Question to the House on Electronic Conveyancing

Question Without Notice in the Victorian Legislative Council to the Minister for Planning concerning electronic conveyancing.

24 May 2007 COUNCIL

Mr TEE (Eastern Metropolitan) -- My question is to the Minister for Planning. Can the minister advise the house how the $6 million in funding for electronic conveyancing will position Victoria as a leader in streamlined property transactions, reduce the regulatory burden for business and the community and minimise costs to business?

Hon. J. M. MADDEN (Minister for Planning) -- I thank Mr Tee for his question because I know he has a specific interest in this area. No doubt people in this chamber would appreciate that the budget provided a huge $1.5 billion commitment to maintaining Victoria's competitive business environment. Not only has land tax been slashed but WorkCover premiums have been cut by 10 per cent, providing immediate and obvious benefits for investment in Victoria.
I am delighted to advise the house that this budget provides $6 million to complete the development of and to switch on our new electronic conveyancing system to support faster, more efficient property settlements. Cutting red tape is imperative for business and the community and is a hallmark of this government. Cutting business costs is an integral part of supporting economic growth.
We appreciate that the small business statement released by the Bracks government in August 2006 commits to the reduction of red tape by 25 per cent over the next five years. This government has consistently stripped away layers of unnecessary and time-wasting processes to allow Victorian businesses to remain competitive.
The introduction of electronic conveyancing for property transactions is part of our very clear intention to cut red tape in business.
It puts Victoria at the forefront of the Australian states and indeed makes it a world leader in financial property settlement and lodgement of land transfers and mortgages.
Financial institutions like Westpac, ANZ, Commonwealth Bank, National Australia Bank, Macquarie Bank and Bendigo Bank are already using mortgage transactions as part of the electronic conveyancing system.
Even greater benefits will emerge in stage 2, and that will do away with the paper shuffle that often goes on with these transactions where a number of parties have to come together and shuffle papers in order to settle a transaction. This will mean a saving on average of up to $395 per four-party settlement on an average saving of up to $108 for each vendor and purchaser.
That might not seem a lot on each transaction, President, but let me reinforce that more than $70 million of annual savings for the industry and community are forecast from this initiative. The Bracks government recognises the challenges of the future, and we are delivering on our promises to reduce cost to business and invest in services that matter to Victorian businesses -- and all that will flow on to jobs and make Victoria a great place not only to do business but to live, work and raise a family.

Extract from Hansard