A discounted cash flow method of valuation for compulsorily acquired land may be rejected where the assumptions underlying the cash flow projections are too speculative and unreliable as at the assessment date, particularly where the site is not yet operational and waste streams cannot be established with certainty. In such circumstances, a trial judge is entitled to adopt a 'rural land value plus premium' approach without assuming the role of an independent expert. The statutory costs discretion under s 60 of the Land Acquisition Act 1993 (Tas) weighs heavily the comparison between the amount awarded and the amount offered by the acquiring authority, and a claimant is not acting unreasonably in advancing a claim consistent with expert advice even if the methodology is ultimately rejected.
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