Asset recycling agreement applauded by property industry

Asset recycling agreement applauded by property industryThe ACT Government’s leadership in signing the nation’s first Asset Recycling Agreement has been applauded by Canberra’s property industry.Federal Treasurer Joe Hockey and ACT Chief Minister Andrew Barr signed the first agreement under the Abbott Government’s Asset Recycling Initiative. Under the scheme, the ACT Government is eligible for a 15 per cent bonus from the federal government when the ACT sells surplus assets to pay for new infrastructure. This sale, together with the bonus, will secure an estimated $4 million for infrastructure projects.”This is an exceptionally positive outcome for Canberra, and we applaud the ACT Government and the Chief Minister for progressing this important initiative,” says the Property Council of Australia’s ACT Executive Director, Catherine Carter.”This investment is timely, as it will enable essential new infrastructure to be built. Freeing up scarce government capital is important for all governments at the moment, especially in the ACT.”As the Chief Minister has said today, prudent asset recycling is an effective way to fund new public infrastructure. It’s also timely given the focus on the need for urban renewal in the Territory.”What’s more, this asset sale will provide the private sector with the opportunity to create exciting new precincts that better meet the needs of Canberrans in the twenty first century,” Ms Carter concludes.Media contact: Catherine Carter, ACT Executive Director, 02 6248 6902 0412 330 079