Vince Mangioni is Associate Professor in Property Economics and Development in the School of Built Environment UTS.
His research focuses on land and property taxation, including local government revenue, rating and finance. He is an associate researcher at the Institute for Public Policy and Governance where he participated in the ‘Destination 2036’ review of local government in NSW. His PhD examines taxation with a focus on the rating and taxing of land.
Vince was an advisor to the Independent Pricing and Regulatory Tribunal (IPART) in the review of the NSW rating system and advisor and presenter to Australia’s Future Tax System (2010) also known as the Henry Review, on state land tax and local government rating. He was involved in the review of rating and taxing of land in Queensland.
Rural Councils Victoria has engaged Vince in representing 38 rural councils in responding to proposed rate-capping restrictions in Victoria by state government. He has reviewed a number of rating systems including Mount Alexander Victoria and Randwick City Council NSW.
He has authored a number of books, among the most recent, ‘Land Tax in Australia: Fiscal Reform of Subnational Government’ and has published widely on land and property taxation. He is a statutory valuer and undertook his training at the NSW Valuer-General’s Office during the 1990s.
Vince has national and international expertise in rating and taxing of land and property. He is a past visiting fellow at the Australian School of Taxation (Atax) UNSW and a visiting researcher at the School of Real Estate and Surveying, Aalto University, Helsinki. He has reviewed rating and taxing systems internationally including those in US, Canada, UK, New Zealand, Denmark, Finland, Sweden and Estonia.
He met with leading tax economists and local government experts at OECD World Headquarters, in reviewing the re-emerging importance of recurrent land taxation for sub-national government in Europe, following the Global Financial Crisis.
Associate of Australian Property Institute
Member of Royal Institution of Chartered Surveyors
Member of the Real Estate Institute NSW
Can supervise: YES
Compulsory acquisition of land
Tenancy and property management
UG - Valuation, Compulsory Acquisition of Land, Land and Property Taxation.
PG - Compensation, Statutory Valuation & Litigation
Mangioni, VJ 2016, Land Tax in Australia: Fiscal Reform of Subnational Government, 1, Routledge, Abingdon.
Mangioni, V 2006, Land Tax in Australia, 1st, Australian Property Publications, Sydney.
Mangioni, V 2019, 'Value capture taxation: alternate sources of revenue for Sub-Central government in Australia', Journal of Financial Management of Property and Construction, vol. 24, no. 2, pp. 200-216.View/Download from: Publisher's site
© 2019, Emerald Publishing Limited. Purpose: Australia's Future Tax System (2009) among its recommendations identified the need for realignment of tax revenue across the tiers of government in Australia, as well as the need to raise additional revenue from land-based taxes. In achieving these objectives, this paper aims to examine the revenues generated from land and how capital gains tax may be reconceptualised as a value capture tax resulting from the rapid urbanisation of Australia's cities. The development of a theoretical framework realigns the emerging rationale of a value capture tax, as a means for revenue to be divested from central government in the form of capital gains, to sub-central government as a value capture tax. Design/methodology/approach: A qualitative research methodology comprising grounded theory and phenomenological research is used in undertaking the review of tax revenue collection from state land tax, conveyance stamp duty, local government rating and Commonwealth capital gains tax. Grounded theory is applied for constant comparison of the data with the objectives of maximising similarities and differences in these revenues with an analytical construct as defined by Strauss and Corbin (1990, p. 61). Findings: The paper finds that realigning revenue from land-based taxes against the principles of good tax design provides greater opportunity to raise additional revenue to fund public infrastructure while decentralising revenue from central government. It provides an alternate mechanism for revenue transfer from central to sub-central government while conceptually improving own source revenue from value capture taxation as a new revenue source. Research limitations/implications: The limitation of this paper is the ability to quantify the potential increase that would be generated in the form of value capture revenue. It is demonstrated in the paper that capital gains tax took over 15 years for revenue generation to crystallise, a factor t...
Mangioni, V 2018, 'Improving Housing Mobility: Transaction or Recurrent Land Tax', Australian and New Zealand Property Journal, vol. 7, no. 3, pp. 191-197.
The review of Australia's tax system of 2009/10 made a number of recommendations that contribute to improving housing mobility, particularly in the capital cities of Australia. Among the recommendations is the reduction or removal of up front transaction taxes on the purchase price of property and replacing this impost with a recurrent tax spread across the holding period of property. This paper examines the relationship and emerging trends between State government taxes that impact property
and revenues from these sources and reviews options for the transition from transaction taxes to a recurrent tax on land. Through the analysis of the conveyance stamp duty currently paid on property against an annual impost on land, it is determined that options exist for the transition from a less to a more efficient tax on property.
Mangioni, V 2018, 'Improving Taxpayer Information in the Assessment of Land Tax: A Case Study of Sydney, Australia', Journal of Property Tax Assessment and Administration, vol. 15, no. 2, pp. 5-18.
Mangioni, V 2018, 'Land Value Taxation: Opportunities and challenges for funding regional Australia and New Zealand', Australasian Journal of Regional Studies, vol. 24, no. 2, pp. 191-212.
Australia and New Zealand have highly centralised tax systems and are low taxing countries, they are both in the bottom quartile of Organisation for Economic Co-operation and Development (OECD) countries in tax collection effort as a percentage of Gross Domestic Product (GDP). A common fiscal reform stemming from national tax reviews in Australia and New Zealand recommend improving tax effort from recurrent land value taxation. This paper examines the status of the administration of recurrent land and property taxation, how it has evolved and how it might be reformed in achieving additional revenue that would benefit regional New Zealand and Australia.
A simulation approach is used to examine how land value is determined and define the factors that have resulted in the transition to alternate bases of value, used by local government in parts of Australia and New Zealand, to assess council rates. The paper finds that while challenges exist in the determination of value in highly urbanised locations, a codified approach can be used to create a uniform basis of value on which land may be taxed. The paper concludes that challenges confronting the determination of land value should not deter an impost on land and that land is a base among other forms of taxation that may be equalised to assist funding in regional Australia and New Zealand.
Mangioni, VJ 2018, 'Evaluating the impact of the land acquisition phase on property owners in megaprojects', International Journal of Managing Projects in Business, vol. 11, no. 1.View/Download from: Publisher's site
This paper examines the impact of the land acquisition phase and site assembly of
land for large scale infrastructure road projects and its impact on property owners. A
review of one of the largest roadwork projects currently underway in Sydney
Australia demonstrates the adverse impact that has resulted in property owners
challenging the approach used by government to acquire land for this project.
