VICTORIAN Treasurer Tim Pallas last week announced the State Government will shortly issue an Expression of Interest to proceed with the commercialisation of the land titles and registry functions of Land Use Victoria, with proceeds of the transaction to be invested in transport infrastructure.
According to Mr Pallas, the announcement follows a scoping study that focused on putting land registry customers first by delivering better services, protecting data and privacy, and continuing the government's guarantee of titles.
Several essential services will remain in public ownership, including the Subdivisions, Application & Survey, Valuer-General Victoria, Surveyor-General Victoria, Land Information and Spatial Services, Government Land Advice and Coordination, and the Victorian Government Land Monitor. The Registrar of Titles will also remain under State control, retaining an oversight role over the private operator.
The private operator will be responsible for the commercialised land registry functions and transactions for a term of 40 years, after which responsibilities will be returned to public hands.
During this period, the state will retain full control over prices for statutory land registry services and price monitoring of non-statutory services provided by the private operator. It will also require the private operator to meet key performance targets and will impose financial penalties if standards are not met.
A preferred provider is due to be announced in the second half of 2018.