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Boom-bust and the Australian banks

Australia experienced an increasingly gigantic bubble in land prices during the 1880s and the beginning of the 1890s, and the city of Melbourne became bubble-central. Michael Cannon provides an excellent account of the period in The Land Boomers. Henry George’s...

The bank cartel has a new enemy

The federal Treasurer Scott Morrison used parliament yesterday to fire an extraordinary broadside at Australia’s banking cartel. Conservative governments rarely indulge in the public thrashing of such major supporters of the status quo. Morrison and the Turnbull...

Victoria gets annual land valuations

The Andrews government has announced State Land Tax will be calculated annually rather than every two years, a painless inexpensive reform Prosper urges all states to adopt. The Valuer-General’s assessment is used to calculate council rates and land tax. Valuers today...

But… But Rents only go up! Don’t they?

Lindsay David and Philip Soos at LF Economics demonstrate real rents are falling across the country, except in Hobart. This is only possible with falling wages, weak demand and excess housing supply. Little landlords have no compunction about evicting bolshie tenants...

Horror 1400 per cent land tax hike shock

The Cohen family, holders of The Block Arcade in Collins Street Melbourne, must meet a massive rise in State Land Tax after the Valuer-General’s biennial land revaluation. Their 2017 tax bill is $450,000, up from $30,000 last year. According to the AFR, the Cohens...