Similar case studies are used to set out the key measures that should apply
internationally in mitigating challenges from property owners in the land acquisition
phase. It further shows that while adequate statutory provisions are important, that
it is the practices of acquiring authorities that ultimately determines the success and
expedition of this initial important phase of these projects.
In measuring the factors that impact the acquisition of land by negotiation in
contrast to acquisition by compulsory taking, a case study methodology is used. In
this approach, we review two completed projects and the factors that contributed to
their success. These are contrasted with the primary case study currently underway
in Sydney, the WestConnex project in which a number of adverse factors have
emerged that have impacted this project. The review of these cases examined
provide options for reforms that should be adopted both in the WestConnex case
and across projects internationally.
It is demonstrated that the impact of the land acquisition phase on property owners
with limited ability to rehouse within the same or surrounding locations, results in
increases to challenges. This factor has prompted increases in the number of cases
that have proceeded to court and potentially impacts the public perception and site
assembly phase of large scale road projects.
The inability for impacted property owners to relocate themselves has resulted in a
breakdown in the ability for acquiring authorities to achieve acquisition by
agreement. This is evidenced by significant increases in ...
Mangioni, VJ 2016, 'De-siloing and defining recurrent land tax revenue in Australia', Australasian Journal of Regional Studies, vol. 22, no. 1, pp. 58-78.
Australia has capacity to increase effort from recurrent land taxation while reducing less efficient transaction taxes on property. The objective of increasing land tax revenue is thwarted by a number of factors of which this paper examines the impost of recurrent land tax by state and local government as they compete for the same tax base. This paper examines land tax revenue collected by state and local government between 2001 and 2012 inclusive, with trends measured at the beginning, middle and end of this period. The paper finds that revenue is progressively increasing from state land tax as a total share of recurrent land tax revenues. However, Australia still lags the advanced OECD economies in total revenue collected from this source as a percentage of GDP and as a percentage of total tax. It concludes that while Australia remains one of the few countries to impose a dual land tax across two tiers of government, it is not likely for land tax to make the necessary contribution in reforming Australia's tax system under the current two tier structure. It further shows that local government is, more likely, the acceptable tier of government to collect and administer this tax into the future.
Mangioni, VJ 2015, 'A review of practices of valuers in the assessment of land value for taxation in Australia', Journal of Property Tax Assessment and Administration, vol. 12, no. 2, pp. 5-15.
Australia is a federated structure of
government, comprising commonwealth,
state, and local government.
Land taxation was first introduced in
Australia in the colony of Victoria in
1877, followed by Tasmania in 1880,
South Australia in 1884, New South
Wales in 1895, Western Australia in 1907,
and Queensland in 1915 (Herps 1988).
At the time of Australia's federation in
1901, this tax was imposed by all three
levels of government across Australia and
was progressively vacated by the states
from 1906, strengthening local government's
opportunity to collect this tax in
conjunction with the Commonwealth
(Simpson and Figgis 1998). In 1942 the
Commonwealth removed the states' powers
to collect income taxes and in 1952
ceased imposing land tax, allowing the
states to resume collection of this tax
in conjunction with local government
(Smith 2005). A dual state and local government
recurrent land tax system exists
today across the six states of Australia.
Northern Territory imposes council rates
but does not impose a territory land tax.
In contrast to many OECD (Organisation
for Economic Co-operation
and Development) countries, where
recurrent land taxation predominantly
operates at the local government level,
in Australia it operates at both the local
and state government levels on a variety
of different bases of value. The dual
imposition of this tax by state and local
government in Australia has been contrasted
with its sole imposition by local
government in other countries, where
the evolving rationale has become a
perceived quid pro quo tax for services
provided. While a taxpayer rationale exists
for rates and services at the local level
in Australia, no such rationale exists for
land tax at the state level, which is more
aptly viewed as a consolidated revenue
tax (Mangioni 2013).
Mangioni, V 2014, 'Emerging trends of state land tax and local government rate revenue in Australia', Pacific Rim Property Research Journal, vol. 20, no. 2, pp. 145-160.
Australia is one of the few jurisdictions internationally that imposes a recurrent tax on land by two distinct levels of government. As one of the more visible and salient taxes, the challenge now facing government is understanding and managing taxpayer perceptions towards these taxes. This paper examines the emerging trends in revenue collected from land tax by State and local government across Australia over the past decade. It further examines the diverging rationale for its imposition and how taxpayer perceptions are to be managed by government as it increases in importance as a source of tax revenue over the next decade.
Australia has capacity to increase revenue from state and local government land taxes, while reducing less efficient transaction taxes in the form of conveyance stamp duty on property. The objective of this paper is to measure recurrent land tax collected by state and local government across Australia and monitor emerging trends in the relativity of tax revenues collected between these tiers of government over the past decade. In undertaking this analysis, land tax revenues have been sourced from the Australian Bureau of Statistics between 2001 and 2012, with trends measured at the beginning, middle and end of this period.
Mangioni, VJ 2014, 'Land value taxation and the valuation of land in Australia', Nordic Journal of Surveying and Real Estate Research, vol. 10, no. 2, pp. 82-98.
Land value tax is an important source of revenue for government internationally and particularly in industrialised OECD countries in which this tax operates on a number of different bases of value. Over the past 30 years a number of trends in tax policy have impacted revenue from this tax and how the tax is assessed. This paper examines land value taxation and specifically the valuation of land processes used to determine the base of this tax in Australia.
The paper examines the challenges of valuing land in highly urbanised locations where land rarely transacts in isolation of improvements. It further examines the practices and processes used in the valuation of land specifically for taxation purposes. Simulations have been developed to examine how land value is determined from improved property transactions and to identify the issues which confront and impact the valuation process and the integrity of this tax.
The paper makes its contribution by examining how valuers determine the value of land in highly urbanised locations in the absence of vacant land sales. This contributes to defining how this process may be improved through increased transparency in the valuation process. This is done while maintaining the efficiency of land as a neutral base for the assessment of land tax as opposed to moving to alternate bases of value.
Mangioni, VJ & Warren, N.A. 2014, 'Re-defining the land tax base in highly urbanised locations', Australian Tax Forum: a journal of taxation policy, law and reform, vol. 29, no. 3, pp. 455-478.
