Electricity bills will climb without building infrastructure: minister
D'Ambrosio said she was 'absolutely convinced' electricity bills would climb without building the transmission infrastructure needed to connect large-scale solar, wind and battery projects to the electricity grid.
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Sky News AU
2 hours ago
- Sky News AU
Melbourne's CBD grapples with near-record office vacancies as state government defends controversial work from home mandate
Melbourne's CBD continues to suffer from the the economic strain of post-pandemic shifts in workplace habits, with fresh data revealing almost 18 per cent of city office spaces remain vacant - the highest of any major city across the country. The figure, released in the Property Council of Australia's latest Office Market Report, shows Melbourne's CBD vacancy rate had ticked down marginally from 18 per cent to 17.9 per cent. However, the slight dip offers little relief as concerns mount over Premier Jacinta Allan's plan to enshrine the right to work from home into state law. The legislation, set to be introduced ahead of next year's election, would grant public and private sector employees the right to work remotely for two days a week, where reasonable. The move has drawn sharp criticism from business leaders who fear it will further erode demand for city office space and deter new investment. 'The reality is that investment to drive jobs, upgrade our office assets, and keep our city vibrant will be deterred from Melbourne if this latest policy comes into effect,' said Property Council Victoria executive director Cath Evans. The policy comes as the national office vacancy rate rises to 15.2 per cent, its highest level in three decades, fuelled by weak demand and a glut of new buildings still coming online after being approved during the low-interest rate boom. In Melbourne, the city is still adjusting to a major shift in workplace culture, with data from CBRE showing just 63 per cent of Victorian workers are returning to the office, well below the national average of 74.7 per cent. In Sydney, office attendance is even higher at 82 per cent. Before the pandemic, Melbourne boasted the lowest vacancy rate in Australia at just 3.4 per cent. But the landscape has drastically changed. By early 2022, vacancy had surged to 13.1 per cent before peaking at 18 per cent, where it remained for a full year. Deputy Premier Ben Carroll defended the government's proposed work from home mandate, saying, 'this really helps all people in all types of industries'. However, Dani Matthews, co-founder of corporate advocacy group Abundium, said the policy would place unnecessary burdens on businesses. 'Our members say it adds unnecessary cost and compliance burden, and for some, it will force a reconsideration of their future footprint in the state,' she told the Herald Sun. Suburban markets are also struggling, with Melbourne's St Kilda Road precinct and Sydney's north shore - areas like Crows Nest - reporting vacancy levels nearing 30 per cent. North Sydney, Macquarie Park, Parramatta and Chatswood are also battling vacancies above 20 per cent. Major new developments in Melbourne, such as Mirvac's 7 Spencer Street and Cbus Property's 435 Bourke Street, anchored by Commonwealth Bank, are expected to test the resilience of the market further as they hit completion in the next three years. Despite the gloom, with the growing market in Melbourne, some remain optimistic. 'There's no doubt that Melbourne is key to the future success of Australia's evolving office market,' Ms Evans said. 'At a time when many other major cities are recording increases in office vacancy, it's encouraging to see that Melbourne's office market is showing green shoots.' The Allan government now faces mounting pressure to reconsider its approach or risk making Melbourne even less competitive on the national stage.
Herald Sun
5 hours ago
- Herald Sun
Property Council slams Victoria's proposed work from home legislation
Don't miss out on the headlines from Opinion. Followed categories will be added to My News. After years of pandemic-induced uncertainty, Melbourne's office market is finally showing signs of stability. The new Property Council Office Market Report confirms a modest but meaningful decline in CBD office vacancy – down from 18 per cent to 17.9 per cent. This bucks the national trend and is a small but vital signal that confidence is returning to our city centre. That's why the Victorian government's proposal to legislate the right for private sector workers to work from home two days a week is not just poorly timed – it's deeply concerning. It comes at a time when the federal government has productivity improvements in its sights but is an act that turns its back on Victoria's most productive asset: Melbourne's CBD. The Melbourne CBD is Victoria's most productive asset. Picture: David Crosling Let's be clear – flexibility is not up for debate. It is already a hallmark of modern workplaces — many employers have adopted hybrid models, to suit the needs of their teams and businesses. We've also seen businesses going above and beyond to earn the commute of their staff, offering everything from sleep-pods and health hubs to DJ decks and golf simulators in their offices. After two years of being the most locked-down city in the world and rapid adjustment to new norms, it's clear that employers have found models that work best for their teams. Mandating working from home through legislation strips away the very flexibility the government claims to support. The diversity of Victoria's private sector means there is no one-size-fits-all solution. What works for a tech start-up may not suit a legal firm or design practice. Decisions about work arrangements should be made by employers and their staff, not imposed by politicians from Spring St. Even in 2025, Melbourne's CBD is still in recovery mode. Small businesses – cafes, retailers, service providers – depend on consistent foot traffic. Every government policy that discourages people from returning to the city chips away at its ongoing revitalisation. The Allan-government wants to legislate to right to work at home two days a week. Picture: Supplied Our report shows that we are starting to see momentum build: new leasing activity, demand for more affordable B-Grade office stock, and a tapering in sublease vacancies. These are all signs of businesses regaining confidence in their workplace strategies. Meanwhile, Melbourne has the strongest future supply pipeline nationally, with more than 300,000sq m of new office space set to come online by 2027. Developers and investors are backing our city. They need a policy environment that backs them in return. Victoria already suffers under the country's harshest property tax settings. Now, the threat of mandated work-from-home rules sends another damaging message to employers and investors: Melbourne is not open for business. We need to support our CBD's recovery, not jeopardise it. The private sector is doing its part. We're asking the government to do the same: back business, protect choice, and keep Melbourne open for investment and growth. Cath Evans is Victorian Executive Director of the Property Council.
ABC News
5 hours ago
- ABC News
Grey nomad strikes gold unearthing nugget in outback
A Victorian man has unearthed a gold nugget worth around $40,000 while filming a prospecting tutorial video in WA's Goldfields with his wife.
