Women, Minister for Consumer Affairs, Minister for Government Enterprises, Minister for Gambling): The Minister for Infrastructure has been advised:

1. The Charter was amended in 2008 with section 3(b)–Strategic Directions–amended by deleting the words 'and seek to maximise returns for government'.

Section 3(b) now reads:

(b) To be accountable and operate commercially in accordance with:

sound business and financial management;

government policy objectives; and

prudent risk management practices.

Section 3(a) of the LMC Charter also provides as follows:

The government has approved the following strategic direction for the Corporation.

To create economic, environmental and social benefits via the acquisition, management and disposal of government assets.

2. LMC is required by both the LMC Regulations and the LMC Charter to address the economic, environmental and social benefits of all projects it undertakes and in the context of its land release program. LMC mandates that a minimum of 15 percent of all allotments in its developments must meet the affordable housing targets as required by the State Housing Plan.

3. It should be noted that the Housing Industry Association Residential Land Report for the September 2010 quarter indicated that the median residential lot price were; $280,000 for Sydney, $199,000 for Brisbane, $189,500 for Melbourne and $180,000 for Adelaide.

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