Sydney cracked apartment owners slugged $1m for repairs

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By Leith van Onselen

The owners of Sydney’s Mascot Towers apartments, which was evacuated over the weekend amid severe cracking, have been given until 1 August to pay a special levy worth thousands of dollars for each unit owned. From SBS News:

A document from strata management company Strata Choice, formally advising owners of a meeting on Thursday, reveals they will need to pay a special levy of $1.1 million, equating to thousands of dollars per unit, by August 1.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.