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The National Housing Supply and Affordability Council (NHSAC) released its first report on 25 March 2026.

Whereas the National Housing Accord with the state and territories set it sights on constructing 1.2 million homes over 5 years to June 2029 at an average rate of 240,000 a year, we achieved only 219,000 in the first 5 quarters since the accord began. Annualised, this represents a shortfall of 65,000 homes per year. That’s not good.

So, there we are as to ‘supply‘.

What about ‘affordability‘?

Well, it’s entirely arguable that even if we were to meet the annual target of 240,000 new homes every year for the next 5 years, we can’t assume that prices will decline. Why would they? Are developers likely to build a glut of homes? Surely, builders are unlikey to drop their asking prices and take a loss. Wouldn’t they hold properties until they achieve their price, or not construct homes at all?

Developers need to acquire sites at currently highly-inflated land prices. ABS data shows that the average land component of a home in Australia is now more than 80% of its cost, so what have state governments been doing to reduce their land prices? Nothing, nothing at all.

There are recent indications that Melbourne land values have declined slightly as many landlords facing higher land tax bills in Victoria than in other states, have begun to sell their investment properties. However, this appears to be more an accidental outcome of Victoria raising taxes to address its high level of debt, rather than a direct policy to achieve lower land prices.

In the absence of a general increase in state land taxes, I wish NHSAC the best of luck in achieving their targets – particularly on affordability. They certainly need an enormous amount of luck!

89% of people against: 11% in favour.

Is it too sceptical to suggest that we’re going to get a night grand final because corporate and entertainment interests demand it?

“You’d just better get used to the idea, you plebs!”

That’s much like Australian politics favouring big business because it calls the political parties’ tune with hefty donations.

People don’t really matter.

~~~~~

Fantastic discussion—keep that fire going, Fred and Peter! You’re spot on about Human Rights being empty words if we don’t prioritise social responsibility (like collecting land rent) over taxing productivity.

One quick note for Fred: governments with their own currency don’t actually need to ‘borrow.’ The ‘national debt’ is largely a media myth fueled by unnecessary bond sales. As Henry George and Lincoln proved, once a government spends the money, there’s no reason to pay for it a second time in interest.

Yes, Henry George, my perspective on the economy changed in the 1970s while working as a valuer for the ATO. I watched the greatest real estate bubble in Western history unfold, yet the Australian media ignored it, choosing instead to scapegoat Gough Whitlam and his cabinet. When the global crash also hit, they blamed the OPEC oil crisis rather than bursting land price bubbles. 

To preserve the truth, I kept a special supplement to the 1 October 1973 edition of TIME, which explicitly detailed the “land rush” the media refused to report. Many years later, at the Melbourne Town Hall on 14 October 2009, I spoke with Michael Hudson and Steve Keen at the Prosper Australia-sponsored forum “Lifting the Lid on the GFC” at which time the media finally acknowleged a bursting real estate bubble.

The “natural business cycle” is a myth used to mask a pathological system. Our tax laws reward speculation and indebtedness while penalising productive work. Until we reform these regimes to stop favouring land speculators and criminal interests, we will remain trapped in this cycle of inflationary ruin. 

Last 3 months – source: Cotality, March 2026

Melbourne – 0.4%

Sydney – 0.1%

Canberra 1.3%

Hobart 2.6%

Darwin 3.6%

Adelaide 4.3%

Brisbane 4.8%

Perth 6.8%

It looks like Victoria’s higher land tax may be playing its part in doing what is necessary: i.e. applying a brake to the rampant inflation in our land prices.

Because, as we all should know, if you’ll excuse the immodesty …..

No apologies to Milton Friedman.

~~~~~

“The Irish Land Question”, by Henry George.

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SUMMARY

The document discusses the Irish land question, examining land laws, landlord-tenant relations, and proposed reforms, with references to Irish, British, Belgian, and American contexts.

Irish Land System Compared to Other Countries

• Ireland’s land laws are more favorable to tenants than in Great Britain, Belgium, or the U.S., due to local customs and specific acts.
• The Irish land system is similar to those in other civilized nations and is considered a natural and just form of property rights.

Causes of Irish Distress and Emigration

• Irish distress is comparable to that in Scotland, England, and other countries, driven by economic factors rather than unique oppression.
• Emigration from Ireland results from land and economic conditions, similar to other nations’ population movements, and is not solely due to Irish-specific issues.

