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GUEST OBSERVER
I have written extensively about the need for the new Governor of the Reserve Bank to adjust his inflation target from 2–3 percent to 1–3 percent to reflect the reality of lower global inflation relative to the mid 1990’s, when the target was originally successfully adopted. 
However, as noted at the time, I held out little hope that the new Governor would take my advice. 
Accordingly, I was not surprised to see this week’s announcement that the target had been “confirmed” as 2–3 percent. However, there has been a subtle change from “on average over the cycle “ to “over time”. The Governor also emphasised in his Statement to the House of Representatives on Thursday that “the main drafting change is to make the link between monetary policy and financial stability a little more direct”. 
If we weigh those two changes together, they go some way to achieving the objective that I was most concerned about. My concern was that the new Governor might, when confronted with an impossible task of lifting inflation to above 2.5 percent to “average” 2.5 percent over the cycle, might unnecessarily impact asset markets. By using the vague term “over time” and linking policy directly to financial stability (read asset markets), he has allayed much of my concern on that issue. Markets are likely to eventually scale back prospects for further rate cuts given these developments. 
With that policy issue now resolved, I am allocating the rest of this note to some of the opportunities and risks now facing the evolving Australian economy. 
While overall growth in the Australian economy has been remarkably stable since the Global Financial Crisis – holding in the 2.5 percent – 3.0 percent range – the source of this growth has changed markedly. We have seen the huge terms of trade and mining investment cycles almost run their course. The early stages of these cycles were marked by strong income boosts, particularly in the mining states of Western Australia and Queensland, due to surging commodity prices and a spectacular mining investment cycle. Of course, these two cycles were linked, with the surge in commodity prices signalling a commercial opportunity to raise capacity, particularly in the LNG and coal seam gas sectors.
A necessary adjunct to these cycles was a strong AUD and elevated interest rates. The impact on the mining states of these uncompetitive market settings was minimal, with the strong volume and price boosts underpinning their prosperity. On the other hand, the south eastern states – New South Wales and Victoria – struggled under the weight of the high currency and rising interest rates. 
With the mining investment boom now unravelling; Australia’s terms of trade having peaked in September 2011 and both the Australian dollar and interest rates down substantially, Australia is now looking to other sources of demand to sustain its admirable growth record. Those sources are services exports; residential construction; public transport infrastructure and population growth. 
These growth sources are dominated by the south eastern states. New South Wales and Victoria have been the major beneficiaries of the services boom. Education exports; business services and tourism are the key drivers of this success. Between 2007 and 2013, net services exports subtracted around 0.3 – 0.8ppts from GDP growth on average over most years. Since 2013, these sectors are responsible for adding 0.3 – 0.7ppts to growth.
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Residential construction, particularly driven by the boom in high rise apartments, has shown a considerable lift in its contribution to growth. The construction “boom” has equally been centred around the south eastern states. 
Partly funded by the revenue windfalls from housing activity in their states, New South Wales and Victoria are also experiencing a welcome boost to public sector infrastructure investment. In the last six months, “projects committed or under construction” have lifted from $32bn at the beginning of this year to $51bn in New South Wales, and from $7bn to $21bn in Victoria. That compares with a net lift of only $7bn in all the other states combined. 
Finally we are now seeing population growth in both New South Wales and Victoria exceed the national pace for the first time in 20 years. 
But, just as the mining and commodity cycles were heavily dependent on China, so are these latest sources of growth. Growth in tourism and education is dominated by China. This partly reflects the sharp increase in China’s overall services trade deficit. This deficit has more than doubled as a proportion of GDP over the last five years, and in the first half of 2016 was more than 50 percent of the goods trade surplus. 
At some point, the Chinese authorities, who appear to have stabilised last year’s spectacular near USD 1 trillion loss in foreign reserves, may decide to slow this leakage. Certainly we have seen marked evidence of a tightening of capital controls, particularly for the non-corporate sector.
That tightening of capital controls might also impact the construction boom. The number of high rise apartments currently under construction in March this year (ABS latest) has surged to 110,000 – including 44,000 in New South Wales; 34,000 in Victoria; and 23,000 in Queensland. 
