Adam might have ideas about how these guys can manage the upcoming real estate crash?

But there is a silver bullet, Clare. Better use of our land taxes, as a quid-pro-quo for abolishing many other taxes, as recommended by the Henry Tax Review. It was actually foundational Labor policy. But banking & real estate profits now seem to matter more to the ALP than we Australians.

Yup!

Yes. Or, as Henry George put it: privatising land rent owed equally to all of us leaves less both for workers and (non-rent-seeking) capitalists.

But who really cares? We're the world's #1 speculative economy.

'Cos

Yes.

Speaking of belling the cat; a little economics. As tax regimes favor property spec & fine earned incomes & purchases, it appears neoclassical economics won the day at the Great Depression. 'Not enough rent', perhaps, even though all taxes finally come from rent (even if indirectly). No?

Re aristos trying to keep wages low.

Both left & right ignore the natural distribution, allowing rent-seekers to grab the nation's net product & have earned incomes taxed. 😒