The Perich family's gain from the sale of land next to Western Sydney Airport has been described as the 'tip of the iceberg' for the surrounding area, sparking calls for changes | Mattonews
A billionaire family's windfall gain from the sale of land next to Western Sydney Airport has been described as the "tip of the iceberg" for the surrounding area, sparking calls for changes to ensure a far greater slice of the market uplift is returned to taxpayers.owned by Tony and Ron Perich's Leppington Pastoral Company in 2018, only for the Commonwealth to value the 12 hectares at just $3 million less than a year later.
And he warned that, if so-called value-capture mechanisms – such as a levy on gains – were not instituted, the number of billionaires created was likely to increase as large land holders benefited from governments boosting spending on infrastructure to stimulate the economy in coming years.Auditor-General Grant Hehir released on Monday ainto the federal Department of Infrastructure's handling of the purchase of the Perichs' land in 2018.
Labor's roads spokesman John Graham said his main concern was that the purchase would lead to an escalation in the cost of acquiring land for major transport projects and potentially delay them. "One ill-advised purchase could have ripple effects throughout the western Sydney basin around the airport and that could have implications for infrastructure," he said.has already risen by more than $400 million to $1.8 billion due to an increase in land values around the area.
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