As discussed, the south east is dominating the high rise boom. However, a significant proportion of the buyers are offshore based (so called FIRB buyers). Local banks have stopped funding FIRB buyers, presenting risks to local developers who may have sold more than 50% of their stock to these buyers. 
It is generally accepted that apartment buyers in the Melbourne CBD have incurred some capital losses, while Sydney purchasers are seeing their profits squeezed. These liquidity and capital loss prospects may discourage foreign buyers, with the result of sharply slowing the apartment construction cycle. 
On the other hand, foreign banks are seeking to partly fill the funding gap, while large foreign developers may also be able to relieve liquidity stresses for these buyers. 
Overall, huge uncertainty prevails in this market, with possible outcomes ranging from ongoing spectacular momentum to a sudden liquidity driven slowdown. In those circumstances, one part of the recent boost to Australia’s growth story might fade quickly. 
BILL EVANS is chief economist of <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>. Justin Smirk is ‎senior economist, Westpac Group and can be contacted <a href="https://www.westpac.com.au/about-westpac/westpac-group/" target="_blank">here</a>.
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jchancellor-FAypfDUnLy

Future challenges for the Australian economy: Westpac's Bill Evans

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GUEST OBSERVER
Buying a house is, arguably, one of the largest purchases you will ever make. So imagine coming home to find your dream house has disappeared into a sinkhole, and that it was easily avoidable.  
Experts are warning home buyers to conduct the recommended searches prior to purchasing a property, to ensure they aren’t putting themselves at unnecessary risk. The recent case of an Ipswich family who discovered a sinkhole on their property highlights just how important it is for home owners to conduct thorough due diligence to avoid nasty surprises once the property has settled. 
We now have better data, details and information available to buyers in more convenient ways to inform their decision making process.
There’s just no excuse for not performing these basic searches. Buyer education is essential for ensuring people know and understand the necessity of these searches; not only for peace of mind, but to avoid financial burden caused by previous undermining in an area.
Many sinkholes are caused by subsidence, which is the lowering or settling down of the land’s surface. 
Subsidence can result from natural causes, but can also occur from human activity such as underground mining, the extraction of ground water, and the settlement of fill soils.
Buyers can easily conduct a search to see if undermining has occurred on their property or potential property, which will help in the investigation phase of the property buying process.
Unfortunately, in the case of the Ipswich sinkhole, an undermining search would have revealed that undermining had occurred in the area, and would have alerted the residents to the potential risks of living on the property.
For areas with heavy traditional undermining or exploration, people should take extra care to ensure they are building on stable land.
We understand a deterrent to conducting extra searches is the associated additional costs, but undermining searches can be completed for as low as $6 in Victoria, $42 in Queensland and $75 in New South Wales – well worth the investment for peace of mind.
There are various searches that should be completed when purchasing a property as part of the due-diligence process and these depend on numerous factors. Homebuyers should always consult with a practising solicitor or licensed conveyancer when purchasing a property.
The following searches are available in each state:
·         Queensland: Undermining Search 
·         New South Wales: Mine Subsidence 
·         Victoria: Mine Subsidence Variable 
GlobalX is an authorised provider of property and business information, providing online access to information through its suite of innovative software and workflow solutions.
<div>Peter Maloney is chief executive officer, GlobalX Legal Solutions and can be contacted <a href="https://www.globalx.com.au" target="_blank">here</a>.</div>
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Property 101: Could you be living on a sinkhole?

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<img src="https://counter.theconversation.edu.au/content/65217/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Having run the diplomatic equivalent of a cross-country marathon, there was concern that negotiations on the New Urban Agenda might trip at the final hurdle. Three days of talks were needed, with negotiations continuing long into the night before agreement was reached on Saturday night in New York.
The agenda is a non-binding international agreement designed to shape urban development over the next two decades. It will be formally adopted at the UN Habitat III summit in Quito, Ecuador, from October 17-20, 2016.
Negotiations began in New York at the first preparatory meeting in September 2014. It was envisaged then, if everything went smoothly, that the final draft would be agreed at the third preparatory committee meeting in Surabaya, Indonesia, on July 25–27, 2016. The negotiators in Surabaya, however, could not reach consensus. Instead they punted the draft to a final intersessional meeting held in New York last week.
