Publication Type

Journal Article

Version

publishedVersion

Publication Date

1-2023

Abstract

In this article, I synthesise the literature regarding the law and economics approach dealing with compulsory acquisition. Contrary to the status quo, I reason that regulations not amounting to an acquisition, but which adversely affect economic value, should also be compensable from an efficiency lens. This can be accommodated within the existing jurisprudence by recognising that acquisition ‘gains’ can also include environmental amenities, rather than only limiting these to land or property in specie by the acquiring authority. Similarly, where landowners enjoy an uplift in value from regulations, some part of this windfall profit should be taxable. The article takes reference from South Australia and Victoria’s statutory frameworks, the latter primarily because of the commencement of the Windfall Gains Tax and State Taxation and Other Acts Further Amendment Act 2021 (Vic) in July 2023. The broader principle advocated however is that more efficient and just outcomes would ensue if both acquisitions and regulations affecting land value are compensated on the same yardstick.

Discipline

Property Law and Real Estate

Research Areas

Private Law

Publication

Adelaide Law Review

Volume

44

Issue

1

First Page

135

Last Page

162

ISSN

0065-1915

Publisher

University of Adelaide

Copyright Owner and License

Authors

Additional URL

https://law.adelaide.edu.au/ua/media/2682/alr_44-1.pdf

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