WA’s McGowan Government says the $185 million it earned for selling its share in Property Exchange Australia (PEXA) will go towards the Metronet urban rail program.
The state this week finalised the sale of its 11.8 per cent share of PEXA, which was formed in 2010 to deliver a single, national electronic conveyancing system to the Australian property industry.
With the electronic conveyancing market now matured to the point where new entrants are being established, WA treasurer Ben Wyatt said the government had taken the view it was the right time to exit the investment.
“The completion of this transaction represents a positive outcome for the state and a tremendous boost for our flagship Metronet project,” Wyatt said.
“Given Landgate and the state’s investment totals approximately $38.9 million, this is an exceptional outcome for Western Australia. The decision to invest in Metronet also ensures that the financial discipline and responsibility which has been the hallmark of the McGowan Labor Government continues.”
The move was foreshadowed in the state’s mid-year review, which said money raised would go towards Metronet projects under development, such as the Morley-Ellenbrook line.