Finance collapse underlines risks
BENDIGO’S residential Strategy will be reviewed because of greater than expected growth.
The State Government has announced a grant of $50,000 to carry out the review.
The review is needed because, according to the State Government, 40 per cent of the forecast growth between 2006 and 2031 had already been realised.
Regional Development Parliamentary Secretary Damian Drum made the announcement this morning.
Mr Drum said the Bendigo Residential Strategy Review would deliver greater community and investor certainty, helping the region grow.
“The Bendigo Residential Development Strategy was adopted in 2004 and is currently being audited because of the faster than anticipated growth that has occurred in Bendigo in recent years,” he said.
“Strong residential growth has many flow-on economic benefits and having a clear framework for future development will position Greater Bendigo City Council to undertake more detailed, place-based planning in the future.”
Deputy Premier Peter Ryan said about 40 per cent of the forecast growth between 2006 and 2031 had already been realised.
The Residential Strategy impacts directly on where and how property developments use “infill” parcels of land, range of housing styles and also on housing affordability.
“This project will review the strategy, assess current and estimated land supply and demand and consider various legislative and policy changes,” Mr Ryan said,
“It will also consider the latest demographic data and establish a new strategic framework to guide the long-term residential growth of Greater Bendigo.
“The project will result in a revised residential strategy that will give developers, the community and service providers greater surety and confidence about where land can be developed for residential purposes, and that sufficient land is available to accommodate the City of Greater Bendigo’s future growth.”
Mr Ryan said a contemporary strategic planning framework was essential to the economic development of a large regional centre like Bendigo.
“Clearly identifying future growth options and supporting infrastructure needs will enable the Greater Bendigo City Council and other infrastructure providers to plan their capital works programs well in advance,” he said.
“Identifying long-term growth areas will enable the council and other service authorities to start planning for the delivery of services, thereby minimising the lag time between when residential development occurs and when the services need to be in place.”
Rosemary Sorensen | Bendigo Weekly | 26-Oct-2012
The head of Bendigo’s Rural Finance said many other people are at risk in country Victoria from loan companies like Banksia.
“There are quite a number of legal firms that do this,” Rob Goudswaard said today, following the announcement that Banksia Securities’ debenture and loan entity has been placed into receivership.
“People will be romanced very often by high returns and with that comes a high risk.
“The encouragement for me will be if people understand what the risks can be.”
Banksia, which is based in Kyabram and has offices across Victoria and in Adelaide, is a non-bank lender.
Receivers McGrathNicol have frozen $660 million in investments and stopped interest payments on 20,000 debentures.
Premier Ted Baillieu was briefed by the receivers today (Friday) and also spoke to Prime Minister Julia Gillard about the collapse.
“Our interest is how the investors and the region will be affected,” Mr Baillieu said.
“We will stay in close contact with the Commonwealth (and) work with the Commonwealth in regard to any emergency relief that is necessary.
“There are likely to be some significant impacts but we do have some advice there will be some return to investors.”
Bendigo chartered accountants Richmond Sinnott & Delahunty signed off on the audit of Banksia’s accounts last month.
“I don’t know Banksia well enough to say what might have happened,” Mr Goudswaard said.
“In our experience of auditors they actually coach to quite a degree about how you assess the credibility of your loans, the processes you go through, where the weaknesses might be, and those things are very clearly articulated.”
Mr Goudswaard said Banksia has “four different entities”, one of which holds the loans and debentures.
“There’s only one in receivership, and I have no doubt the receivers will spend a lot of time working through all that,” he said.
BENDIGO’S residential Strategy will be reviewed because of greater than expected growth.
The State Government has announced a grant of $50,000 to carry out the review.
The review is needed because, according to the State Government, 40 per cent of the forecast growth between 2006 and 2031 had already been realised.
Regional Development Parliamentary Secretary Damian Drum made the announcement this morning.
Mr Drum said the Bendigo Residential Strategy Review would deliver greater community and investor certainty, helping the region grow.
“The Bendigo Residential Development Strategy was adopted in 2004 and is currently being audited because of the faster than anticipated growth that has occurred in Bendigo in recent years,” he said.
“Strong residential growth has many flow-on economic benefits and having a clear framework for future development will position Greater Bendigo City Council to undertake more detailed, place-based planning in the future.”
Deputy Premier Peter Ryan said about 40 per cent of the forecast growth between 2006 and 2031 had already been realised.
The Residential Strategy impacts directly on where and how property developments use “infill” parcels of land, range of housing styles and also on housing affordability.
“This project will review the strategy, assess current and estimated land supply and demand and consider various legislative and policy changes,” Mr Ryan said,
“It will also consider the latest demographic data and establish a new strategic framework to guide the long-term residential growth of Greater Bendigo.
“The project will result in a revised residential strategy that will give developers, the community and service providers greater surety and confidence about where land can be developed for residential purposes, and that sufficient land is available to accommodate the City of Greater Bendigo’s future growth.”
Mr Ryan said a contemporary strategic planning framework was essential to the economic development of a large regional centre like Bendigo.
“Clearly identifying future growth options and supporting infrastructure needs will enable the Greater Bendigo City Council and other infrastructure providers to plan their capital works programs well in advance,” he said.
“Identifying long-term growth areas will enable the council and other service authorities to start planning for the delivery of services, thereby minimising the lag time between when residential development occurs and when the services need to be in place.”
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