sixty minutes, page-60

I did not watch the 60 minutes programme as I cannot stand news programmes that are really about boosting themselves and not real news. However, with regard to house prices, I have felt and said for some years that the value of houses in Australia are distorted due to the penchant of Australians to invest in their houses because they are quarantined from capital gains tax. In other words we use them as a savings vehicle, not just as homes. I think this has to be factored into any value estimation.