PROGRESS

No. 1135 (Spring 2025)
Cover of Progress magazine, Spring 2025 issue. The header reads “Sharing the Earth So All May Prosper.” Below the title “PROGRESS,” the main graphic shows a circular diagram labelled “Value Capture.” Around the circle are the phrases “Transportation Improvement,” “Faster Travel Times,” and “Higher Land Values,” each with arrows indicating a cycle. Inside the circle are images of housing with a “For Sale” sign, a scaffolding-covered building under construction, a train, and blurred car lights, representing urban development and infrastructure.

Value capture or value escape?

This edition explores the concepts underpinning land value capture and why this underutilised funding mechanism should be Australia’s secret weapon for infrastructure funding and housing affordability. It features Prof Sock-Yong Phang’s 2024 Henry George Address, “Value Capture and Affordable Housing: Insights from Singapore” alongside John Alexander OAM‘s 2025 Address, “Regional Development, high-speed rail, and value capture: a bipartisan approach”. Both speeches explore the potential for economic prosperity from capturing economic rents created by effort and enterprise. 

2024 EJ Craigie Award winner Gareth Hutchens asks “What do land tax, Monopoly, and Australia have in common?”

Andrew Purves demonstrates why value capture underpinned the success of the Hong Kong Mass Transit System.

Karl Fitzgerald raises a warning flag about the role of AI-driven PropTech and how rent tools are being created to optimise rent-seeking and weaponise vacancy. While Australian regulators are only just turning their heads to AI policy, it appears the implications for housing are being ignored. 

Finally, we highlight our latest report on resource royalties, examining the models for resource pricing and how Australia could be getting a much greater return on our natural assets.

Join us as we explore contemporary Georgist debates, delving into the implications of land and housing dynamics in today’s world.

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Highlights from this edition

Value Capture and Affordable Housing: Insights from Singapore

By Prof. Sock-Yong Phang

Lion fountain with skyscraper behind in Singapore
From the time of independence, Singapore’s policymakers recognised the importance of value capture to jump-start the economy and to provide housing.

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Regional Development, high-speed rail, and value capture: a bipartisan approach

By John Alexander OAM

John Alexander standing at a podium smiling at an audience. To his left is a painting of a solemn, bearded, Henry George.

If we’re going to have to rethink our tax system, rent-seeking seems a good place to start.

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What do land tax, Monopoly, and Australia have in common?

By Gareth Hutchens

The true origins of Monopoly were almost forgotten, but the story behind the popular game is as relevant as ever.

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Paying for Hong Kong’s mass transit railway

By Andrew Purves

Motion blur of a high speed train

Transport-Oriented Development captures the land value uplift from new transport infrastructure. Learn more about Hong Kong’s success.

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