Nature of Irish Famine and Poverty

• The Irish famine was a “financial famine,” caused by poverty and lack of income rather than food scarcity.
• Food was available during the famine, but the impoverished population lacked the means to purchase it, a situation common in highly developed countries.

Absentee Landownership and Land Tenure

• Absentee landlords are prevalent in Ireland and the U.S., with landowners often living far from their estates.
• Irish landlords could, under American law, exercise similar powers to rent or refuse land, indicating no unique legal restrictions in Ireland.

Broader Social and Economic Implications

• The Irish land question reflects a larger global issue of private land property and social inequality.
• The agitation in Ireland highlights the potential for wider societal upheaval over land rights and economic justice.

Irish Distress as a Global Phenomenon

• Similar distress and famines occur worldwide, including in highly civilized nations, due to economic and industrial fluctuations.
• Poverty and inadequate income, not food scarcity, are primary causes of suffering even in affluent societies.

Historical and Cultural Context of Irish Land

• Ireland’s land history involves conquest, confiscation, and traditional land tenures, influencing current land relations.
• The Irish land system’s persistence is linked to historical circumstances, race, and religion, fostering strong national sentiments against landlordism.

Land Ownership and Justice Principles

• The land of Ireland belongs inherently to the entire Irish people, based on natural rights derived from the right to life and existence.
• Private ownership by landlords is viewed as unjust, rooted in historical usurpation and violence, and cannot be justified by law or prescription.

Systematic Land Robbery and Its Consequences

• Landowners profit by appropriating the earnings of labor, leading to poverty, distress, and social inequality.
• The land system causes chronic pauperism, famine, and social degradation, similar to piracy, which is condemned as unjust and criminal.

Critique of Land Reform Proposals

• Current schemes like tenant-right extension, land purchase, or peasant proprietorship are insufficient; they perpetuate concentration and do not address the root injustice.
• Proposals to buy out landlords or divide land into small holdings are seen as partial measures that reinforce existing inequalities and do not resolve the fundamental issue.

Natural Rights and Historical Legitimacy

• The right to land is based on natural law, not municipal law or inheritance, which are considered illegitimate titles rooted in force and crime.
• Historical grants and titles are invalid because they rest on conquest, bloodshed, and illegal acts, not on natural or moral rights.

Vested Rights and Vested Wrong

• The doctrine of vested rights and statutes of limitations are critiqued as perpetuating past injustices.
• The analogy of piracy illustrates that rights obtained through violence or force cannot be justified or protected by law once the violence ceases.

The Case for Land Resumption by the People

• The only just solution is for the land to be reclaimed by the entire people, removing the unjust privileges of landlords.
• This involves redirecting rent into the public treasury, transforming land ownership into a collective, societal resource.

Political and Social Resistance

• The Irish movement faces opposition from powerful land interests and conservative political forces.
• Advocates should openly declare the principle that land belongs to the people, risking opposition to gain moral and political strength.

Broader Social and Historical Context

• Vested rights have historically justified slavery, piracy, and other social injustices.
• Society tends to accept injustices due to ignorance, prejudice, and vested interests, making reform difficult but necessary.

International and Historical Parallels

• Similar injustices existed in slavery, slave trade, and piracy, which were eventually abolished through moral and legal progress.
• The persistence of unjust land systems is compared to past accepted wrongs, emphasizing the need for moral awakening and reform.

Strategy for Land Reform Movement

• Leaders should adopt a bold, principled stance that land belongs to the people, not to landlords.
• Gradual political progress is advised, but the movement must ultimately align with the fundamental principle of natural land rights.

Critique of Divide and Conquer Strategy

• The phrase “divide and conquer” is condemned as a tool used by oppressors to foster race and national antagonisms.
• Oppressors have historically used prejudices to maintain power, while true freedom requires rising above such divisions and practicing love over hatred.

Call for Broader Patriotism and Unity

• Emphasizes uniting people globally against systemic oppression rather than fostering national or racial animosities.
• Advocates adopting the German Social Democrats’ principle: prioritize universal human interests over narrow national identities.