Despite numerous calls for land to contribute more to government revenue, the difficulty governments confront is that recurrent land taxation is assessed on a number of different bases both within Australia and internationally, and not all are economically efficient. While there is broad support for a base which reflects unimproved land value in that it reflects highest and best use since taxing it will not influence what improvements are made on the land, in practice the existing use of capital improved value is most often adopted even though it is not an economically efficient base. If increased revenue is to be raised from an efficient land tax, the base must be efficient. While unimproved land value is an efficient base, as there are few vacant land sales available in highly urbanised cities, there is a paucity of information and evidence on which to determine unimproved land value. As a result of this paucity tax liability assessment is neither simple nor transparent when determining land value using improved property transactions.
Mangioni, V 2013, 'Codifying Value in Land Value Taxation', Australian and New Zealand Property Journal, vol. 4, no. 3, pp. 248-257.
Paper examines the various bases on which recurrent property taxes are assessed.
Mangioni, V & McKerchar, MA 2013, 'Strengthening the validity and reliability of the focus group as a method in tax research', eJournal of Tax Research, vol. 11, no. 2, pp. 176-190.
Contemporary tax research appears to be becoming increasingly multi-disciplinary and using mixed methodologies as researchers seek deeper understandings and thereby more critically 'real' solutions to research problems. This article provides a detailed discussion and demonstration of how analytical tools more commonly associated with quantitative research can be successfully applied to qualitative data (collected by either quantitative or qualitative methods). The demonstration herein is based on data collected by two focus groups conducted as part of a broader study into determining the value of land for the purposes of taxation. It is argued that the techniques used herein, including data coding focused not only on themes, but on points of agreement and disagreement, and considered weighting of data can allow qualitative researchers to strengthen the (construct and internal) validity and reliability of their findings without compromising the richness of the understandings gained.
Koutifaris, K & Mangioni, V 2012, 'Rates versus Developer Contributions as Revenue Sources for Local Government', Commonwealth Journal of Local Governance, vol. 11, no. December, pp. 53-74.
Population expansion in many New South Wales (NSW) local government areas (LGA) has resulted in an increase in demand for local infrastructure and services that has far outstripped sources of local government revenue. This paper looks at two important sources of local government revenue in NSW, municipal rates and Section 94 contributions, as a source of funding increased demand and maintenance of infrastructure. It examines some recent and potentially long-term trends of both these revenues within different economic climates. An analysis and comparison of data over the period from June 2006 through to June 2010 against data collected for the period ending June 1993 forms the basis of this research. The research objective is to compare changes in the relativity of these revenue types and assess their application as a source of local government revenue. Data collected from the Department of Local Government NSW is compared with the findings of an earlier study, conducted by Barnes and Dollery (1996), in determining their relativity.
Mangioni, V 2011, 'Transparency in the valuation of land for land tax purposes in New South Wales', eJournal of Tax Research, vol. 9, no. 2, pp. 140-152.
Transparency is an important taxation principle in maintaining integrity in the taxation of land. This paper is a review of improvements in transparency following recommendations for reforms to the valuation of land by the NSW Ombudsman in 2005. Data on objection rates to land values has been sourced from the NSW Department of Lands both pre and post the introduction of the 2005 reforms recommended by the NSW Ombudsman. This paper attempts to measure improvements in transparency via changes in objection rates to land values issued by the Valuer-General, resulting from the availability of sales information to land tax payers from 2005. In conclusion a summary of improvements in transparency are provided as well as recommendations for refinements in the development of further transparency measures which may be adopted.
This paper aims to articulate the emerging and non-descript purposes "referred to as public purposes" for which land and property may be acquired within Australia and internationally using compulsory acquisition laws. Design/methodology/approach - In demonstration the emergence of non-descript purposes for which land is being acquired, a reflective case study in the USA, has been used to both highlight the broad nature of public purposes as well as the emerging trend of land acquired for site assembly and on-sale to private developers. Findings - The main findings of this paper are threefold. The first finding is the extent of public resistance and backlash to what is seen as a threat to the tenure of land and property rights. The second finding is the perceived abuse of land acquisition powers by government for site assembly and on-sale of land for purposes beyond the provision of traditional public infrastructure. The final finding is the lack of adequate compensation or framework for the provision of compensation in the form of reinstatement for parties dispossessed of their property. Originality/value - A "just term parity value" framework and model has been developed to evoke and provide a way forward in the provision of compensation which includes the provision of re-instatement for property owners dispossessed of their property.
Mangioni, V 2009, 'The use of valuations in residential property investment in Australia', International journal of property sciences, vol. 2, no. April, pp. 1-24.
Mangioni, V 2008, 'The epistemology of value in the assessment of just terms compensation', Land reform Land Settlement and Cooperatives, vol. 2008/1, pp. 47-55.
Compulsory acquisition of land in Australia is predicated on the principles ofjust terms Icompensation. Based on these principles, the determination of compensation is subject to various statutes and court rulings. This article examines these principles and moves on to discuss the gaps in parity of compensation and how these gaps affect parties in the compulsory acquisition process. The article also looks at the influence compensation quantum and principles have over the value of properties, discussing how that value is determined and how valuation methods are used. It reviews a survey of dispossessed property owners in New South Wales, Australia, that was conducted to measure the success of the legislation and processes. Finally, the article concludes with an analysis of court directives; it asks whether these contribute to the impasse of points of difference in the assessment of value (and hinder the courts) when in fact they were designed to help Australian courts in expediting compulsory acquisition matters.
Mangioni, V 2006, 'Investment advice on bricks and mortar: is it as safe as houses?', Australian Property Journal, vol. 39, no. 2, pp. 100-108.
Mangioni, V 2002, 'Valuer's Take Charge of your Advice', Real Estate Institute of New South Wales Journal, vol. 53, no. 3, pp. 18-18.
Mangioni, V 2018, 'Fiscal Decentralisation and Autonomy' in Spillar, M & Tomlinson, R (eds), Australia's Metropolitan Imperative An Agenda for Governance Reform, CSIRO, July 2018, pp. 188-204.
The book will be a useful resource for those engaged in strategic, transport and land use planning, and a core reference for students and academics of urban governance and government.
Sankaran, S, Ke, Y, Mangioni, V & Devkar, G 2019, 'Responsible Leadership of Public Private Partnerships (PPP) Adopted in Infrastructure Projects', PROJECT MANAGEMENT IN THE EMERGING WORLD OF DISRUPTION, PMI India Research & Academic Conference, Project Management Institute, IIMK, Kozhikode, India, pp. 196-215.
