This is a huge relief for owners and residents of the high-risk apartment buildings who, through no fault of their own, were initially informed it would their responsibility to foot the massive bill to remove the combustible cladding.
The $600 million package will fund rectification works on hundreds of buildings with high-risk cladding found to ensure they are compliant with all building regulations.
Taxpayers will directly fund $300 million while developers will fund the other $300 million through increased building permit levies over the next five years.
A new agency, Cladding Safety Victoria, will manage the funding and will contact owners corporations to commence the rectification works, starting with high-risk buildings.
In the meantime, the Victorian government will review the state’s Building Act to identify what legislative change is needed to strengthen the system and better protect consumers.
“This isn’t just about safety, it’s about fairness for people who bought apartments in good faith and were let down by dodgy builders or dangerous building products,” said Minister for Planning, Richard Wynne.
Indeed it is.
For further information visit Cladding Safety Victoria.