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SNetwork Recent Storiesby NationTalk on November 5, 2012415 Views
JURIST Frank Brennan has warned there could be a backlash against the purchase of land for indigenous Australians if existing native title land is not more effectively developed.
Father Brennan, professor of law at the Australian Catholic University, suggests an Indigenous Land Bank would be an effective way to promote the economic development of these holdings. Native title now covered 16 per cent of Australia, but the areas were underused, with finance often unavailable for holdings that cannot be resold on the open market, he said.
In two recent speeches Father Brennan said that when he spoke to commercial lawyers and bankers about why banks were unwilling to provide a mortgage over native title land, ”the usual response has been that lenders would be unwilling to engage in the invidious exercise of dispossessing defaulting Aboriginal titleholders.” The challenge was to find the right mix of ”security and utility”.
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