That 1/3 will be funded by value capture, assuming the $36,700 million budget is retained?
From this article in The Australian Financial Review:
“…the project’s business and investment case has suggested raising $12 billion by lifting stamp duty on commercial properties by up to 1 per cent, imposing unspecified levies on developers building within the precinct, and introducing a carpark levy. —- You can‘t charge silly and expensive …”uplift” in dwellings is assumed as 25,000 across the 6 centres vs. status quo. Not 70,000 more, given many could have been built regardless under existing rules and activity centre designations without the SRL stations.
I’ve also shown there is no chance this project will be delivered for the amount being sold to Victorian taxpayers.
I got one of my favourite quotes to date into the media, where I got to describe the SRL as an “absolute boondoggle and waste of money”. Thanks Sumeyya Ilanbey!
💰I stand by that assessment (and that word) for the price. If the Suburban Rail Loop could be delivered for a fraction of the price, I would have a very different view of the value it represents and its ability to reshape the city.
But it can’t. So it’s time to stop and pivot before it’s too late.
🏦Politics should not ignore #economics in such a blatant way.