In the olden days, our ‘betters’ used to be the uber-wealthy who captured the land rent, namely, the aristocracy.

Nowadays, it more difficult to discern who comprises the underclass, because many who aspire to join the uber-wealthy also attend private schools and have also become rent-seeking landlords. Good luck to them!

With very few exceptions though, it’s all magically done by taking on massive amounts of debt, and the debt has become too easy to come by. In this regard, the question may be asked of the Reserve Bank of Australia whether it has become too cosy with the very bodies it’s meant to be regulating.

I guess we’ll learn who’s in the underclass when Australia’s land price bubble bursts and the tide of debt recedes to expose our nakedness?