The road to Quito has been at times precarious and it is unclear how the agreement will be taken forward thereafter. It is a tremendous achievement, though, when you consider the highly contested terrain the international community has been able to negotiate to reach an agreement.
Credit should go to the dedicated team at UN-Habitat, the committed representatives from civil society (under the banner of the World Urban Campaign) and the member state negotiators. Although not without his critics, the leadership from UN-Habitat executive director Joan Clos has also been significant in moving the agreement forward (or at least not messing things up).
<h2>What is at stake?</h2>
The disagreements were many, but I would like to point out three particular issues of contention.
First, it is recognised that no single UN agency can reasonably be given responsibility to implement such an all-encompassing agenda for the future of our cities. UN-Habitat hoped to have this role, but its motivation was to gain both influence and financial resources.
Second, co-operation from sub-national, city and local governments is a prerequisite for successful implementation. From the very start of negotiations, they have felt excluded from what is principally an agreement between nation-states. Sub-national government wants more say on the implementation of the New Urban Agenda.
Third, civil society has fully engaged with the formulation of the agenda and successfully pushed for the principle of the “right to the city” to be included.
This was a huge and historic victory for civil society from a social justice perspective. This encapsulates the “paradigm shift” that Clos often talks about in terms of a new global emphasis on “cities for people, not for profit".
All of the above will be the subject of intense analysis and discussion once the New Urban Agenda is adopted. If taken seriously, each has the potential to be transformative.
First, the UN system now needs to reflect on how best to promote urban sustainability. Second, sub-national governments need to reshape how they interact and influence the UN. Third, cities need to re-evaluate how they work with and for their people.
<h2>A bumpy road ahead</h2>
Realistically, the biggest headaches will start from Quito onwards. By far the most significant challenge is the timing. For the UN, 2015 was an apex year with the adoption of the 17 Sustainable Development Goals (the 2030 Agenda) and the Paris Agreement on Climate Change.
In contrast, 2016 has been a year of intense discussion and reflection on how best to implement and fund those two world-changing initiatives. The fundamental predicament will therefore be how to squeeze the implementation of the New Urban Agenda into an already jam-packed and rapidly evolving global schema.
The situation is complicated by the fact that a new UN secretary-general will take up office from January 1, 2017. They will inherit a UN system that needs drastic reform to deliver effectively on the 2030 Agenda. Some major reforms have been proposed, and the new UN chief is going to have their hands full.
The central aim is to reduce fragmentation and duplication of effort. This implies that we need a multi-agency approach to the New Urban Agenda.
This was one of the sticking points in New York last week as negotiators struggled with two proposals on implementation responsibilities.
The first option, supported by the G77 (pushed by UN-Habitat host country Kenya), was for a strengthened UN-Habitat with universal representation in its governing council and greater financial resources.
The second, from the European Union and others who would be footing the bill, was a recommendation that the institutional framework to support the New Urban Agenda be determined in the 72nd session of the UN General Assembly. This would effectively put off the decision to late 2017.
A compromise between these positions was reached in New York. This gives UN-Habitat a period of grace to move forward from Quito until new arrangements are determined.
<h2>Innovation should follow from Quito</h2>
There is a proposal that the best way forward would be to establish a new co-ordinating body – UN Cities – similar to UN Water and UN Energy.
This would certainly be more in line with the way that funding is moving from donors to the UN system in recent years – known as multi-partner trust funds – with the aim of increasing agency co-ordination.
An initiative like UN-Cities could also provide a more effective framework (or a clean slate) for how the UN works with sub-national government. Another option could be a UN Council for Cities and/or a Global Parliament of Mayors. Both represent a significant departure from the practice to date and would likely take some time to become a reality.
While these global-level institutional shell games play out, perhaps we may end up concluding that the most significant outcome from Quito is the emphasis on the right to the city.
There is a rich intellectual tradition reaching back to Henri Lefebvre’s1968 book, Le Droit à la ville. If seriously taken forward, the notion of the right to the city – essentially a human-rights approach to city governance, development and sustainability – would bring into focus a wide array of social justice issues. This includes how we deal with homelessness, urban poverty, gentrification and the privatisation of public space.