Increased attention has been paid to the leadership role of a project manager in the project management literature since 2000 covering transactional, transformational, servant, distributed, authentic and balanced leadership (Müller et al. 2018). Waldman and Gavin (2008)have observed that the leadership descriptors in the general leadership literature do not cover a leader's responsibility. While a project manager's responsibility is defined in practice, research in responsible leadership in projects is only just beginning to emerge (Clarke 2018).Pless (2007) defines responsible leadership as 'a social and moral phenomenon that was pushed onto the agenda not only by recent scandals and the pressing issues that affect life on our planet, but also by the realization that multinational corporations and their leaders have an enormous potential for contributing to the betterment of the world'.Failures such as the collapse of BHP Billiton's Samarco dam in Brazil can severely affect the organization's reputation. Projects also deliver benefits to society. Therefore, what is good for MNCs applies to projects as well. This paper examines the need for responsible leadership in projects. The context for this study is that of PPPs in infrastructure projects as the authors have been working in this area.The authors would like to propose a framework of responsible project leadership based on the literature and interviews conducted with a purposeful sample of project leaders involved in infrastructure projects in three countries (India, China and Australia) for this paper.
Mangioni, VJ 2017, 'Evaluating the impact of land acquisition on infrastructure projects', Yes, International Research Network on Organizing by Projects (IRNOP), Boston University Metropolitan College, Boston US, pp. 1977-2003.
Mangioni, VJ 2017, 'Recurrent Property Taxation: Experiences and Challenges in Australia and New Zealand', https://anzrsai.org/assets/Conferences/ANZRSAI-2017-Conference-Programm…, Australia and New Zealand Regional Science Association International 41 st Annual Conference, Australia and New Zealand Regional Science Association International, Toowoomba, Queensland, pp. 1-34.
Local government rates are a recurrent tax assessed on different
value bases and are the primary own source revenue collected by local government in Australia and in New Zealand. State land tax in Australia is assessed on land (also known as site value) , while rates are assessed on land/site value, capital improved value or assessed annual value. While economic theory proffers land as the most efficient base on which to assess a recurrent tax, in practice the determination of value does not always meet the principles of 'good tax design' and in particular the principles of simplicity, transparency and in some instances efficiency.
In examining the determination of the most commonly used basis of value, land/site value, this paper studies valuation practices used to determine this basis of value. A hypothetical main street retail strip has been developed to monitor the practices of valuers in the valuation of
land for assessment of rates in New South Wales. The paper demonstrates that if land is to be used as the bases of value for the assessment of property taxes in Australia and New Zealand,
a standard methodology of valuation is essential. It concludes that the valuation of land underpins the integrity of the rating and taxing of land and that improved economic efficiency
is achieved through greater uniformity, simplicity and
transparency of the valuation process.
Mangioni, VJ 2017, 'Transitioning from a transaction to a recurrent tax on property', Online Information Review, Pacific Rim Real Estate Society, Emerald, Sydney, pp. 1-12.
Mangioni, VJ 2016, 'The Evolution Of Valuations For Mortgage Lending Purposes', 22ND ANNUAL PACIFIC-RIM REAL ESTATE SOCIETY CONFERENCE, Pacific Rim Real Estate Conference, Pacific Rim Real Estate Society, Sunshine Coast Sydney, pp. 1-12.
The valuation of property is undertaken for a variety of purposes of which
mortgage lending is the
overwhelming purpose. T
ue determined is dictated by a number of factors including
principle based definitions
. This paper examines the valuation of property for mortgage lending purposes
, information and evidence relied upon in the valuation process
and defines the
challenges confronting valuers. It articulates the transfer of risk to valuers as contractors to lenders since the
1990s when valuations ceased being conducted by
valuers directly employed by
and interviews are
used to examine the practices
of valuers in undertaking valuations
specifically looks at the cognitive factors which impact the judgement of valuers in selecting the evidence
which underpins the value determined.
The paper demonstrates that elements of automation
and improved information
may assist in the valuation
however it is the ultimate judgement of valuers which impact the value determined. It further finds
that valuers use
alternate methods of
valuation in determining value where possible and that in the case of
direct comparison method, a unit of comparison is further evolving in supporting the valuation process.
Keywords: Value, valuation purpose, valuer
il contact: Vincent.email@example.com
Mangioni, VJ 2016, 'The Role Of Recurrent Land Tax And Revenue Trends In Australia', International Federation of Surveyors Conference, International Federation of Surveyors, Christchurch, New Zealand, pp. 1-16.
Australia is one of the few jurisdictions internationally that imposes a recurrent tax on land by two distinct levels of government. As one of the more visible and salient taxes, the challenge that faces government is refining this tax and managing taxpayer perceptions while improving its efficiency. This paper examines the emerging trends in revenue collected from land tax by State and local government across Australia over the past decade. It further examines the diverging rationale for its imposition, how it may be reformed and how taxpayer perceptions are to be managed by government as it increases in importance as a source of tax revenue over the next decade.
The objective of this paper is to measure recurrent land tax collected by state and local government across Australia and monitor emerging trends in the relativity of tax revenues collected between these tiers of government over the past decade. In undertaking this analysis, land tax revenues have been sourced from the Australian Bureau of Statistics between 2001 and 2012, with trends measured at the beginning, middle and end of this period. This paper shows that inefficiencies exist in the imposition of this tax in Australia and defines the way forward in reforming this tax in Australia.
Mangioni, VJ 2016, 'The role of valuations in building financial literacy', 22ND ANNUAL PACIFIC-RIM REAL ESTATE SOCIETY CONFERENCE, Pacific Rim Real Estate Conference, Pacific Rim Real Estate Society, Sunshine Coast, Australia, pp. 1-12.
Residential property investment has become an asset of choice following the Global Financial Crisis as part of Australians superannuation. With investor participation increasing in determining how money is invested for retirement, the quality of advice and the role of that advice in determining the price paid for residential investment property through the use of valuation advice, is the focus of this paper.
In undertaking this study the opinions of several professions involved in the property purchase and investment process have been gauged through the use of surveys and semi-structured interviews with the results of the surveys analysed using SPSS.
The paper finds that direct residential property investment has increased as an asset in the investment portfolios of retirees and that a valuation undertaken by investors prior to purchase is an important step in building financial literacy. Further, it defines the importance of a regulatory framework which governs the investment advice process of which valuation advice forms part of the essential advice among investors taking residential property into retirement.
