Press Release

EMBARGOED UNTIL August 07, 2019 03:00 PM

TRILLION DOLLAR STRATA SECTOR APPEALS FOR NATIONAL FLAMMABLE CLADDING SOLUTION AT COAG

TRILLION DOLLAR STRATA SECTOR APPEALS FOR NATIONAL FLAMMABLE CLADDING SOLUTION AT COAG

PRIME MINISTER AND ALL PREMIERS MUST FOLLOW VICTORIAN AND BRITISH GOVERNMENT LEAD

LIVES AT RISK

Thousands of Australians face financial ruin or severe hardship because of the flammable cladding disaster and tomorrow’s COAG meeting in Cairns of the Prime Minister and State and Territory leaders is being asked to find a solution.

If a solution isn’t found, Australia is likely to see some of the biggest class action lawsuits in the nation’s history.

The peak body for Australia’s strata sector says it hopes that Victorian Labor Premier, Daniel Andrews, is good to his word and raises flammable cladding at COAG as a billion-dollar National problem requiring a National solution.

CEO of Strata Community Association, Alisha Fisher, says Queensland, New South Wales, other States and the Commonwealth cannot ignore the $600million package by the Victorian Labor Government to fund a flammable cladding solution.

“Governments have taken revenue totalling billions of dollars in taxes and charges from the property sector, including mums and dads who pay stamp duty, and now Governments that allowed this material to be used need to find a solution,” Ms Fisher said.

“We applaud Premier Andrews for delivering a solution to the thousands of Victorians who have been caught up in this mess. Tomorrow all eyes will be on the Prime Minister and Premiers who must unite and support a Commonwealth funding package.

“The recent announcements made by the British and Victorian Governments to fund the removal and replacement of flammable cladding on hundreds of buildings set a clear tone that remediation is the responsibility of Government.

“The amount pledged by Victoria, which is $200million more than that announced by the United Kingdom, demonstrates the severity of the flammable cladding crisis in Australia that requires the commitment of the Commonwealth.

“Thousands of Australians in affected apartment buildings face multi-million-dollar bills for the removal and replacement of flammable cladding, a predicament that will leave many financially ruined.

“Individual owners face costs of up to $60,000 per apartment and for many of them, that is money they do not have.

“An estimated 10,000 buildings in New South Wales, Victoria and Queensland are thought to contain flammable cladding; a figure likely to bring the total bill to a billion-dollar figure nationally.”

Ms Fisher said class actions on flammable cladding were underway in some States and if COAG refused to look at a national solution to flammable cladding, she expects a new wave of class actions.

“The COAG meeting is the forum for delivery of a national solution to flammable cladding.

“If that doesn’t happen, I expect various law firms and litigation funders to push the button to green light a range of new class actions against Government.”

ENDS

About

Strata Community Association Limited (SCA) is the peak industry body for Body Corporate and Community Title Management in Australia & New Zealand. Membership includes body corporate managers, support staff, committee members and suppliers of products and services to the industry. SCA proudly fulfils the dual roles of a professional institute and consumer advocate.

SCA has in excess of 3,300 members who help oversee, advise or manage a combined property portfolio with an estimated replacement value of over $1.2 trillion. Website: http://stratacommunity.org.au/

(ENDS)

Contact Details

Pat McGuire
Marketplace Communications
0412 748161
Patrick.mcguire@mpc.com.au

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