Can this transformation really happen, or are we doomed to repeat the follies of Agenda 21 and the Kyoto Protocol?
Brendan Barrett is research fellow/Research Coordinator, UN Global Compact Cities Programme, RMIT University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/brendan-barrett-179124" target="_blank">here</a>.
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Phew! New Urban Agenda clears last hurdle before Habitat III

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Steeped in book publishing history, the Lane family's Somers beachfront estate on the Mornington Peninsula has been sold.
Around $3.3 million was secured through Jellis Craig agent Iain Carmichael in conjunction with Kay &amp; Burton who had passed in at April auction on a $3.4 million vendor bid.
The seven bedroom home was listed by Elizabeth Lane, research author and daughter of Penguin Books co-founder Richard Lane.
Originally purchased by the Lane family in the early 1980's, the family commissioned Young, Lehmann Architect to design their early 1990s house on the sand dune landscape amid David Wood landscaped gardens complete with tennis court.
Ms Lane has maintained thousands of Penguin books - with their bright orange spine - which she intends to gift to the University of Melbourne library. 
This article was first published in the Weekend Australian Mansion Australia property section.
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Somers beachfront steeped in book publishing history sells

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GUEST OBSERVER
There are two ways to be a consistent winner in investment: information asymmetry (mostly through insider trading, which is illegal) and holding assets in the long term. Both of these methods are protected from short-term volatility. 
The first expects and profits from these movements (often very risky as all public information is already factored in the price), while the latter can safely ignore the daily peaks and troughs, knowing that these will cancel out over a longer period of time. 
Investing for long-term returns and robustness is the appropriate reason to buy treasury bonds, yet it is very counterintuitive for most of us to ignore weekly or monthly yields (even changes over one year can be irrelevant with the right strategy).
<a href="/images/2016/09/22/Screen%20Shot%202016-09-22%20at%202.25.20%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/22/Screen%20Shot%202016-09-22%20at%202.25.20%20PM.png" alt="">
Business Insider recently published a story called “The week is underway and Australian bonds are getting destroyed” with an image of a building being demolished. Yet as the article correctly points out, yields are still below pre-Brexit levels (bond yields rise as prices fall), which was less than three months ago. It can be difficult to separate signal and noise from information when there is such an abundance of data. 
In our April report on the bond market, the connection between the yield curve (which is a reflection of investor expectations) and changes in the official cash rate was established. A flattening or inverted yield curve almost always leads to interest rate cuts, as the RBA tries to reduce the cost of borrowing. If short-term rates are equal or above long-term rates, there is a disincentive for banks to lend out money. 
Looking at the yield curve for August, while the 25-point rate cut at the start of the month has lowered interest rates across the entire range, it has pushed short-term rates below 10- year yields, meaning the curve is no longer fully inverted. This see-saw action (investors lowering long-term expectations, followed by cuts to short-term rates) can be clearly seen in Figure 1 above.
<a href="/images/2016/09/22/Screen%20Shot%202016-09-22%20at%202.26.50%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/09/22/Screen%20Shot%202016-09-22%20at%202.26.50%20PM.png" alt="">
In the past few weeks there has been some saving grace for the reserve bank. Investors have improved their long-term outlook, pushing bond yields up and prices down. This makes another rate cut in the next few months unlikely. 
 For more information, <a href="https://secretagent.com.au/" target="_blank">click here</a>.
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Saving grace for the Reserve Bank: Secret Agent

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The new RBA Governor Dr Philip Lowe says Australia is not likely to cut interest rates to zero.
And it won't have to use the quantitative easing used by other countries, he told his first House of Representatives economic committee hearing.
Dr Lowe says the RBA is very unlikely to "run out of monetary room."
He said there was no need for "incredibly unusual things."
Dr Lowe says some argue he should be cutting rates further to get inflation back up inside the two to three percent target range.
But he says that might blow up an asset price bubble which would be "irresponsible".
On housing Dr Lowe says the surge in construction is adding to supply in housing, "which partly explains the slow growth in rents."
He said price gains for existing homes have "moderated" though there are pockets where prices are "increasingly briskly."
