Billions of dollars needed.
Very prophetic article about the coming property revolution. But most Australians don’t think that far ahead.
Neil, you omitted the really big question.
The water and sewerage infrastructure in Australia is depreciating from corrosion and capacity limitations. It will cost many billions of dollars to replace over the next twenty or so years. The longer this issue is ignored the worse it becomes.
Who is going to pay for this. It will be the rate payers …. the property owners.
I used to work at the “low tax/rates” Gold Coast City Council. They have very real problems which will have to be confronted one day, as politically unacceptable as that will be for all Shire and City Councils.
The revolution is just beginning, its called “User Pays”.
In accounting it is recognised as Accrual Accounting, not the Never Never.