The emerging trend following the Global Financial Crisis is that more Australians are including residential property within investment as a retirement asset in taking greater control of their financial destiny. It further highlights that valuations are increasingly being commissioned prior to purchase and provides key information in the property purchase process.
Mangioni, VJ 2015, 'Do Valuations Assist Residential Property Investors Prior to Purchase - An Industry Perspective', RICS 2015 Conference Proceeding, Construction, Building and Real Estate Research Conference (COBRA), Royal Institution of Chartered Surveyors, Sydney, pp. n.p.-n.p..
This paper examines whether the use of valuation advice would assist residential property investors determine the value of property prior to purchase, in contrast to valuations being sought by lenders after the purchase price of property has been agreed upon.
Residential property investment has become an asset of choice following the Global Financial Crisis increasing forming part of Australians superannuation. With investor participation increasing, in determining how money is invested for retirement, the quality of advice and the role of that advice in determining the price paid for residential investment property through the use of valuation advice is the focus of this paper.
The objective of this paper is to examine whether the use of valuation advice would assist residential property investors determine the value of property prior to purchase. This is in contrast to valuations being sought by lenders after the purchase price of property has been agreed upon. In undertaking this study the views of several professions involved in the property purchase and investment process have been obtained through the use of surveys and semi-structured interviews. The results of the surveys have been analysed using SPSS to assess the level of agreement within an across each of the professions surveyed.
The paper finds that direct residential property investment has increased as an asset in the investment portfolios of retirees. The primary finding shows that valuations undertaken by investors prior to purchase is an important step in the property investment process and is supported by each profession with the exception of one. Further, it defines the importance of financial literacy and the need for a regulatory framework governing the investment advice process and the importance the valuation advice plays in the property purchase process.
Mangioni, VJ 2015, 'Refining Principles of Compensation for Traditional and Non-traditional Public Purposes in Land Acquisition', State of Australian Cities Conference 2015: Refereed Proceedings, State of Australian Cities (SOAC) Conference, State of Australian Cities Conference, Gold Coast, pp. 1-11.
As the capital cities of Australia move from the initial urbanization to a re-urbanisation phase, the impact on existing residents resulting from changes in use or the intensification of existing uses brings into question the adequacy of the current principle of compensation. This paper examines the expanding purposes for which land is compulsorily acquired in Australia, and the evolving complexities in providing parity of value to dispossessed parties.
Cases are examined in identifying the emerging purposes for land is acquired and a survey is used in exploring the impact of the types of acquisitions which encompass the partial and total acquisition of land. This provides a basis for establishing a framework which better supports the option for the introduction of the principle of reinstatement and asks whether expanding the existing items of disturbance and solatium is an alternative to improving options for reinstating dispossessed owners.
The primary contribution made is through the development of a framework which expands options for reinstatement and articulates factors to be included under the heads of disturbance and solatium as distinct from market value. It further builds a case for a share in the uplift in value resulting from the acquisition of land in the case of economic development, where this purpose is the rationale for the acquisition of land.
Mangioni, V 2014, 'Defining the basis of value in land value tax', Proceedings from the PRRES Conference, Pacific Rim Real Estate Conference, Pacific Rim Real Estate Society, Christchurch, New Zealand, pp. 1-16.
Recurrent land taxes are an important revenue source for sub-national government internationally and are assessed on a number of different bases of value. This paper examines the various bases of value on which this tax is assessed internationally then focuses on the valuation of land, being the dominant basis of value used to assess this tax in Australia. Valuation experiments are used to examine the valuation practices of valuers in highly urbanised locations where vacant land sales are rare. It demonstrates the challenges of using value as the base of this tax and in particular land or site value used in Australia. The paper concludes that while issues exist in the determination of any basis of value, the practices of valuers are most important in the determination of a consistent and neutral base on which to assess the tax.
Mangioni, V 2014, 'Refining principles of compensation in land acquisition for urban renewal', Proceedings from the PRRES Conference, Pacific Rim Real Estate Conference, Pacific Rim Real Estate Society, Christchurch, New Zealand, pp. 1-13.
This paper examines the expanding purposes for which land is compulsorily acquired in Australia, and the evolving complexities in providing parity of value to the dispossessed party. Surveys are used and cases are examined in exploring the various purposes for land is acquired as well as the types of acquisitions which encompass partial versus total acquisitions. This provides a basis for establishing a framework which better supports the option for reinstatement and asks whether expanding items of disturbance and solatium paves the way for improving options for reinstatement. The paper makes it primary contribution through the development of a framework which expands options for reinstatement and articulates factors to be included under the heads of disturbance and solatium as distinct from market value. It further builds a case for a share in the uplift in value resulting from the acquisition of land in the case of economic development being the rationale for the acquisition.
Mangioni, VJ 2014, 'Modernising Compensation Principles for the Regeneration of Land Uses in Highly Urbanised Locations', Proceedings: Engaging the Challenges, Enhancing the Relevance, FIG International Congress, FIG, Kuala Lumpur.
This paper examines the principles which underpin compensation in the acquisition of land in Australia, and the evolving complexities in determining parity of compensation to the dispossessed party. Surveys used and cases are examined in outlining the purposes for which land is acquired as well as the types of acquisitions which impact dispossessed parties. This provides a basis for establishing a framework which better supports the options for compensation and asks whether expanding existing heads of compensation other than market value provide parity to dispossessed parties.
The paper makes its primary contribution by examining whether expanding compensation for disturbance and solatium are options for reinstatement and articulates factors which should be included under these heads of compensation as distinct from market value. It further builds a case for a share in the uplift in value between the dispossessed party and acquiring authority resulting from economic development as the purpose of the acquisition.
Mangioni, VJ & Viitanen, K 2014, 'Valuing Land for Land Tax Purposes in Highly Urbanized Cities', Proceedings: Engaging the Challenges, Enhancing the Relevance, FIG International Congress, FIG, Kuala Lumpur, pp. 1-23.
Land is the base on which the property tax is assessed in a number of countries around the world. Its tradition stems from a rural context and was the most common basis for assessing this tax during the industrial revolution where demand for land was at its greatest. The transition from a rural to urban use highlighted the importance of land value to be determined and taxed on highest and best use. This paper examines the relevance of land as the base of the property tax in the 21st Century and the challenges confronting valuers in the valuation of land in highly urbanized locations.
