Private Wealth Vs The Public Good

16 mins 3 mths

Life in Australia, a centrist Westminster democracy, and a mixed economy of both planned and free markets has always been a balance between private wealth and the public good. Today, however, we are seeing the uneven fruits of imbalance in the housing sector in particular. Ever since John Howard brought in the capital gains tax discount some 30 odd years ago – inflation in the residential property market has run riot. It has now reached an apogee of unaffordability for many Australians, most of them younger and losing the aspirational dream of home ownership in their lifetimes. Private wealth vs the public good – tough conversations need to be had to address the severe problems around this matter.

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