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Victoria opens new front in the rent wars

Scentre boss Peter Allen says the Victorian government’s decision to extend rent relief measures until next year transfers wealth from his investors to retailers.

The chief executive of Scentre Group, which owns Australia’s Westfield mall empire, has been left reeling by the Victorian government’s announcement – made on the day the state came out of its latest short lockdown – that landlords will be forced to again defer and forgive rent for struggling smaller retailers until January 2022.

This is bad policy, Peter Allen tells Chanticleer. While the rent relief measures broadly mirror those extended last year by the national cabinet at the height of Australia’s COVID-19 crisis, Allen questions why landlords should be mandated to provide ongoing support to tenants, and under circumstances where a government is effectively seeking to unilaterally change the terms of contracts struck in good faith.

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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com

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    Original URL: https://www.afr.com/chanticleer/victoria-opens-new-front-in-the-rent-wars-20210729-p58e16