Resource Legislation Amendment Bill – Committee Stage- Video 3 – Part 3

Resource Legislation Amendment Bill – Committee Stage- Video 3 – Part 3

Articles, Blog , , 0 Comments


I think that there are some good provisions in this part of the bill lewis of wall Thank You mr. Chia it’s been interesting reading part three of the piece of legislation because I think it as part of the spill that we can support because what it will do as compensate people who through public works have their homes taken from them and I found an interesting piece of research titled Soleil diem payments for Public Works in international comparison by Mike Todd and John mcdo Property Group Lincoln University so the definition of selenium is compensation awarded for injury to the feelings as distinct from physical suffering in pecuniary loss and it’s derived from the concept of solace which is defined as something that gives comfort or consolidation and misery disappointment or distress so I think it’s great that we are actually addressing a piece of legislation it hasn’t updated the compensation amount since 1975 the original compensation amount just everyone’s interest was an amendment to the public we accept of nineteen twenty eight and nineteen seventy and I was said at five hundred dollars and the interesting thing about that when you look at the average price of the house at that time which was twelve thousand dollars if you lived in Auckland so essentially it was four point two percent and the reason I bring up that percentage is because the next change happened in 1974 and it went to two thousand and at that time houses were valued at 25,000 so essentially it became eight percent compensation and when I’ve looked at the piece of research I’ve just quoted earlier it seems that internationally jurisdictions either and providing this so late IAM payment or a premium on the market value of properties either do it by virtue of a market value or they said an amount so in New Zealand we’ve had this mount two thousand dollars for since 1975 Australia the federal will come well parlance it sat at ten thousand dollars but if you look at the states it’s actually ten percent of the market value and so that’s how they determine it so depending on what the value of the property that the government takes through public works they then d premieres at premium is in ten percent in that so for Western Australia for Victoria a CT New South Wales are pretty much like the Commonwealth they said an amount which is fifteen thousand dollars when you go to Canada jurisdiction is really interesting federal government don’t compensate or provide this premium but british columbia manitoba Oh Buddha provide t five percent of market value the UK as ten percent in the most interesting jurisdiction is India who provide a 30-percent premium which I find really interesting so I guess from my perspective when I look at how we’ve said it the average value of a property in New Zealand based on figures i obtained from december 2016 was 515 thousand dollars so when i look at the actual compensation package that has contained in this legislation it seems wherever doing about teen scene which I find quite interesting so everyone will get thirty five thousand dollars and then based on your open negotiation within six months of the government approaching you we will give landowners in over ten thousand and possibly another five depending on these circumstances sup the average property in New Zealand is 550,000 they are going to get 50,000 compensation or premium you know kind of averages out at timber scene so I’m just wondering the minister will be able to explain whether that was deliberate because some of the contributions from my colleagues earlier seems that the order in council might not be the appropriate way to do it so maybe just benchmarking at it Tim percent although I guess that depends on the value of the properties it you’ll end up taking might be a better way forward but in saying that I think what the order in council will do is provide the opportunity to update the amount as opposed to it being set at a particular amount that obviously when we look back 1975 to today two thousand dollars an appropriate compensation so I do want to say absolutely support the intention of this part of the legislation but i am now curious about how we came up with those figures whether we looked at just faking at a percentage and i know the percentage would be difficult if we look at april 2017 value of a property in auckland’s because it’s nearly a million dollars it’s obviously compensating 10% of a million dollars increases the liability for the government so if the Minister wants to elucidate I’d really appreciate it because I found that really fascinating looking at this research thank you the Honorable David Parker just considering

Leave a Reply

Your email address will not be published. Required fields are marked *