"Credit growth and turnover in the housing market are also lower than they were a year ago. 
"Under APRA's guidance, lending standards have also been tightened. 
"Overall, then, the situation is somewhat more comfortable than it was a year ago, although we continue to watch things carefully."
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RBA Governor says Australian cash rate won't fall to zero

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Grenville Turner, the former chairman of one Britain’s biggest real estate firms, Countrywide, is still tipped to chair LJ Hooker, the agency business with plans to list on the stock exchange next year.
The Australian reported its $400m initial public offering had been scheduled for September but postponed by market volatility in the wake of a string of profit downgrades from its beleaguered rival McGrath.
The Australian's DataRoom column previously revealed LJ Hooker intended to mimic Countrywide’s success in Britain by creating a firm that housed rival estate agency brands.
Merger talks were well advanced with Victorian estate agency Barry Plant.
The enlarged entity would have created a $400 million business known as Empireal.
LJH is majority-owned by Janusz Hooker, a scion of the founding dynasty.
Around six investors, including at least two hedge funds, tipped in $22m in a pre-IPO capital raising late last year.
The convertible preference shares, which allow the investors to buy stock at lower than the IPO price, are due to expire at the end of 2017.
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Empireal float still in contention for 2017

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The Governor, Philip Lowe, has announced that Christopher Kent, currently Assistant Governor (Economic), has been appointed to the position of Assistant Governor (Financial Markets), the role previously held by Guy Debelle prior to his appointment as Deputy Governor.
The Governor also announced that Michele Bullock, currently Assistant Governor (Business Services), has been appointed to the position of Assistant Governor (Financial System), which will be vacated by Malcolm Edey following his decision to retire at the end of October.
As part of her new role, Ms Bullock will be appointed as Deputy Chair of the Payments System Board, succeeding Dr Edey.
The retirement of Dr Edey from the Bank came after almost 40 years of service, the Governor said.
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Dr Malcolm Edey departs RBA

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<img src="https://counter.theconversation.edu.au/content/65155/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Katter's Australian Party federal MP Bob Katter said 30 percent of the Northern Territory's farmland and 22 percent of Tasmania's farmland is foreign-owned. Is that true?
Foreign ownership of Australian agricultural land is not new. Foreign cattle barons owned large areas of land in the Australian outback throughout much of the 20th century.
However, foreign investors' interest in large tracts of farmland, and the federal treasurer’s decision to block the sale of the S. Kidman and Co cattle properties to a Chinese buyer, have helped fuel public debate on the issue.
When the Australian Taxation Office (ATO) released a new Agricultural Land Register in early September, federal MP Bob Katter said that 30 percent of Northern Territory farmland and 22 percent of Tasmanian farmland is now foreign-owned.
Is that right?
Checking the source
The Conversation asked a spokesperson for Bob Katter for sources to support his assertion but did not hear back before deadline.
Nevertheless, it’s clear Katter was referring to the Australian Taxation Office’s new Register of Foreign Ownership of Agricultural Land.
The register lists investors who are legally required to report their interests in Australian agricultural land - whether that interest is freehold (meaning owned outright) or leasehold (meaning the land is rented).
Under rules announced in early 2015, investors must now notify the tax office within 30 days if they:
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<li>Are a foreign person starting to hold agricultural land</li>
<li>Are a foreign person ceasing to hold agricultural land</li>
<li>Become a foreign person while holding agricultural land</li>
<li>Cease to be a foreign person while holding agricultural land</li>
<li>Are a foreign person holding land that becomes agricultural land or</li>
<li>Are a foreign person holding land that ceases to be agricultural land</li>
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To build the register, the ATO collects investors' names, contact details, country of incorporation and Australian Business Number or equivalent identifier. For individual investors, the ATO recorded their nationality, and passport and visa details. It also collects the land title details.
The ATO report covers registrations made between July 1, 2015 and June 30, 2016.
What does the report show?
The report shows that the largest amount of foreign agricultural land is held by investors from the United Kingdom, in control of 27.5 million hectares. Investors from the the United States (7.7 million hectares) hold the second largest amount of land, followed by the Netherlands (3.0 million hectares). Chinese investors hold the fifth largest amount of land, with about 1.5 million hectares.
