What it does
The Lake Corangamite Act 1966 establishes a voluntary statutory mechanism under which private owners of land that had been inundated by, or was adjacent to, three salt lakes in western Victoria (Lakes Corangamite, Gnarpurt and Murdeduke) could surrender that land to the Crown and receive predetermined compensation. The Act was a response to rising lake levels that had flooded alienated (i.e. previously sold) Crown land around these lakes. The preamble states that it is “just and expedient” to authorise payment of compensation to owners who “desire to surrender those lands to the Crown”. The Act does not compulsorily acquire land; it creates an election for owners to surrender voluntarily within a two-year window from commencement (27 April 1966 to 27 April 1968). Compensation is calculated by a rigid statutory formula set out in three tables (Tables A, B and C), each keyed to reduced levels above a specific geodetic datum. The amount payable is a percentage of the average value of “undeveloped land surrounding and adjacent to the relevant lake which is not subject to flooding”. The percentages range from 0 per cent (for land at or above a certain reduced level) up to 100 per cent (for land below a lower reduced level). A minimum average payment of $50 per acre applies if the formula yields a lower amount. The Act also empowers the State Rivers and Water Supply Commission to open and keep open a pipe connexion between Lake Gnarpurt and Lake Corangamite after the surface of Lake Corangamite recedes to a reduced level of 385 feet, and provides that neither the Crown nor any water authority is liable for damage to land resulting from operation of that pipe. Finally, the Act appropriates up to $500,000 from the Loan Fund for its purposes and exempts surrenders under the Act from certain subdivision controls under the Local Government Act 1958.