Monday 19 April Top News Australia

The Australian

1. Lendlease Partners with UK’s Crown Estate in Major Deal

Australian property developer Lendlease has entered a joint venture with the UK's Crown Estate, selling six of its UK development projects while retaining a development role. This deal, which includes projects like Silvertown Quays and the Smithfield Market redevelopment, will unlock over $300 million in capital and halve future funding commitments to $125 million. Lendlease aims to use this partnership to boost its international funds arm and continue delivering large-scale urban regeneration initiatives. CEO Tony Lombardo emphasized the strategy's alignment with simplifying the company and refocusing capital to Australia, following the announcement of $2.5 billion in global capital recycling efforts. The Crown Estate’s CEO Dan Labbad expressed enthusiasm for revitalizing sectors like housing and technology through strategic collaboration. The partnership will support the construction of 26,000 homes and 900,000 square meters of office and life sciences space, enhancing Lendlease’s revenue through development management fees. The deal is viewed as an example of The Crown Estate’s mission to drive national progress. The Australian

2. Sydney Parking Spaces Sell for Over $600,000 Each

Six parking spaces in Sydney's Central Business District (CBD) recently sold at auction for an astonishing $608,000 each, totaling $3.65 million. This record-breaking price surpasses the cost of many homes in Australia, highlighting the extreme value of such assets in the area. Located underground at 2 Phillip Street near Circular Quay, the 85-square-metre lot is part of the luxury Quay residential tower and lies just meters from major landmarks like the Opera House and Harbour Bridge. The auction attracted significant interest, with 92 inquiries, 16 inspections, and over 30 bids. Buyers were primarily affluent locals from high-end neighborhoods such as Bennelong Apartments, Opera Quays, and One Circular Quay. According to James Cowan of Colliers, the strong demand was anticipated due to the scarcity and desirability of parking in the CBD. The spaces offer vacant possession and are ideally situated for access to public transport, including ferries, trains, and light rail, making them a premium and highly sought-after commodity. dailytelegraph

3. Severe Weather Hits New South Wales

New South Wales (NSW) is facing a prolonged stretch of severe weather, with dangerous surf, strong winds, and heavy rain affecting areas from Cronulla to Seal Rocks. The Bureau of Meteorology has issued warnings, particularly for the Mid-North Coast and Hunter regions, as flash flooding and damaging winds cause widespread disruption. The NSW State Emergency Service (SES) has responded to over 350 calls, including 60 from Sydney, mainly for issues like fallen trees, power outages, and property damage. Power has been disrupted for over 2,200 homes and businesses, particularly in suburbs such as Frenchs Forest and Oxford Falls. Torrential rain has already led to flash flooding and major road closures, with some locations like Wyee recording over 120mm of rain. Coastal towns from Coffs Harbour to Kiama are under severe weather alerts, and conditions are expected to remain hazardous through the week, with potential for intensified flooding and continued road closures. SES teams are pre-positioned in high-risk areas, and meteorologists warn the ongoing rain will elevate flooding risks. dailytelegraph

4. Victoria Projects $600 Million Budget Surplus

Victoria is set to post a $600 million budget surplus for 2025–26, marking the state's first "back in the black" budget since the pandemic, despite it being $900 million lower than originally forecast. Treasurer Jaclyn Symes announced that operating surpluses are projected to rise to $1.9 billion by 2026–27 and $2.4 billion in 2027–28. Premier Jacinta Allan has described the budget as responsible, emphasizing that net debt, projected to reach $187.3 billion by 2028, will decline relative to the economy in coming years. The budget includes a contentious $318 million plan offering free public transport for children, which economists and political opponents argue could be fiscally irresponsible given the state's weak financial position and risk of a credit rating downgrade. Critics, including S&P Global Ratings, have raised concerns over mounting debt, cost overruns on major projects like the Suburban Rail Loop, and the potential need for new taxes to fund initiatives. Independent economists stress the importance of achieving a credible path to cash surpluses by 2028–29 to restore fiscal stability. Despite criticism, the government maintains that its budget strategy is aimed at long-term sustainability and supporting families amid cost-of-living pressures. The Australian

5. Sydney's Western Harbour Aims to Become 'World's Best Waterfront'

Sydney’s Western Harbour, encompassing areas like Walsh Bay, Darling Harbour, Pyrmont, and the Sydney Fish Market, is aiming to become the “world’s best waterfront.” Home to approximately 1,000 businesses including hotels, restaurants, entertainment venues, and cultural centers, the area attracts about 94 million visitors annually and sustains 50,000 workers. Inspired by globally renowned districts such as London’s West End and Singapore’s Marina Bay, businesses will soon vote on establishing a Community Improvement District (CID) to enhance tourism and livability. Spearheaded by the New Sydney Waterfront Company (NSWC), the initiative seeks to raise $4.25 million annually for five years to fund events, data analysis, marketing programs, and infrastructure improvements like a free ferry service. The plan aims to boost international tourism spending from $884 million in 2024 to $2 billion by 2030, increasing annual visitation to 110 million. Local entrepreneurs and officials support the CID, emphasizing the need for collaborative efforts to revitalize the area with events, better transport, and greater connectivity, ultimately creating a vibrant, cohesive attraction for residents and tourists alike. dailytelegraph