Surveys and interviews are used to examine the valuation practices of valuers in highly
urbanized locations where vacant land transactions are rare. The challenges of valuing land for taxation purposes and the criteria valuers use to determine the highest and best use of land are examined. The paper concludes that while issues exist in the determination of any basis of value, the practices valuers use are most important in the determination of a consistent basis of value on which to assess this tax.
Mangioni, V 2013, 'Property Tax Reform: A contribution to home ownership and challenges for government in Australia', State of Australian Cities Conference 2013: Refereed Proceedings, State of Australian Cities (SOAC) Conference, State of Australian Cities Research Network, Sydney, pp. 1-14.
The 2009 review of Australias tax system made recommendations for improving housing affordability, particularly in the capital cities of Australia. Among the recommendations made was the removal of conveyance stamp duty and replacing this impost with a recurrent tax on land spread across the holding period of property, of which the later provides steady and more consistent revenue for government. This paper examines the relationship and emerging trends between State government taxes which impact on entry to homeownership and examines options for the move from transaction taxes to a recurrent tax on land. Through the analysis of conveyance stamp duty currently paid on the purchase price of property and a uniform recurrent tax on land, it is demonstrated that options exist for the transition from less efficient to more efficient taxation of property, while reducing a barrier to entering the housing market.
Mangioni, V 2013, 'Recurrent Property Taxation: Revenue Re-alignment for State and local government in Australia', PRRES Conference Proceedings, Pacific Rim Real Estate Conference, PRRES, Melbourne, Australia, pp. 1-17.
Australia is one of the few jurisdictions internationally that imposes a recurrent tax on property at two levels of government. As one of the more visible taxes, the challenge facing government is managing taxpayer perceptions. This in turn impacts specifically on the level of government that is best perceived by the taxpayer to collect this tax. This paper examines the emerging trends in revenue collected from recurrent property tax by state and local government across Australia over the past decade. It further examines the diverging rationale for its imposition across these tiers of government and how taxpayer perceptions are to be managed by government as it increases in importance as a source of tax revenue over the next decade.
Mangioni, V 2012, 'Defining the role of valuations in mortgage lending', PRRES Conference Proceedings, Pacific Rim Real Estate Conference, Pacific Rim Real Estate Society (PRRES), Adelaide, pp. 1-16.
In cases where property investment is financed, two important criteria apply in the determining of that finance. The first criteria is the ability of the investor to service the loan, the second and perhaps most crucial is the relativity of the purchase price of property to its value. This paper is a critique of the valuation profession and the use of valuations to engineer the lending of money after the purchase price of property has been determined. This is in contrast to the use of valuations prior to the purchase of property, in which the valuation may influence the price paid for property. A survey of several professions has been undertaken in determining the importance of the valuation, alongside other advice in the property purchase process. Further to demonstrating the potential use of valuations prior to purchase, this paper makes a contribution to expanding the role of the valuation profession, through the valuer being engaged by the borrower, rather than the long standing tradition of the valuation profession being the sole domain of the lender.
Mangioni, V 2012, 'Land Value Taxation: Meeting the principles of 'Good Tax Design.'', Proceedings of the FIG Working Week 2012, FIG Working Week, International Federation of Surveyors, Rome, Italy, pp. 1-15.
Land value as a base for recurrent property taxation has presented a number of challenges in highly urbanized locations where land separate to improvements rarely transacts. The economists view that land being limited in supply makes it the most suitable and neutral base on which to assess the tax, is in contrast to the taxpayers perspective, due to the additional complexity in understanding how land value is determined. This paper is a review of improvements in the principles of 'good tax design' in Australia. Data on objection rates to land values have been sourced from the NSW Department of Lands both pre and post the introduction of the 2005 reforms recommended by the NSW Ombudsman. This paper attempts to measure improvements in principles of 'Good Tax Design' via changes in objection rates to land values issued by the New South Wales Valuer-General, resulting from the provision of sales information to land tax payers from 2005. In conclusion a summary of improvements are provided as well as recommendations for refinements in the development of further measures needed in adding to taxpayer understanding of the valuation of land in highly urbanized locations.
Mangioni, V, Viitanen, K, Falkenbach, H & Sipil, T 2012, 'Three dimensional property rights and reassembly: Cases of Sydney and Helinski', Prceedings: FIG Working Week Rome 2012, FIG Working Week, International Federation of Surveyors, Rome, Italy, pp. 1-14.
This paper looks at the current structure of ownership of 3D property rights and the need for reassembly of property in the cities of Sydney and Helsinki. This comparison is made in context of the competing needs of existing and future inhabitants of these cities, existing property rights and the need for a mechanism in achieving urban renewal. The emerging needs of expanding populations over the past half century in these cities has brought to the fore the necessity for policy, economic reforms and structured processes in the reassembly of three dimensional interests in land, also known as condominium. This paper reviews the existing barriers and identifies potential factors for the resolution of the reassembly of three dimensional interests in land. It examines the structure of the titles to 3D property and the factors which have inhibited the reassembly process and impacted on the potential for urban renewal in Sydney and Helsinki. A review of international practices and examples for the reassembly process are used to provide potential solutions to the problems encountered. This provides a basis for further research into the development of solutions which address the specific needs of both the parties and the process for the reconsolidation of 3D property rights in these two cities.
Mangioni, V 2011, 'Property Investment Advice: Who's who in the investment advice zoo?', Pacific Rim Real Estate Conference (PRRES), Pacific Rim Real Estate Conference, Pacific Rim Real Estate Society, Gold Coast, Australia, pp. 1-16.
As direct property investment continues to grow particularly post the Global Financial Crisis, investors have increased their participation in the direction of investment decisions and how their money is invested. The quality of investment advice in relation to property and who provides that advice is of paramount importance and the primary focus of this paper. In contrast to property itself, advice in relation to property investment and who is best qualified to provide it, is central to this paper. This objective has been measured through a review of the practices and views of the various participants to the property purchase and investment process. A review of the roles, tasks and opinions of the various professions has been measured using surveys and discussions with professions a party to the purchase and investment process. In conclusion, opportunities are identified for property professionals to evolve the extent, scope and quality of advice in relation to direct property investment, through the evolvement of educational and pedagogical expansion of property practitioner.
Mangioni, V 2011, 'The valuation of sustainable urban development: A pre-carbon tax review', State of Australian Cities Conference (SOAC), State of Australian Cities (SOAC) Conference, SOAC, Melbourne, Victoria, pp. 1-12.
