Latest news with #BetterRegulation
Daily Telegraph
25-06-2025
- Business
- Daily Telegraph
Homebuyers hit with massive fee rise
OPINION Inspection of strata records is crucial to enable prospective owners to glean information about the scheme before they buy their apartment. However from July 1 these inspection fees are almost doubling in price. Amid huge affordability issues, no reason has been given for the outrageous increase, albeit the first in nine years. It is all the more of an odd decision by Anoulack Chanthivong, the Better Regulation and Fair Trading Minister, given structural, waterproofing and fire safety defects wreak havoc across as much as half of NSW's strata buildings. MORE: Why most Aussies are using their heaters wrong Transparency, accountability and increased engagement are vital to ensure home buyers don't naively buy into a strata nightmare. The fees for inspecting strata records online or in person will increase from $31 to $60 for the first hour, and from $16 to $30 for each half-hour after the first hour. The increase will apply to prospective buyers of apartments, townhouses and villas. Fees will stay the same for current owners. It is strata managers under the watch of the strata committee who are responsible for making and keeping all the records. They must keep all financial records and statements for at least seven years. Likewise they must keep a record of all communications sent and received by the strata committee and owners corporation for seven years along with meetings records. MORE: Aus pub's $500m collapse, staff owed $7m Since June last year, records strata schemes are required to keep must be stored electronically. The recently unveiled batch of new strata laws and fees also require electronic access to records to be through secured means. Current owners must authorise prospective buyers to see the strata roll, financial records and other records by contacting the strata committee or strata manager. These potential owners – or more likely hired strata searchers – face a costlier exercise to inspect a strata scheme's records ahead of purchase. Pre-purchase reports all mount up especially if the buyers miss out at auction, with no reform attempt since the former Kiama MP Matt Brown unsuccessfully sought to reduce the costs incurred about 15 years ago. Back then Brown noted the typical strata report cost was $300 to $350. These days buyers typically pay up to $299 for reports on strata schemes of less than 100 lots, and this jumps higher per report for even bigger strata schemes. MORE: Huge promise Hemsworths made about Byron Bay There is also a shared marketplace using a share cost model that is seeing reduced costs for pre-purchase reports for the buyers as low as $89. And some innovative estate agencies make a prepared online strata report readily available to buyers. It is a cost their seller incurs but it helps the prospective buyer in moving quicker to make an offer with the confidence they need. 'By giving buyers the information upfront, you remove the friction that slows deals down,' Before You Buy founder Rhys Rogers says. Requests to see strata records and make copies must be given within 10 days. The owners corporation must put the fee into their administrative fund and pay their strata manager their agreed fee for its supply. MORE: Kmart set to change everything in Temu war
News.com.au
25-06-2025
- Business
- News.com.au
Homebuyers hit with massive fee rise
OPINION Inspection of strata records is crucial to enable prospective owners to glean information about the scheme before they buy their apartment. However from July 1 these inspection fees are almost doubling in price. Amid huge affordability issues, no reason has been given for the outrageous increase, albeit the first in nine years. It is all the more of an odd decision by Anoulack Chanthivong, the Better Regulation and Fair Trading Minister, given structural, waterproofing and fire safety defects wreak havoc across as much as half of NSW's strata buildings. Transparency, accountability and increased engagement are vital to ensure home buyers don't naively buy into a strata nightmare. The fees for inspecting strata records online or in person will increase from $31 to $60 for the first hour, and from $16 to $30 for each half-hour after the first hour. The increase will apply to prospective buyers of apartments, townhouses and villas. Fees will stay the same for current owners. It is strata managers under the watch of the strata committee who are responsible for making and keeping all the records. They must keep all financial records and statements for at least seven years. Likewise they must keep a record of all communications sent and received by the strata committee and owners corporation for seven years along with meetings records. Since June last year, records strata schemes are required to keep must be stored electronically. The recently unveiled batch of new strata laws and fees also require electronic access to records to be through secured means. Current owners must authorise prospective buyers to see the strata roll, financial records and other records by contacting the strata committee or strata manager. These potential owners – or more likely hired strata searchers – face a costlier exercise to inspect a strata scheme's records ahead of purchase. Pre-purchase reports all mount up especially if the buyers miss out at auction, with no reform attempt since the former Kiama MP Matt Brown unsuccessfully sought to reduce the costs incurred about 15 years ago. Back then Brown noted the typical strata report cost was $300 to $350. These days buyers typically pay up to $299 for reports on strata schemes of less than 100 lots, and this jumps higher per report for even bigger strata schemes. There is also a shared marketplace using a share cost model that is seeing reduced costs for pre-purchase reports for the buyers as low as $89. And some innovative estate agencies make a prepared online strata report readily available to buyers. It is a cost their seller incurs but it helps the prospective buyer in moving quicker to make an offer with the confidence they need. 'By giving buyers the information upfront, you remove the friction that slows deals down,' Before You Buy founder Rhys Rogers says. Requests to see strata records and make copies must be given within 10 days. The owners corporation must put the fee into their administrative fund and pay their strata manager their agreed fee for its supply.
