❓ Hon Steve Martin asks about revenue from real estate agent trust accounts and its allocation. The response details revenue amounts, account balances, and program funding, revealing a significant increase in revenue followed by its allocation to regulatory and professional development activities.
AnsweredQoN 2102Legislative Council
QuestionView source ↗
I refer to the funding of government services via interest paid on real estate agent trust accounts, and I ask: (a) what was the revenue to the Government from interest paid on real estate trust accounts in: (i) 2021-22; (ii) 2022-23; and (iii) 2023-24; (b) what was the balance of the Settlement Agents Interest Account as of: (i) 30 June 2024; (ii) 30 June 2023; (iii) 30 June 2022; and (iv) 30 June 2021; (c) what programs were funded from real estate trust account revenue; and (d) in reference to (c), how much per project for each of the years identified in (a)?
AnswerView source ↗
Answered
19 September 2024
Responded by
Minister for Finance; Commerce; Women's Interests
Response time
11 days
(a)(i) $94 180
(ii) $14 514 647
(iii) $30 491 849
(b)(i) – (iv) $0.00
(c) The real estate trust account revenue funds both the cost of administering the Real Estate and Business Agents Act 1978 and enforcing the legislation by the Commissioner for Consumer Protection. This includes overheads, goods and services, and the mandated continuing professional development program (CPD) licensed real estate agents, sales representatives and property managers must undertake each year.
(d)
Goods & Services and Overheads ($)*
CPD
($)
2021/22
15 144 258
1 193 794
2022/23
14 568 622
1 428 679
2023/24
10 958 707
1 423 312
*Goods & Services and Overheads relate to costs to enforce the legislation as well as the costs associated with providing support to consumers and/or industry such as administering grants and subsidies, assisting consumers with receiving recompense for financial losses through the Fidelity Guarantee Accounts.
(ii) $14 514 647
(iii) $30 491 849
(b)(i) – (iv) $0.00
(c) The real estate trust account revenue funds both the cost of administering the Real Estate and Business Agents Act 1978 and enforcing the legislation by the Commissioner for Consumer Protection. This includes overheads, goods and services, and the mandated continuing professional development program (CPD) licensed real estate agents, sales representatives and property managers must undertake each year.
(d)
Goods & Services and Overheads ($)*
CPD
($)
2021/22
15 144 258
1 193 794
2022/23
14 568 622
1 428 679
2023/24
10 958 707
1 423 312
*Goods & Services and Overheads relate to costs to enforce the legislation as well as the costs associated with providing support to consumers and/or industry such as administering grants and subsidies, assisting consumers with receiving recompense for financial losses through the Fidelity Guarantee Accounts.
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