Limitations of Irish Independence and Emphasis on Local Self-Government

• Asserts Irish independence is impractical and potentially harmful; advocates for local self-government beneficial to all parts of the British Empire.
• Promotes interdependence over separation, warning that division strengthens aristocratic and landlord powers.

Land Nationalization and Tax Reform

• Proposes land should be common property, with taxation based on land value to benefit society.
• Advocates abolishing all taxes except those on land, which would shift the burden from labor and capital to landowners, fostering social justice.

Opposition to Private Land Property and Property Rights

• Argues private land ownership is a form of social injustice, giving landlords undue power and causing economic inequality.
• States that recognizing land as private property perpetuates class conflict and hampers societal progress.

Historical Perspective on Land and Taxation

• Highlights England’s feudal system where land was treated as common property, with landholders paying taxes for societal benefits.
• Calls for returning to this system by taxing land value, which would restore justice and reduce inequality.

Economic Efficiency of Land Value Taxation

• Land value tax is described as the most certain and least harmful form of taxation.
• Recommends replacing all other taxes with land value tax to increase productivity, wages, and reduce government expenses.

Impact of Land Monopoly and Inventions

• Land monopoly leads to inequality, poverty, and dependence, worsened by technological progress that increases land value.
• Inventions and labor-saving devices tend to benefit landowners more, increasing dependence of laborers and widening wealth gaps.

Natural Law and Justice in Land Distribution

• Rent arises from natural causes and should be shared by society, not monopolized.
• Proper land use and taxation can promote equality, eliminate poverty, and foster societal development.

Modern Society’s Flaws and Injustices

• Despite material progress, social issues like poverty, crime, and inequality persist due to unjust land distribution.
• Wealth concentration and the dominance of large fortunes undermine democracy and social independence.

American Society and the Illusion of Equality

• U.S. has abolished hereditary privileges but faces growing inequality and corporate influence.
• Wealth disparities threaten political equality, with enormous fortunes consolidating power and diminishing the independence of the masses.

Consequences of Private Land Ownership

• Land monopoly causes economic dependence, drives small farmers out, and concentrates wealth.
• Technological progress and large-scale production intensify inequality, leading to social and economic instability.

Vision of a Just Civilization

• Envisions a society based on justice, natural rights, and shared land resources.
• Advocates for a civilization where natural opportunities are accessible to all, reducing waste and promoting human well-being.

Criticism of Current Civilized Society

• Despite material wealth, society suffers from social outcasts, crime, and moral decay.
• Highlights contradictions between Christian values and social injustices, calling for a Christianity rooted in justice.

Imminent Social Conflict and True Conservatism

• Warns of impending revolutionary struggles driven by inequality and injustice.
• Defines true conservatism as facing facts honestly and reconciling opposing forces through justice rather than repression.

American Democratic Progress and Emerging Inequality

• Celebrates American democracy’s ideals but notes the rise of vast fortunes and corporate influence.
• Warns that wealth concentration undermines political equality and threatens tyranny and social disintegration.

Impact of Private Land Ownership on Society

• Private land ownership hinders civilization’s progress and risks social upheaval.
• Abolishing land private property is seen as necessary for social stability and justice.

Modern Progress and Social Discontent

• Technological advances increase wealth inequality and lower wages for the masses.
• Progress stimulates discontent by highlighting injustice and inequality.

Call for Land Nationalization and Universal Rights

• Land should be recognized as common property of all people.
• Equal rights to land are essential for fair and lasting social solutions.

Irish Land Question as a Global Issue

• Irish land struggles symbolize worldwide wealth distribution problems.
• Solutions must be universal, not local, emphasizing natural justice and equality.

Role of Ireland and International Solidarity

• Ireland’s fight is part of a global movement for fraternity and justice.
• Irish symbols represent oppressed peoples and the potential for leadership in worldwide change.

Vision of a Cooperative and Equal Society

• Future society should be based on cooperation, equality, and moral progress.
• True republics require equal citizens, where progress benefits all, regardless of race or class.

Principles of Liberty, Equality, and Fraternity

• Emphasize full freedom, equal access to natural opportunities, and brotherhood.
• These ideals are essential for genuine social and political progress.

From former Fannie Mae market analyst, Ed Dodson.

Quite different circumstances, but we also witnessed an oil crisis (OPEC) accompanying the bursting of a real estate bubble in the west in the early 1970s.