Senator the Hon Mathias Cormann

The Albury-Wodonga Development Corporation ceased its development activities in 2004, at which time it owned some 6,500 hectares.

In the 2014-15 Budget, we announced the abolition of the Albury-Wodonga Development Corporation.

The Albury-Wodonga Development Corporation was originally established as part of an agreement between the Commonwealth, New South Wales and Victorian State Governments with the objective of developing Albury-Wodonga into a major inland city by purchasing and developing large tracts of land.

Following its establishment in 1974 the Albury-Wodonga Development Corporation held 24,079 hectares. It has now ceased its development activities and at 30 October 2014 held 986 hectares of land and 81 residential and industrial lots.

The wind-up of the Albury-Wodonga Development Corporation has been planned since 2004 when the NSW and Victorian State Governments agreed to withdraw from the scheme.

The Albury-Wodonga Development Corporation (Abolition) Bill 2014 has now passed through the Parliament and will allow the Government to wind-up the Albury-Wodonga Development Corporation by 31 December 2014.

Following abolition of the Albury-Wodonga Development Corporation, the Department of Finance will be responsible for managing its residual functions, including managing the remaining land and continuing to divest properties over time.

Throughout this process, the Government will continue to consult closely with the Albury and Wodonga Councils, State Governments and other stakeholders.