Get the appShares in data centre operator NextDC fell more than 40 per cent on Wednesday after returning to trade following a suspension. The ASX200 still finished the day in positive territory. Reserve Bank deputy Andrew Hauser said the central bank faces tough choices, as a growing share of businesses think higher inflation may be the new normal. This has raised expectations of a rate hike in November.
Residents of Leeton packed a church forum on Monday to question the mayor and general manager over a proposed special rate increase of up to 54 per cent. Critics blamed the costly redevelopment of the Roxy Theatre, now put at $15 million, for the rise. The council rejected this, saying the theatre was a minor share of the increase and that government grants paid for most of the work. The council says an independent review found its general fund was not financially sustainable.
IPART has set next year's rate rise for councils. The impact on individual ratepayers will vary according to the land valuation supplied by the NSW Valuer General.
Alerts, Shorts and your saved stories — free on Google Play.
Get the appLeeton residents are being urged to speak out against a proposed rate increase of up to 54 per cent, four years after a similar rise was voted down. The council is considering three options that would lift general rates revenue by between 44.2 and 53.8 per cent over two years, on top of standard annual increases. The council says an independent review found its general fund is not financially sustainable. A community meeting is set for 6 pm on Monday 19 October at Cypress Street Hall, where residents can question the mayor and general manager.
An independent review has found Yass Valley Council needs $8.3 million a year by 2027/28 to maintain its financial position. Consultant Graham Jarvis told a community forum that relying only on rates could mean a cumulative rise of up to 76.55 per cent. He said the gap could be closed by raising revenue, cutting spending, or a combination of both, and that service delivery changes could help. The council has not yet decided whether to apply for a special rate variation. Councillors will consider a response at a public forum and extraordinary meeting on 14 October.
Byron Shire Council is proposing a 35.03 per cent rate rise over three years, raising $83 million over a decade. The increase, due for a decision on 3 December, aims to fund infrastructure including renewal, maintenance, climate adaptation, and business resilience. Critics argue the council should defer the rise until state government reforms, which aim to improve financial transparency and accountability, are clarified. The reforms follow a parliamentary inquiry into local government funding pressures, with the government agreeing that existing revenue sources are insufficient.