Cade Lucas
A Point Cook businessman wants millions in unspent developer contributions to the suburb invested into a future fund to provide cost of living relief.
Tully Smith said he was shocked by recent reports that $36.16 million in developer contributions made to Point Cook over the past 20 years, had gone unspent.
While Wyndham council said the money built up by projects being fully funded by the state government or coming in under budget and was always accounted for, Mr Smith said it shouldn’t be up to council to decide what to do with it.
Rather, the recent chief executive of the Australia India Chamber of Commerce and former Wyndham council candidate, wants the money used to establish the Point Cook Future Fund.
Modelled on a similar scheme that already operates in Point Cook’s Sanctuary Lakes estate, interest generated by the fund would be given to households through body corporate cash rebates.
Households in Point Cook’s Saratoga, Alamanda and Saltwater estates would be eligible and could access up to $1,200 in rebates over a four-year period.
“If adopted, my plan would be the biggest cost of living package ever in Wyndham’s history,” said Mr Smith who is lobbying for the future fund to be included in the 2024 council budget.
“Currently we are in the midst of one of the worst cost of living crisis to hit this nation, I see it every time I pay for my groceries, get a utility bill or need to pay the council. By creating a Point Cook Future Fund, we can both safeguard our future by investing this money, and using only the interest earned, we can make things cheaper and easier for locals now and over the next four years.”
The idea has won the support of Wyndham deputy mayor Josh Gilligan who will take the proposal to council.
“Tully’s cost of living package for Point Cook shows he understands what local families need – his plan has my full support to be included in the upcoming budget,” Cr Gilligan said.
If adopted, the fund would begin in March 2025 and be accessed by an estimated 4500 households across Point Cook, with only those in Sanctuary Lakes not eligible due to their existing rebate scheme.
It’s estimated the fund would generate $1.6 million in interest per year, $1.35 million of which would be returned to households, with a total cost $5.4 million over four years.
