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GAIC rates, deferred GAIC interest rates and building works thresholds 2010-18

Financial year Type A land
(per hectare) rate ($)
Type B-1; B-2 land
(per hectare) rate ($)
Type C land
(per hectare) rate ($)

Interest on deferred GAIC (%)

Building works threshold ($)
2017-18 93,400 110,930 110,930 2.8953 1,167,700
2016-17 91,850 109,080 109,080 2.2908 1,148,260
2015-16 90,470 107,440 107,440 3.1855 1,130,950
2014-15 88,770 105,420 105,420 4.1117 1,109,650
2013-14 86,580 102,810 102,810 3.9402 1,082,220
2012-13 84,960 100,890 100,890 4.2295 1,061,980
2011-12 82,550 98,030 98,030 5.7861 1,031,890
2010-11 80,000 95,000 95,000 5.9951 1,000,000

GAIC rates

The initial rate of $80,000 per hectare is consistent with the previous contribution announced in A Plan for Melbourne's Growth Areas in November 2005. The rate of $95,000 for type B-1, B-2 and C land was derived from this figure, adjusted by an indexation amount for the period between November 2005 and the date of proposed introduction of the GAIC in 2010.

From the 2012-13, GAIC rates are indexed annually based on the consumer price index. The indexed GAIC amount for each financial year is published by 1 June of the preceding financial year in the Government Gazette and is available on the Victorian Government's planning website.

Interest on deferred GAIC

The interest payable on a deferred GAIC is calculated on a daily basis at the 10-year bond rate.

This rate is the average of the daily yields for the 10-year Treasury Corporation of Victoria bond for the month of May in the financial year preceding the financial year in which the day occurs (for example, average daily yields for May 2018 is the rate to be used for the 2018-19 financial year).

Building works threshold

Building works on land within the contribution are below the statutory threshold are an excluded event. This threshold is indexed each subsequent financial year using the consumer price index (CPI).

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