THE Victorian Government has struck a deal with developers on the controversial $95,000/ha charge on anyone buying land in Melbourne's urban growth boundary.
Embattled Planning Minister Justin Madden said the charge applied to land included in Melbourne's urban growth boundaries since 2005.
Under the latest deal, the Government has removed its demand for an upfront payment.
Anyone buying land in the expanded area will instead be required to immediately pay 30 per cent of the $95,000/ha Growth Areas Infrastructure Contribution, with the remainder paid in in stages as the land is subdivided for development.
Mr Madden said the Government had signed a memorandum of understanding with the Property Council of Australia and the Urban Development Institute of Australia spelling out the details of how the charge would be restructured.
"The Government has also undertaken to speed up the process for preparing Precinct Structure Plans for each new community," Mr Madden said.
Until now, opponents of the GAIC have argued it acted as deterrent to buyers, who faced multi-million dollar liabilities on land that may not be developed for years to come.
Anti-GAIC group "Taxed Out" told The Weekly Times yesterday they needed more time to digest the deal.
"Yet again we've been left out of the loop on these changes," Taxed Out spokeswoman Jeanette Laffan said.
