Dec 15, 2017 Last Updated 4:28 PM, Dec 12, 2017

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Australian shopping empire Westfield sold to French property firm for $33 billion

Australian shopping empire Wes…

AusBN - Australian shopping mall juggernaut Westfield has been purchased by...

ASX introduces blockchain technology into trade settlement system

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Australia’s annual economic growth rate rises to 2.8%

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Construction starts on Australia’s lowest cost wind farm

AusBN – Construction has started on Australia’s lowest cost wind farm with completion scheduled for early next year.

The 19.5 megawatt Coonooer Bridge wind farm is based in Victoria and is the first of three wind farms that are to be built as part of the governments new renewable energy target.

The ACT government will provide the project with a tariff of A$81.50 per megawatt hour, which is believed to be the lowest contracted price in the country.

Windlab are constructing the $50 million plant whose prices are expected to remain fixed for at least the next 20 years.

ACT minister for the environment Simon Corbell said: “Wind is currently the lowest-cost renewable energy generation available, and will play a big role in the decarbonisation of the ACTs electricity supply.

“It will contribute approximately three-quarters of the ACT’s 90% renewable energy target.”

@AusBNOnline

NSW invests $400m in Housing Acceleration Fund

AusBN – Over the next 14 years the New South Wales government has announced that it will invest A$400 million in the transformation of land to make it ready for 664,000 new housing units.

A planning body will also be created to oversee the housing project at the cost of a further $19 million.

The Housing Acceleration Fund was created in 2012 and a total of $566.5 million has been invested in it since its inception.

Treasurer Gladys Berejiklian said: "The Government is taking concerted action to address housing supply, and therefore housing affordability.

"With our surplus position, we have put an additional $400 million in the Housing Acceleration Fund, the largest ever single contribution, to go directly towards the infrastructure required in growth areas and to bring housing to market as quickly as possible."

Glenn Byres, Property Council of Australia NSW executive director, added that he is hopeful that the state “continues to step up in the national tax reform debate and begin shifting away from inefficient taxes that hurt housing affordability and the economy”.

@AusBNOnline

NSW government backs Barangaroo development

AusBN – The New South Wales government has announced plans to invest A$100 million in Barangaroo development projects over the next year.

The $6 billion Barangaroo development is currently under construction on public waterfront land and includes a Crown casino owned by James Packer.

A Barangaroo train station, which will be on the Sydney Metro Line, was announced in a recent budget.

An estimated $500 million will be spent on the train station and NSW premier Mike Baird called the train station a ‘game changer’ for the Barangaroo development.

Budget papers have revealed that the government has already invest $250 million in projects for the development, which include precinct planning for Barangaroo Central.

A further $10.5 million has been allocated by the authority for major works in the next financial year.

Mike Baird said: “The dramatic urban renewal occurring on the western edge of the CBD is Sydney’s own Canary Wharf – it’s crucial to the state’s economic future.

“This is a common-sense decision to combine our new world-class metro rail system with our new world-class business hub.

“The new Barangaroo railway station will support an $8 billion economic catchment within a 10-minute walk of the station.” 

@AusBNOnline

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