According to most publicised indicators, Australia’s economic performance over the past decade has been exemplary. Incomes have increased, unemployment has decreased, and the inflation rate has remained low. In addition, nearly all home-owners have received gratifying capital gains. For many, this additional wealth has provided psychological compensation for increased working hours and reduced employment security.
In this 2006-07 State of the Regions report we look more closely at the land boom of 1996-2005, and see some of the downside of it. However delighted the recipients have been with their capital gains, such windfalls do not come without cost.