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<a class="source" href="https://firb.gov.au/about/publication/register-of-foreign-ownership-of-agricultural-land/">The Conversation/Foreign Investment Review Board</a>, <a class="license" href="https://creativecommons.org/licenses/by-nd/4.0/">CC BY-ND</a>
<h2>Leasing vs owning</h2>
Bob Katter correctly quoted the percentages from the report, but his wording wasn’t quite accurate. He didn’t differentiate between foreign-owned and foreign-leased land.
To be fair, though, it’s not unusual for land to be leased for long periods of time – even as much as 99 years. So in practice, the difference between owning and leasing may be moot. The register doesn’t specify the length of the leases, saying only that:
"An interest in agricultural land includes a freehold interest or the right to occupy land under a lease (including a sublease or licence) where the term of the lease or licence (including any extension or renewal) is reasonably likely to exceed five years."
What we do know is that the register shows that 30.1 percent of agricultural land in the Northern Territory and 21.8 percent of agricultural land in Tasmania is held by foreign interests.
The register shows that almost all of the foreign-held agricultural land in the Northern Territory is leased (but the register doesn’t say exactly how long the leases are).
In Tasmania, the numbers are very different. The register shows that of the farmland there that is held by foreigners, about 88 percent of it is freehold – meaning it is owned by a foreign interest.
Much of the land identified in the report, particularly in the Northern Territory, is likely to be Crown leasehold. This means ultimate ownership rights remain with the Australian government, and lessees are required to manage the land in line with Australian property, agricultural and environmental laws.
<h2>How does this compare to the past?</h2>
We don’t know for sure, because the ATO register is the first of its kind.
The main previous source of official data on this issue was the Australian Bureau of Statistics’ (ABS) Agricultural Land and Water Ownership Survey, run in 2010 and 2013.
The 2013 ABS survey found 12.4 percent of Australian agricultural land had some level of foreign ownership, saying that:
Of the 400 million hectares of agricultural land in Australia, nearly 50 million hectares had some level of foreign ownership; this is up by around 5 million hectares, an increase of 11 percent on the 2010 result.
The ABS reported 31.7 percent of Northern Territory farmland as foreign-owned in 2013. Unfortunately, the Tasmanian data from the 2013 survey was not published.
If we compare the ATO and ABS data, it appears that the percentage of foreign-held agricultural land in Australia increased slightly between 2013 and 2016. It also appears that the percentage of foreign-held farmland in the Northern Territory fell slightly.
But care must be taken when comparing the results from the ATO register and the ABS survey. The ABS survey presents estimates based on a sample of agricultural businesses listed in the ABS business register, and must be used with care because of potential sampling errors.
It’s likely that the ATO register reflects a more complete record of foreign ownership and leasing than the earlier ABS data.
<h2>What don’t we know about foreign control of agricultural land?</h2>
Not all the information collected by the ATO has been made public.
The publicly available report doesn’t show who owns the land – it doesn’t show what proportion of the foreign-held land is owned or leased by foreign governments or foreign government investors such as state-owned enterprises.
The register’s guiding legislation states that any publicly reported statistics must not identify investors, which limits what information the ATO can release for public perusal.
<h2>Verdict</h2>
Bob Katter got his figures right but his wording was not entirely accurate. It would have been more accurate for him to say that 30% of the Northern Territory’s farmland and about 22% percent of Tasmania’s farmland is now foreign-held – not foreign-“owned”.
In the Northern Territory, most of the foreign-held land is leased; in Tasmania most of that foreign-held land is owned outright by the foreign entity.
However, the register doesn’t include the length of land leases. For those tracts of land held under very long leases, the practical difference between owning and leasing may not be meaningful. – Erin Smith and Bill Pritchard.
<h2>Review</h2>
This is a sound FactCheck. I have independently confirmed all data and calculations used in the analysis. The authors are correct in confirming Katter’s claim, with the caveat that the term foreign “held” rather than “owned” should have been used.
