Strata developers in NSW spared increase in bond payments until November 2024
Amendments to the Strata Schemes Management Regulation 2016 – bond increase to 3% delayed until 2 November 2024 Under section 207 of the Strata Schemes Management Act 2015 (NSW) (Act), prior to applying for an Occupation Certificate, the developer of a strata scheme is required to provide security (called a ‘building bond’) equal to 2% […]
ReadmoreDoing business in Australia
The Gadens Doing business in Australia guide provides foreign investors with an overview of the Australian business, economic and regulatory environment, as well as practical advice on how to go about setting up and doing business in Australia. Australia is an ideal investment location for foreign companies looking to grow internationally, benefitting from well-developed infrastructure, […]
ReadmoreDraft statewide housing targets for Victoria – More than 2 million new homes by 2051
Last week, the Victorian Government released their draft statewide housing targets. In an ambitious target, 2,001,000 additional dwellings are proposed to be constructed between now and 2051 across Metropolitan Melbourne – being almost double the number of existing dwellings currently constructed in Metropolitan Melbourne. The Government wants local councils to ‘unlock space for more homes […]
ReadmoreManufactured Homes (Residential Parks) Amendment Act 2024 set to shake up the land lease environment
With Australia’s aging population and low-income retirees flocking to downsize their retirement homes, the manufactured homes sector is a growing industry that has now received its first tranche of major reforms and park owners will take the brunt of these changes. In Queensland, the partnership between manufactured park owners and homeowners was regulated by the […]
ReadmoreThe new DBP Act amendments – insurance requirements for Builders remain exempt until 1 July 2025
Amendments to the DBP Act – further 12 month reprieve for DBP Act insurance requirements for Builders Under the Design and Building Practitioners Act 2020 (NSW) (DBP Act), it is a condition of registration for design and building practitioners that they are ‘adequately insured’ against liabilities arising under the DBP Act including as a result […]
ReadmoreUncovering greenwashing: ASIC’s latest pursuit of accountability – Judgment against Active Super
Last week, the Federal Court found that the superannuation fund Active Super had made misleading representations concerning its commitment to environmental, social and governance (ESG) factors in its investment decision-making. On 10 August 2023, the Australian Securities and Investments Commission (ASIC) commenced proceedings against the Local Government Superannuation Scheme (LGSS), as trustee of Active Super, […]
ReadmoreMandatory sustainability reporting regime: An update – Second reading debate completed
In the March 2024 edition of Gadens’ FMCG Express, we discussed the exposure draft of the Treasury Laws Amendment Bill 2024: Climate-related financial disclosure (Draft Legislation), which outlined a proposal for the implementation of a mandatory climate-related financial disclosure regime based on existing international frameworks and standards. On 27 March 2024, the Treasury Laws Amendment […]
ReadmoreAustralia’s strongest environmental laws have commenced in NSW with significant changes to EPA powers and penalties for environmental offences
The Environment Protection Legislation Amendment (Stronger Regulation and Penalties) Act 2024 (the Amendment Act) has now commenced, which introduces into NSW the strongest environmental laws in Australia. The overhaul has occurred at the same time as the NSW Environment Protection Authority (EPA) has carried out criminal investigations into the asbestos-contaminated mulch, which emphasised the need […]
ReadmoreASIC secures victory against Vanguard Investments for ‘ethically conscious’ greenwashing conduct
Last year, we reported on the Australian Securities and Investments Commissions (ASIC) commencement of proceedings against Vanguard Investments Australia Ltd (Vanguard) alleging that Vanguard engaged in misleading conduct in breach of the ASIC Act by making false or misleading claims about the ESG criteria applied to an investment fund it offered to potential investors. On […]
ReadmoreBusy day in Parliament – Victorian Government responds to stamp duty and apartment design standards
On Thursday 21 March 2024, the Victorian Government released its responses to the inquiries in relation to land transfer duty fees and apartment design standards. Key takeaways are provided below. Commercial and Industrial Property Tax The government in its response confirmed its commitment to abolish and replace stamp duty with the Commercial and Industrial Property […]
ReadmoreHutchinson Builders v ACCC: Full Court finds termination of subcontract did not contravene “boycotting” laws; clears Hutchies of wrongdoing
Hutchinson Builders (Hutchies) is Australia’s largest privately owned construction company. Throughout its 110+ year history it has delivered countless significant projects across Australia. One such project, which was the subject of the Full Court’s decision in J Hutchinson Pty Ltd v ACCC, was a construction project located in South Brisbane known as the “Southpoint Project”. […]
ReadmoreThe Montague Precinct and Fishermans Bend – Have your say on Victoria’s largest urban renewal project
The Department of Transport and Planning (DTP) has released the draft Montague Precinct Infrastructure Plan (PIP) and draft Development Contributions Plan (DCP) for Fishermans Bend. These documents are on public exhibition until 23 February 2024 and will have a substantial impact on landholdings across the Fishermans Bend urban renewal area. The Fishermans Bend urban renewal […]
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