Michael Johnsen MP, Member for Upper Hunter today welcome news that the NSW Government has announced the successful 35-year concession of Land and Property Information’s titling and registry services to the Australian Registry Investments (ARI) consortium.
Mr Johnsen said this will add an extra $2.6 billion to the investment of new infrastructure across NSW.
“This will see the NSW Government investing $1.6 billion into infrastructure projects through its Restart NSW fund, with 30 per cent going to projects in regional New South Wales,” Mr Johnsen said.
“This is a massive infrastructure boost for NSW and our rural and regional community, and furthers our commitment to making NSW the best and strongest state in the country.”
The ARI consortium is made up of 80 per cent Australian institutional investors, including First State Super, investment funds from Hastings Funds Management and a 20 per cent stake held by the Royal Bank of Scotland Group’s pension fund, also managed by Hastings.
The Government has created a new external regulator – the Registrar General – to enforce ARI’s performance during the concession, with power to monitor and audit performance, and even resume control of the LPI business if required.
Security of title will remain unchanged as the Government will continue to guarantee title and operate the Torrens Assurance Fund, which compensates landowners who suffer a loss due to fraud or error on the register.
“This is an industry on the cusp of huge technological advances, and as a Member of the Government I am proud we have partnered with some of Australia’s most reputable investors who will make sure the people of NSW get the benefit of those advances,” Mr Johnsen concluded.
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