Yahoo
28-02-2025
- Business
- Yahoo
Big pharma urges Commission to slow down on new critical medicines rules
In an effort to fulfil its 100-day pledge, the Commission is rushing to present the Act on 11 March in Strasbourg, but this has raised concerns among European pharma companies, who claim the process has bypassed proper evaluation. The European Confederation of Pharmaceutical Entrepreneurs (EUCOPE), representing small and medium-sized pharmaceutical companies, urged the Commission "to reconsider the haste with which the act is to be drafted, in a reply to a Commission call for feedback. The deadline for this call for stakeholder feedback fell on Thursday, the timing of which also attracted criticism. The Act is designed to address severe shortages of essential medicines in the EU, including antibiotics, insulin, and painkillers, particularly those that are difficult to source or depend on limited manufacturers or suppliers. "We urge the Commission to carefully consider the Critical Medicines Act's drafting timeline and to conduct a thorough impact assessment prior to its publication,' a feedback note from German pharma giant Bayer stated. Bayer is a member of the Critical Medicines Alliance, a consultation body of 250 stakeholders established in April 2024 to analyse supply chain vulnerabilities. Impact assessments are intended to ensure evidence-based policymaking and were introduced in 2022 under the EU's Better Regulation principles. Swiss pharma company Roche also considered the lack of an impact assessment 'a serious omission' in the analysis of the possible environmental, social, competitiveness and economic impacts of the future Act. "The analysis of these aspects should be covered in a proper impact assessment and not rely solely on learnings from pilots, ad hoc reports and the strategic report of the CM Alliance,' Roche's statement said. The Commission argues that the urgency of addressing medicine shortages justifies bypassing the assessment. However, industry leaders claim that the evidence gathered does not fully capture the wider impact of the proposal. 'We specifically cannot condone publication the act without a proper impact assessment,' added EUCOPE. Among other voices calling for a full impact assessment are the European Federation for Pharmaceutical Industries and Associations (EFPIA) and Japanese pharmaco company Takeda.
Euronews
28-02-2025
- Business
- Euronews
Big pharma urges Commission to slow down on new critical medicines rules
In an effort to fulfil its 100-day pledge, the Commission is rushing to present the Act on 11 March in Strasbourg, but this has raised concerns among European pharma companies, who claim the process has bypassed proper evaluation. The European Confederation of Pharmaceutical Entrepreneurs (EUCOPE), representing small and medium-sized pharmaceutical companies, urged the Commission "to reconsider the haste with which the act is to be drafted, in a reply to a Commission call for feedback. The deadline for this call for stakeholder feedback fell on Thursday, the timing of which also attracted criticism. The Act is designed to address severe shortages of essential medicines in the EU, including antibiotics, insulin, and painkillers, particularly those that are difficult to source or depend on limited manufacturers or suppliers. "We urge the Commission to carefully consider the Critical Medicines Act's drafting timeline and to conduct a thorough impact assessment prior to its publication,' a feedback note from German pharma giant Bayer stated. Bayer is a member of the Critical Medicines Alliance, a consultation body of 250 stakeholders established in April 2024 to analyse supply chain vulnerabilities. Impact assessments are intended to ensure evidence-based policymaking and were introduced in 2022 under the EU's Better Regulation principles. Swiss pharma company Roche also considered the lack of an impact assessment 'a serious omission' in the analysis of the possible environmental, social, competitiveness and economic impacts of the future Act. "The analysis of these aspects should be covered in a proper impact assessment and not rely solely on learnings from pilots, ad hoc reports and the strategic report of the CM Alliance,' Roche's statement said. The Commission argues that the urgency of addressing medicine shortages justifies bypassing the assessment. However, industry leaders claim that the evidence gathered does not fully capture the wider impact of the proposal. 'We specifically cannot condone publication the act without a proper impact assessment,' added EUCOPE.
