- Pastoral rent objection process extended to 30 June 2021
- Rate of return has been adjusted to 1.8%
- Reasons for change includes CPI, and movement in Bond rates
Western Australia’s land information authority, Landgate, has announced the 2019 pastoral lease rent process received 103 objections.
Landgate said “Following consultation with objectors and the pastoral industry 103 objections will have an adjusted rate of return from 2.8% to 1.8% applied,” and that “The objection process has been extended until 30 June 2021 to allow for those who have not objected to do so.”
Pastoral rent, Landgate said, is ” independently determined every five years by the Valuer-General with rents based on land values, the economic state of the pastoral industry and the rate of return.”
Pastoralists have a right to object to the Valuer-General’s decision under Section 32 of the Valuation of Land Act 1978, in this most recent process, 103 pastoralists did so, with the deadline extended to the end of June this year.
Landgate said the adjusted rate of return was a result of consultation with objectors and industry, some of the factors behind the change included “sales analysis, movement in Bond rates, Consumer Price Index and movements in returns of other property classes which decreased over the review period.”
The land information authority detailed the changes by region as follows:
- Kimberley: +104% (instead of 325% increase)
- Pilbara: +10% (instead of 91% increase)
- Gascoyne/Goldfields: -7% (instead of 58% increase)
- Southern Rangelands: -3% (instead of 8% increase)