Whilst debate currently surrounds the introduction of a carbon tax in Australia, the property industry has commenced gearing towards the development of sustainable green office buildings with such a tax incorporated in its business plan. This plan incorporates both the development of new green star rated commercial office buildings and the retro fitting of existing office buildings. This paper identifies factors in the evolution and operation of a carbon tax which should impact on the value of sustainable commercial office buildings. It identifies difficulties and deficiencies in the determination and reporting of value and highlights the importance of valuation models correctly and sufficiently distinguish between sustainable and non-sustainable development. The paper concludes with a pre carbon tax analysis of various classes of commercial office buildings, the cost of sustainable outgoings and a review of the lease structure needed to ensure unsustainable development is attributed to the owner of the property, not passed onto the user or lessee.
Mangioni, V 2010, 'The evolution and operation of recurrent property taxation', The XXIV FIG International Congress 2010 Proceedings, FIG Congress, International Federation of Surveyors (FIG), Sydney Australia, pp. 1-20.
Recurrent property taxation is an important revenue stream for sub-national governments around the world. In its various forms, land value as a base of recurrent taxation has become less common in many countries over the past twenty years. This has largely been attributed to a number of factors ranging from pressure imposed by opponents of land value taxation, to challenges against non-demonstrable methods of assessing the underlying value of land in highly urbanized locations, where land transactions are few. This paper is a review and critique of the evolution of recurrent property taxation and the transition of the base of this tax from land to improved value in some countries. It analyses the methodological voids which have armed opponents of land value taxation with the justification for such a transition to alternate bases. It further articulates the difference between local government council rating and a broader non-earmarked land tax. A United States case study has been used to demonstrate the demise of land as the base of recurrent property taxation and the emerging similarities in Australia. In conclusion, the paper provides a framework for the harmonious coexistence of land value taxation and the rating of land and establishes key requirements in developing and maintaining a robust land value taxation system in highly urbanized locations.
Mangioni, V 2010, 'Urban Cleansing and Renewal: Redfining the Principles of Compensation in Compulsory Acquisition', Proceedings from the Pacific Rim Real Estate Society Conference - 2010, Annual Conference of the Pacific Rim Real Estate Society, Pacific Rim Real Estate Society (PRRES), Wellington, New Zealand, pp. 1-15.
The process of compulsory acquisition for the purposes of urban renewal and economic development are becoming more common as populations continue to grow in urban built up locations and more intensive users of land is warranted. the most practicable process for site assembly and the provision of higher and better uses of land may well be argued to be through the process of compulsory acquisition. This paper explores the hybrid use of compulsory acquisition powers for the taking of land by local government from one party and the reselling of that land to a developer for a more intensive and similar use. It contrasts the use of the Pointe Gourde principle between traditional public purposes and the emerging purpose of economic development in the assessment of compensation. Two cases are used defining the emerging purpose of economic development in Australia and the United Kingdom. A third case demonstrates a dichotomy between the compensation principles of assessing betterment in partial acquisition cases and contrasts this against the opposing principle used in total acquisitions in the specific circumstances of economic development. A model is developed which defines the dispossessed party as a stakeholder in the economic development of land, in which consent for the defined purpose of economic development is a natural progressive step in defining the highest and best use of land.
Boydell, S, Watson, N, Mangioni, V, McMillan, MD & Sankaran, S 2009, 'The Republic and its impact on property rights in Sydney', State of Australian Cities (SOAC) Conference, State of Australian Cities Conference, SOAC, Perth, Australia, pp. 1-21.
In 1973, the Federal Commission of Inquiry into Land Tenures identified that `in our modern complex society, an individualistic approach to property rights and land ownership is incompatible with public interest, unless individual rights are restricted to the use and enjoyment of the land (Else-Mitchell et al., 1973, p.17). We offer a theoretical inquiry into the institutional arrangements to enable an innovative land restitution model for Sydney within a new Republic, by vesting the superior interest in land (and buildings thereon) in the stewardship of the customary indigenous guardians (rather than the State or Crown). The model analyses leasehold solutions and land tax implications to ensure the continued economic growth of the City of Sydney under such a restitution arrangement.
Mangioni, V 2009, 'Privatizing the 'Public Purpose Rule' in compulsory acquisition', State of Australian Cities (SOAC) Conference, State of Australian Cities Conference, Promaco Conventions Pty Ltd, University of Western Australia, Perth, pp. 1-20.
This paper is a critique of the privatization of the `Public Purpose Rule in the compulsory acquisition of land in Australia and United States. Traditionally the domain of government for the provision of public infrastructure in serving the needs of the community, `public purpose provisions in compulsory acquisition legislation remain elusive and non-descript. In the absence of explicit definitions, this determination has been left to the courts.
Mangioni, V 2009, 'The evolution of the public purpose rule in compulsory acquisition', Pacific Rim Real Estate Society (PRRES), Pacific Rim Real Estate Conference 2009, PRRES, Sydney, pp. 1-15.
The compulsory acquisition of land has been a necessary but contentious domain of government at sub-national and national levels and in recent years has intensified in a number of developed and developing countries. Traditionally the domain of government for the provision of public infrastructure in serving the needs of the community, 'public purpose' provisions are provided for in both State and Commonwealth legislation around Australia and internationally. Not clearly defined within the various legislation, are the purposes to which acquired land may be put in complying with its use as a public purpose or more specifically, what a public purpose constitutes. This paper is a critique of the application of the public purpose rule and examines the boundaries and recent attempts to qualify and solidify the potential extent of this rule within legislation in parts of Australia and internationally. Local and international examples are used to highlight the extent to which this rule has evolved without requisite legislation and questions the limitless expansionary potential of what may constitute a public purpose. A framework has been developed to provide for an alternate assessment of compensation in view of the current limitations and restrictions of the Pointe Gourde Principle in the formulation of compensation.
Mangioni, V 2008, 'A property valuation renaissance - A response to an international financial meltdown', Seminar on Appraisal and Property Protection, Fig Commission 9, Beijing China, pp. 1-17.
Mangioni, V 2008, 'Just Terms Compensation and The Compulsory Acquisition of Land', 14th Pacific Rim Real Estate Society Conference 2008, Pacific Rim Real Estate Conference, Pacific Rim Real Estate Society, Kuala Lumpur, pp. 1-13.
