Prime Sydney real estate rents for $70 a year
One of Australia's biggest insurance companies is renting an entire Sydney CBD block from taxpayers for just $70 a year.
The GIO deal is among thousands of cases of State Government property being leased at peppercorn rentals to private business, clubs and rich individuals.
The State Government's Department of Lands rents back the building - paying the insurance giant an undisclosed amount.
Meanwhile The Age reports that big business and some of Australia's wealthiest people are renting taxpayer-owned land for peppercorn payments that effectively subsidise their operations.The paper reported that total rents collected by the NSW Lands Department of $60 million a year contributed less than $2 per hectare to the public purse.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment