Mr TRI VO (Cabramatta) (11:52): My question is addressed to the hardworking Minister for Better Regulation and Fair Trading. Will the Minister please update the House on the Minns Labor Government's work to improve the State's strata system by legislating better accountability and transparency?
Mr ANOULACK CHANTHIVONG (Macquarie Fields—Minister for Better Regulation and Fair Trading, Minister for Industry and Trade, Minister for Innovation, Science and Technology, Minister for Building, and Minister for Corrections) (11:53): I thank the member for Cabramatta for his question and continued advocacy for the thousands of people who live in strata's in his electorate. I am pleased to inform the House that people living in strata communities across the State will be armed with better information and greater transparency under the new laws that came into effect just last week. The Minns Labor Government has made no secret of its ambitious housing agenda. Given the enormity of the housing crisis we inherited, an ambitious agenda on housing in essential. There are more than 86,000 strata schemes across New South Wales. More than 1.2 million people live in strata communities in our State. That number is set to grow under the Government's comprehensive plan to build a better New South Wales.
We need to ensure the laws that govern strata living are modern and fit for purpose. We cannot go slow when it comes to legislative reform for the many people who live in strata's. The laws that commenced on 3 February will require strata managing agents in this State to be upfront with owners about any kickbacks and conflicts of interest. Under the new laws, strata managers must disclose any connections with suppliers and developers, including the nature of their relationships. They must provide detailed breakdowns of insurance quotes, including commissions and broker fees. They must report in real time on any new connections that arise during their appointment. Strata managers must also detail any supplier and developer connections in the annual reports to the owners' corporations. The enhanced disclosure requirements will give strata owners the confidence they need to make informed decisions about their homes or their investments.
We know that stronger laws need to be backed by a stronger regulator. The Government has invested $8.4 million in the budget for more resources to tackle unlawful conduct and bad behaviour in the strata and property services sector. NSW Fair Trading will enforce the new obligations. There are no excuses for strata managers who fail to update their practices and reporting. Managers who fail to meet the new disclosure obligations may face penalties of up to $110,000. The Government is not wasting any time in improving strata living for the millions who live in strata communities. We need to get moving to deliver more and better housing for the people of New South Wales. The transparency and accountability laws are part of the second tranche of the strata reforms the Government has passed since March 2023.
[Extension of time]
A third tranche of reforms was passed in the House only yesterday. That bill includes cost-of-living measures for people struggling to pay their levies, increases the accountability of developers and protects owners from unfair contracts. To be clear, the Government has introduced three strata reform bills in under two years. In the same amount of time, all the former Government managed to do was sit on a statutory review. It did not seem to grasp that urgent reform was needed for the $1.2 million people who live in strata communities. But this Government does. We have not only moved quickly to improve strata living, but also passed historic rental reforms in October last year to ban no grounds evictions for the 2.3 million renters across our State. We turbo-charged the powers and resources of the Building Commission NSW to rebuild the confidence in the residential construction industry.
Those changes are all part of the Minns Labor Government's efforts to address the housing crisis, which is the legacy and the record of the former Government. We have achieved all of those changes in less than two years, unlike the Coalition members, who sat on their hands for 12 years. The contrast could not be greater. This Government believes in urgent housing reform. That is why our strata reforms are so important. Strata managers now have an obligation to act in the best interests of their clients, which includes maintaining the trust of owners' corporations. The new laws that came into effect last week will improve oversight and ensure strata managers' actions are open and transparent. Strata owners deserve clear, timely and honest information from their managers. The new laws provide a vital step in restoring trust and supporting better decision making in strata communities. The strata reforms are an important pillar of the Government's agenda and comprehensive plan to build a better New South Wales.