Euronews
31-01-2025
- Health
- Euronews
Commission cuts feedback amid races to push Critical Medicines Act
Health Commissioner Olivér Várhelyi's determination to deliver the Critical Medicines Act within a 100-day timeframe has left no space for an impact assessment raising concerns among stakeholders concerned that speed will trump consultation and evidence gathering in the process. The Critical Medicines Act is designed to address severe shortages of essential medicines in the EU, including antibiotics, insulin, and painkillers, particularly those that are difficult to source or depend on limited manufacturers or suppliers. Várhelyi committed to deliver the proposed legislation within the rapid timeline during his initial appearance as Health Commissioner, despite no deadline being set by Commission President Ursula von der Leyen. But stakeholders have raised doubts about the feasibility of an expedited process on such a complex issue, and whether due process such as an impact assessment and proper consultation will be by-passed. The latest Commission agenda tentatively schedules the Act for release on 11 March - exactly 100 days after the new Commission took office - barely meeting the self-imposed deadline. Call for high-speed evidence The Commission published its call for evidence - typically a key step in gathering feedback before a legislative initiative is presented - meaning that the executive intends to proceed without an impact assessment. Such assessments are intended to ensure evidence-based policymaking and were introduced in 2022 under the EU's Better Regulation principles. 'As there is pressing urgency to address the policy problem identified, the act will be adopted without an impact assessment,' the Commission stated in its paperwork, adding that a staff working paper will be published within three months of the proposal's adoption to provide evidence and analysis of its expected impacts. To justify this, the Commission points to the final recommendations of the Critical Medicines Alliance, a consultation body of 250 stakeholders established in April 2024 to analyze supply chain vulnerabilities. These recommendations are expected on 12 February 2025, and will supposedly inform the development of the Critical Medicines Act. Meanwhile the call for evidence will only be open for four weeks, closing at the end of February - roughly 10 days before the expected publication of the act. Among the stakeholders invited to provide feedback are EU member states, civil society and patient organizations, business and trade associations, public health sector procurers, academia, international organizations, and the general public. The interservice process—where all relevant directorates within the Commission review and give formal opinions—usually takes at least 10 working days, a former senior Commission official told Euronews. The source added that this could be shortened to just four days if pushed through for political reasons by von der Leyen's cabinet. Additional time is also required for the so-called 'legal scrubbing' and translations into all official EU languages, making it clear that the text will likely be finalised only a few days after the Critical Medicines Alliance's conclusions - and well before the consultation period ends. 'That means that, in a cynical move, the call for evidence will be a pure formality, and stakeholders won't be heard at all,' the former Commission official told Euronews. 'We deeply rely on comprehensive engagement of our members and advisors and the formulation of detailed, consensus-based positions to effectively influence policy,' Alessandro Gallina, Senior Policy Manager at European Public Health Alliance (EPHA) told Euronews. He added that quick turnarounds can strain capacity to mobilise resources, gather expert opinions, and forge a unified stance, resulting in less effective advocacy and potentially leading to policies that do not fully address the nuances of public health needs. Similarly, the European Patients Forum (EPF), together with EPHA members of the Critical Medicines Alliance, told Euronews that they do not consider the timeframe sufficient for meaningful stakeholder participation or for the European Commission to develop a legislative act "grounded in robust evidence and a comprehensive impact assessment." While recognising the importance of addressing medicines shortages, the patients' organisation added that any legislative initiative must be carefully designed to ensure it effectively tackles the issue and provides tangible benefits to patients.