Just Terms Compensation in Australia is predicated on the principles of placing the dispossessed party in the same or similar position prior to the acquisition of their land. This compensation is based on various statutes and rulings by the courts which have evolved over several decades and have guided the assessment of value and quantum of compensation in the acquisition process.
Mangioni, V 2008, 'The property profession and evolving financial service reforms in Australia: An industry perspective', 14th Pacific Rim Real Estate Society Conference 2008, Pacific Rim Real Estate Conference, Pacific Rim Real Estate Society, Kuala Lumpur, pp. 1-12.
The demand on property professionals and the services they provide in Australia has continued to increase over the past 15 years. This evolution has resulted in the tightening of existing regulatory regimes and the introduction of new regimes to address the expansion in the provision of property investment advice.
Boydell, S, Behrendt, LY, Goodall, H, Sankaran, S, Watson, N, Mangioni, V, McMillan, MD & McDermott, MD 2008, 'Sydney Restored: Aboriginal ownership of city spaces', Cities Nature Justice: Abstracts, Cities Nature Justice: dialogues for social sustainability in public spaces, a UTS Trans/forming cultures symposium, UTS : Trans/forming Cultures, University of Technology, Sydney, pp. 1-1.
Challenge Grant output, presented by Nicole Watson This paper explores an irredentist model of justice in the city, one in which Aboriginal title is taken as the superior property interest over Sydney. It reports on a trans-disciplinary UTS funded research initiative investigating the impact on the institutional landscape of a solution that prioritises the human and property rights of the indigenous population. Methodologically, this research adopts what Creswell and Tashakkori (2007) refer to as a paradigm perspective. The approach integrates an eclectic combination of research modes into history, law, social inquiry, theory, practice, and beliefs, with the attitudes of finance, finance providers, capital users and indigenous property owners. Such a dynamic trans-disciplinary engagement demands that the researchers discuss an overarching worldview (or several worldviews) that provide a philosophical foundation for mixed methods research. Building on the role of land in Aboriginal politics, we explore Native title and the interplay with freehold and leasehold models. Our model raises a range of issues for the contemporary commons. as well as conceptions of ownership when long leasehold interests replace freehold titles. Whilst in the short term, we suggest that there is no significant financial impact on those holding the new 99-year tenancies, a range of issues arise in respect of the reversionary interest including rights, obligations, and restrictions surrounding improvements on the land. We also highlight the complexity surrounding land tax and the role of the State in such a model.
Mangioni, V 2007, 'Funding Urban Australia - The role and rate revenue of Local Government in New South Wales', State of Australian Cities (SOAC) Conference, State of Australian Cities Conference, SOAC, Adelaide, Australia, pp. 1-10.
Local government in New South Wales is charged with the co-responsibility of maintaining core community services and infrastructure including, health, housing and roads among other assets. The services provided by local government are funded from a variety of financial and revenue sources of which the primary source is the rating of land. This paper reviews the evolving role of local government and considers the present practice and framework for raising revenue through the rating of land. Intergovernmental cost shifting has increased the financial burden on local government which has led to an unaccounted cost of present and future capital depreciation of local government infrastructure in NSW. A case study of local government revenue and expense has been used to quantify this unaccounted cost. A juxtaposition of pre and post 1993 methods prescribed under the Local Government Act is made to demonstrate the limitations of rate revenue which is impacted on by rate pegging imposed by State Government.
Mangioni, V 2007, 'The epistemology of value in the assessment of Just Terms Compensation', Nordic Conference of Surveyors, Seminar on compulsory purchase and compensation, Vince Mangioni, Helsinki, Finland, pp. 1-16.
Antoniades, H & Mangioni, V 2006, 'Has the Residential Tenancies Act 1987 met its objectives and is there a need for minimum lease terms to be included in the Act?', AUBEA 2006 Conference Proceedings, Australian Universities Building Education Association Annual Conference, University of Technology, Sydney, Sydney, Australia, pp. 1-18.
Mangioni, V 2006, 'Valuing the purchase price of property', 12th Pacific Rim Real Estate Conference Auckland, Pacific Rim Real Estate Conference, Pacific Rim Real Estate Conference, Auckland, pp. 1-14.
Mangioni, V 2006, 'Valuing the purchase price of property: Is the purchase price of property the best evidence of value?', The 12th Annual Confernece of the Pacific Rim Real Estate Society, Pacific Rim Real Estate Conference, Vince Mangioni UTS, Auckland, New Zealand, pp. 1-14.
The role of the valuer in undertaking a valuation is to determine the value of the property being valued. In the case of mortgage valuations, where the purchaser has agreed and exchanged contracts on a property, it may be presumed that the role of the valuer is to confirm or reject the purchase price as value. In the case of rejecting the purchase price as value, the market value is determined by the valuer. In the competitive mortgage market there is pressure on the valuer that suggests the purchase price of property is ultimately the best evidence of value. This paper firstly determines the purpose of the mortgage valuation given the proposition that the purchase price of property is the best evidence of value. Secondly cases have been reviewed that have presumably endorsed the proposition that the purchase price of a property is the best evidence of value. An examination of these cases will define the criteria valuers are to use to establish whether the purchase price of property is the best evidence of value. An examination of cases involving the refinancing of property where there is no sale over the subject property, coupled with an absence of comparable sales evidence has been undertaken, in establishing the importance of sales evidence in the valuation process.
Mangioni, V 2005, 'Residential Property Investment: Is Regulatory Change Neccessary', Proceedings from the PRRES Conference - 2005, Pacific Rim Real Estate Conference, Pacific Rim Real Estate Society (PRRES), Melbourne, Australia, pp. 1-19.
Residential property investment has been incorporated into investment portfolios and retirement plans of many Australians with increasing momentum over the past 10 years. The role of real estate agents in the marketing and sale of new residential property and the legislation governing real estate agents is now under review by both State and Commonwealth Governments. As the roles of real estate agents and investment advisers / financial planners begin to blur, the introduction of appropriate legislation governing these participants along with unlicensed marketers and seminar operators needs to be introduced. A conceptual framework has been adopted to identify the key area of the divide of independence that needs to exist between investor and marketer, be they agent, financial planner or adviser, with commentary highlighting areas of concern. The evolution and status of both State (NSW) and Commonwealth regulation governing agents and advisers / planners has been considered, with perceived concerns and gaps discussed. In conclusion, an analysis of the complaints lodged with both state and commonwealth agencies, has been reviewed, with recommendations made to address the issues raised, which are currently not dealt with, or adequately dealt with under existing regulatory provisions.