The Greens NSW Treasury and Finance spokesman, Justin Field, today said the push to sell off the NSW’s Titling and Registry Services could drive up the costs of title searches for home buyers, undermine the security of the State’s land title system and would remove the very profit-making centre of the land title services.
“This data base is currently owned by the State of NSW,” said Justin Field. “The land title register is the profit making heart of the Land and Property Information (LPI). It generates approximately $70 million a year and is the envy of the world for its security and stability. It is robust and efficient. It makes lots of money and is not broken.”
“In the rush to get this world-class system to market the Baird government has not allowed for any public consultation and has not put in any protections to ensure the addresses and details of home owners across NSW are not sold on to third parties.”
The Greens are not alone in condemning the sale of this vital data base. Gary Ulman, President of the Law Society of NSW said recently, “The justification for the privatisation of public assets usually lies in the need for a large-scale injection of capital into an industry, or to address underperformance by a government utility. Neither rationale applies in this case,” concluded Ulman.
“The government’s reassurance that prices won’t go up should be treated in same way reassurances about private health insurance is treated,” continued Field. ”Once it’s sold the government won’t have a lot of say in the matter.”
“This obsession with privatising everything that’s not nailed down has got to stop,” said Field. “The people of NSW own this titling system, the public servants of this State have built it and administer it in a way that is the envy of other countries, the current government is impoverishing future generations by flogging off the farm.”
Justin Field, MLC