Value capture is certainly the flavour of the month for both the State and Federal Government. They are both pursuing initiatives to support the use of value capture to fund infrastructure.
The PUGRC has been invited to participate in the Australian Government’s upcoming round table discussion on value capture funding of infrastructure. The round table discussion will be held in Melbourne in April. Cr Edwards will attend this session.
Value Capture has also piqued the interest of the VIC State Government with the launch of the Value Capture Policy in the last week. The Value Creation and Capture Framework, is described as a new strategy to achieve maximum value for Victorians from major projects. The framework will apply to all major projects and precinct developments in Victoria, with agencies required to explore all value capture and creation options in the development of their proposals.
The Peri Urban Group has been active in expressing our concerns with the application of value capture funding mechanisms for regional projects. We believe that it will be unfair. It is too much of an impost on those living / working near to a project to pay for the benefits when the benefits are shared by a region. Similarly, the Grattan Institute has released a report cautioning against the use of value capture.