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Industry News, Latest News, Victoria

Flammable cladding to be fixed with $600M, funded by new building levy

A new Victorian agency will oversee a $600 million funding package to fix buildings with combustible cladding, funded partially by a new building permit levy.

A new Victorian agency will oversee a $600 million funding package to fix buildings with combustible cladding, funded partially by a new building permit levy.

The new levy will be introduced to raise $300 million over the next five years, with the other half to be funded by the Victorian Government.

Cladding Safety Victoria will manage the grants, which will fund rectification work on hundreds of buildings with high-risk cladding to ensure they are safe and comply with all building regulations.

A recent report from the Victorian Cladding Taskforce recommended the rectification of buildings with high risk cladding and the establishment of a dedicated cladding agency. It has also recommended the State Government seek a contribution from the Federal Government to help fund the rectification, as the issue is a national problem.

The Taskforce was established in 2018 to identify how many buildings had combustible cladding and potential solutions to fix them. It was headed by former Victorian Premier Ted Baillieu and former Deputy Premier John Thwaites and identified 15 building which will be fixed first.

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Premier Daniel Andrews said the world-first program will fix the buildings most at risk and keep Victorians safe.

“Combustible cladding is a national problem and we want the Federal Government to be part of the solution here in Victoria,” Andrews said

Cladding Safety Victoria will be contacting owner corporations and property owners soon, starting with buildings at greatest risk.

Work on these high-rise buildings was funded by the Victorian Budget 2019/20 and will begin in the coming weeks.

The Victorian Government will also undertake a review of the state’s Building Act to identify what legislative changes are required to better protect consumers.

“This isn’t just about safety, it’s about fairness for people who bought apartments in good faith and were let down by dodgy builders or dangerous building products,” Victorian Planning Minister Richard Wynne said.

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