Sunday, October 19, 2003

Land boom: 20% per year: "Australians are wealthier than ever before and the mood of consumers more buoyant than at any time in the past nine years, despite the prospect of higher interest rates. Private wealth in Australia jumped 14.7 per cent to an all-time high of $4325 billion last financial year, new figures show.

"CommSec analyst Craig James said the wealth boom was driven by surging house prices, which climbed about 20 per cent last year."

Land value, of course, is not wealth. Land value could be zero (as it would be in a geonomic society) but wealth would not be diminished in the slightest.

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