Weekly wrap: State Budget en route, interest rates cut, Lord Mayor election results, greenfield electricity connections & more.

6 Nov 2020

, News

Victoria State Budget delivered 24 Nov. 

After making the decision earlier this year to delay the State Budget for 2020-21, the Andrews Government has confirmed the Victorian Budget will be delivered on 24 November 2020.

Of this Budget, Treasurer Tim Pallas has said that Government will invest heavily in the infrastructure and services our state needs for the future.

In UDIA Victoria’s public and private communications, we have made a compelling argument for measures that will immediately reboot Victoria by elevating our position as an attractive place to live, work and invest.

Read more about UDIA Victoria’s 2020 Pre-Budget submission.

RBA cuts interest rate to record low of 0.1 per cent.

The Reserve Bank of Australia (RBA) has cut interest rates to a record low of 0.1 per cent, where it is expected to remain until 2024.

Alongside the drop in the official cash rate, the RBA lowered its three-year bond rate target to 0.1 per cent. The new rate will also apply to the bank’s term funding facility.

Read more.

Draft revenue ruling consultations.

Draft landholder valuations revenue ruling.
The State Revenue Office (SRO) invites feedback on a draft revenue ruling, Landholder provisions – valuation of land holdings, which will replace DA-060. The draft ruling includes a change to the definition of ‘land holding’ and provides guidance on when the Commissioner will consider the written down book value of fixtures in the absence of formal valuation evidence.
Feedback is welcome until 5pm on Wednesday 2 December 2020.

Draft land development revenue ruling – consultation period extended.
The consultation period for draft revenue ruling DA-064 – Meaning of Land Development – has been extended to 5pm on Tuesday 10 November 2020.


Sally Capp re-elected Lord Mayor in Melbourne City Council election.

Congratulations to Sally Capp, who has been re-elected as Lord Mayor of the City of Melbourne with Nicholas Reece serving as her deputy. Ms Capp has said the important job of encouraging workers and visitors back to the CBD would be one of her top priorities.

UDIA Victoria looks forward to continuing our work with the Lord Mayor and her team over the next four years.

CEO of RPM Kevin Brown announces retirement.

After 10 years as CEO of RPM, Kevin Brown has resigned from his position and is retiring at the end of November 2020.

We thank Kevin for his years of exemplar industry leadership, and his generous support of UDIA Victoria which includes partnering with us on many initiatives that have strengthened our sector during times of crisis, challenge and change.

Kevin will be sorely missed and we wish him all the best.

Have your say: ESC greenfield connections survey.

In an advocacy win, the ESC has released its timely connections decision, increasing requirements for distribution businesses (DBs) connecting power to greenfield developments to improve efficiency and timeliness. 

DBs will be required to establish a customer service standard setting out what they expect to deliver over the next two years in relation to negotiated connections.

To assist the DBs develop their standards, the ESC is asking you about your experiences in undertaking electricity connections in greenfield areas. The survey is anonymous and the ESC will de-identify responses before forwarding to the appropriate distribution business.

The survey closes at 5.00 pm on 13 November 2020.

Click here to read more.

Click here to take the survey.


Date: Wednesday 25 November
Time: 1:45-3:15pm

Register now!

Post-COVID: The entire narrative of city life is shifting.

Hear from expert Bernard Salt AOM – Columnist, Social Commentator and Managing Director of The Demographics Group as he covers the immense opportunities our industry should be aware of in this new post-pandemic world. 

Register now.

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