New report by Bryan Kavanagh
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In tackling current housing affordability and property issues, the report shows that high land prices and taxes are undermining Australia’s social and physical infrastructure. The LVRG’s barometer of the economy is indicating a significant recession.
The Australian Government currently imposes 56 taxes, as opposed to the United Kingdom’s 22 taxes, and Mr Kavanagh said that the current taxation structure favours property speculation and the creation of real estate bubbles. These have a habit of bursting and creating recessions, he said.
“The favourable tax treatment given to real estate investment is acting to inhibit business and real wealth creation,” Mr Kavanagh said.
The report also provides a fresh analysis on industrial relation reforms, offering solutions for both sides of the IR divide.
Mr Kavanagh states that “‘economic rationalism’ has amounted to little more than 30 years of government acquiescence to the private plunder of Australia’s natural resources and publicly-generated resource rents.”