The Valuer General’s Review of Forms of Cultural Loss and the Process and Method for Quantifying Compensation for Compulsory Acquisition has now been finalised.
Under ss47 and 54 of the NSW Land Acquisition (Just Terms Compensation) Act 1991, the Valuer General is tasked with determining compensation for the acquisition of land, including any native title rights and interests in relation to land, which may include compensation for cultural loss. Whilst determination of compensation for land taken (economic loss) is well settled in NSW, determination of compensation for interests in relation to land (non-economic loss) is evolving and may include intangible losses, generally referred to as cultural loss or loss of spiritual attachment. Accordingly, under ss47 and 54 of the Act, the Valuer General is tasked with determining compensation on “just terms” for cultural loss where there is no established methodology.
The purpose of the review was to identify potential forms of cultural loss and a process and method for quantifying compensation for the basis of discussion with relevant stakeholders. The review was open for consultation and has now been finalised with consideration to the submissions received.