Ban Commissions in Strata Management: Protecting Residents
Brisbane News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
New South Wales Productivity Commissioner Peter Achterstraat advocates for an immediate ban on commissions that strata managers earn from insurance and other services in apartment buildings. His report recommends transitioning to a fee-for-service model to safeguard residents, as apartments are expected to account for half of all Sydney homes by 2041 and one million people already live in strata schemes. The review received over 550 submissions and projects over $300 million in statewide benefits over fifteen years through improved competition. While some managers resist, many are adopting fees, and the industry peak body supports the change. A three-year phase-out is being considered to facilitate the transition.
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