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Insider Trading in Biodiversity Offsets must be Investigated

Australian Greens Revelations by The Guardian showing land in western Sydney was sold as biodiversity offsets for millions of dollars more than what it was bought for by individuals who worked for the environmental consultancy recommending the offsets, essentially amounts to insider trading and must be urgently investigated, says Greens MP and environment and wildlife spokesperson Cate Faehrmann. Last week, Greens MP Cate Faehrmann wrote to the Auditor General to audit the Biodiversity Offsets Scheme and the Biodiversity Conservation Trust, and to the ICAC, after a Guardian investigation revelations that a number of employees of the private companies involved in offsets were making huge gains by buying up land they knew would be required for offsets for major projects in western Sydney and then selling that land as offsets back to the government.

South West Rocks continued development

Phase 1 Stage 1 (T6-17-177) has already been completed. The next stage (T6-20-211) will be cleared this week after the developer gave the required 48 hours notice. The remaining stage (T6-20-507) is with council waiting on additional information from the applicant. Development applications can be monitored using Council’s online DA Tracker. Where exactly is the site that was cleared on Steve Eagleton Drive? The site at 13-19 Steve Eagleton Drive in South West Rocks recently saw the site cleared of trees for an approved 27 lot subdivision. The subject site is a block of bushland neighbouring the Coles shopping complex that has been zoned residential since 1987, surrounded by built out residential, business, and industrial land.

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