Andrews Government adds $2.8 billion to its coffers ahead of state election by selling Land Titles Office

THE Andrews Government will have an extra $2.8 billion to splurge on state election promises after selling the Land Titles Office.

THE State Government has sold the Land Titles Office for more than $2.8 billion, helping fill its coffers just months out from an election.

The Labor Government has announced that First State Superannuation Scheme will take over the processing of many land transactions services for the next four decades.

Treasurer Tim Pallas said the State would retain full control over prices for statutory land registry services throughout the 40-year term, and price increases would be capped at CPI for non-statutory services provided by Victorian Land Registry Services — the subsidiary of First State Superannuation Scheme that will run Victoria’s Land Titles Office.

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The Land Titles Office privatisation was flagged in last year’s budget and the government completed a scoping study in March.

But the $2.86 billion final sale price surpassed the original $2 billion estimates and gives Labor a war chest that it can spend on further election promises.

Victorian Treasurer Tim Pallas says the sale windfall will be invested in schools, hospitals and transport projects. Picture: AAP

The final figure was larger than interstate sales, New South Wales sold its Land Titles Office for $2.6 billion last year while the South Australian government sold its service for $1.6 billion.

Mr Pallas said the sale’s windfall would be invested in schools, hospitals and transport projects.

Critics were concerned the sale would create a private monopoly, which could see consumers ripped off by higher title fees and charges.

Victorian Greens leader Samantha Ratnam has slammed the sell-off as hypocritical.

Concerns were also raised about privacy issues which would allow a private company to have access to the ownership details of every property in the state.

A parliamentary report had highlighted issues around ensuring the integrity of the Land Titles system and protecting the consumers.

Victorian Greens leader Sam Ratnam said the Andrews government spent most of this month criticising the privatisation of energy generation but then sold an essential service.

“This is blatant hypocrisy from Daniel Andrews. He makes speeches criticising privatisation while leading the biggest sell off of public assets in Victoria since Jeff Kennett,’’ Ms Ratnam said.

“Labor has sold out Victorians for a quick cash injection.”

Victorian Premier Daniel Andrews. Picture: AAP

As part of the sale deal the State will also retain ownership of essential services, including the Subdivisions, Application & Survey, Valuer-General Victoria, Land Information and Spatial Services, Government Land Advice and co-ordination, and the Victorian Government Land Monitor.

The Registrar of Titles will remain under State control, retaining an oversight role over the private operator.

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