Land and Property Information proposed sale

Discussion in 'The Buying & Selling Process' started by bmc, 6th Apr, 2017.

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  1. bmc

    bmc Well-Known Member

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    please consider....................

    The NSW Government wants to sell the NSW Land and Property Information Registry Service. This information is sensitive and should be kept by the government and not foreign entities. The state government, for the sake of a one off payment of 2 Billion dollars, will forgo an annual revenue of $190 million a year. Revenues which could be used by the government to improve NSW infrastructure and services

    http://www.governmentnews.com.au

    Petition

    • I am signing this petition because;
    • I am against selling-off of our public titles transactions (“LPI”) which is an essential function of government worth up to $112 billion over 35 years for only $2 billion which is less than 1% of its value.
    • If the LPI is sold-off, the people of NSW will be deprived of 110 billion dollars over the next 35 years from the public purse that could be spent on our much needed Roads, Rail, Hospitals, Schools, Infrastructure, Sporting Grounds and Parks.
    • Selling part of our LPI will undermine our land title system of land ownership which is the best in the world and exported and adopted by many countries around the world.
    • If our LPI is sold to a corporate and or foreign buyer, our private data will be sold, our indefeasibility (security) of title will be undermined, we will be subject to higher levels of fraud and theft of our properties and stolen data, and we will have to buy American style title insurance to cover these risks.
    • If the LPI is sold-off, we will potentially be subject to higher increases in fees costing all the people of NSW whether they are renting, buying, first home buyers, farmers, and all business with leases, mums and dads thousands of dollars more each year.
    • Our Land titles office (LPI) is the holder of all the peoples land titles details and should only be held by the government of the people, by the people, for the people. Like our Reserve bank, our police and armed forces, it is an essential and necessary monopoly which is a pillar of Government of the people and no part or function of the LPI should never ever be sold off
     
    willair and Terry_w like this.
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    The Chinese State is a great danger and spying heavily in Australia and elsewhere - industrial espionage, and this will probably be sold to a Chinese linked entity. Must be avoided.
     
    Tekoz likes this.
  3. Scott No Mates

    Scott No Mates Well-Known Member

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    FIRB approval?
     
  4. Tekoz

    Tekoz Well-Known Member

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    Does the NSW government is in more need of money?

    Not sure why they try to raising fund via selling asset like that.