New formula for jetty rents

The Waterfront Action Group, with the assistance of property valuation experts, has developed a new formula to calculate a fair market rent on the mud and water under jetties and other waterfront facilities in NSW.

"In Brisbane Water, the wetland rents need to be reduced by between 61 per cent and 71 per cent to bring them back to a market rent to which the Government is entitled under the Crown Lands Act," said group chairman Mr George Citer.

"Those licensees in Brisbane Water West have been overcharged the most (250 per cent), while those in Brisbane Water East have only been overcharged by 160 per cent."

The Independent Pricing and Regulatory Tribunal is currently reviewing the group's submission and is due to report to the Government in late December.

Email, 30 Nov 2011 George Citer, WAG