Some further – and significant – qualifications of the ATO data can also be drawn out:
While Tasmania and NT have relatively similar overall levels, their sectoral patterns are qualitatively different. As the ATO data show, most foreign-owned land in NT is for livestock production, while in Tasmania nearly all is in the forestry sector.
The legal differences between ownership and leasing are very slight in terms of assessing control and legal compliance matters. While the authors claim that leaseholders are required to meet “all Australian property, agricultural and environmental laws”, this is equally true of freeholders as well.
The ATO report appears not to adjust for the share of a property held by a foreign interest. For example, it does not differentiate between a farm that is 20 percent foreign-owned and one that is 100% foreign-owned. It is possible that some or even much of the “foreign held” land is actually a minority share in a joint-venture with Australian partners.
Significantly, the report only identifies the “place of incorporation” of the investor, rather than the nationality of the ultimate owner. Much of the British and American interests may well be held by legal persons of third countries, who have incorporated businesses (or bought shares in property trusts) in these jurisdictions. The dominance of the US and UK might therefore reflect a practice of incorporating agribusinesses in these countries, rather than ultimate ownership residing there. – Jeffrey Wilson
Erin Smith is post-doctoral Research Fellow, University of the Sunshine Coast and can be contacted <a href="https://theconversation.com/profiles/erin-smith-94841" target="_blank">here</a>.
Bill Pritchard is professor in Human Geography, University of Sydney and can be contacted <a href="https://theconversation.com/profiles/bill-pritchard-126" target="_blank">here</a>.
Jeffrey Wilson is fellow of the Asia Research Centre, Murdoch University and can be contacted <a href="https://theconversation.com/profiles/jeffrey-wilson-12717" target="_blank">here</a>.
All are authors for The Conversation.
 
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Is 30 percent of Northern Territory farmland and 22 percent of Tasmanian farmland foreign-owned?

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<img src="https://counter.theconversation.edu.au/content/65345/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The Earth’s last intact wilderness areas are shrinking dramatically. In a recently published paper we showed that the world has lost 3.3 million square kilometres of wilderness (around 10 percent of the total wilderness area) since 1993.
Hardest hit were South America, which has experienced a 30 percent wilderness loss, and Africa, which has lost 14 percent.
These areas are the final strongholds for endangered biodiversity. They are also essential for sustaining complex ecosystem processes at a regional and planetary scale. Finally, wilderness areas are home to, and provide livelihoods for, indigenous peoples, including many of the world’s most politically and economically marginalised communities.
But there’s another important service that many wilderness areas provide: they store vast amounts of carbon. If we’re to meet our international climate commitments, it is essential that we preserve these vital areas.
Climate consequences
Large, intact ecosystems store more terrestrial carbon than disturbed and degraded ones. They are also far more resilient to disturbances such as rapid climate change and fire.
For instance, the boreal forest remains the largest ecosystem undisturbed by humans. It stores roughly a third of the world’s terrestrial carbon.
Yet this globally significant wilderness area is increasingly threatened by forestry, oil and gas exploration, human-lit fires and climate change. These collectively threaten a biome-wide depletion of its carbon stocks, considerably worsening global warming. Our research shows that more than 320,000sqkm of boreal forest has been lost in the past two decades.
Similarly, in Borneo and Sumatra in 1997, human-lit fires razed recently logged forests that housed large carbon stores. This released billions of tonnes of carbon, which some estimate was equivalent to 40 percent of annual global emissions from fossil fuels. We found that more than 30 percent of tropical forest wilderness was lost since the early 1990s, with only 270,000sqkm left on the planet.
How do we stop the loss?
All nations need to step up and mobilise conservation investments that can help protect vanishing wilderness areas. These efforts will vary based on the specific circumstances of different nations. But there is a clear priority everywhere to focus on halting current threats – including road expansion, destructive mining, unsustainable forestry and large-scale agriculture – and enforcing existing legal frameworks.
For example, most of the world’s remaining tropical rainforests are under an onslaught of development pressures. Much of sub-Saharan Africa is being opened up by over 50,000km of planned “development corridors” that criss-cross the continent. These will slice deep into remaining wild places.
In the Amazon, plans are being made to construct more than 300 large hydroelectric dams across the basin. Each dam will require networks of new roads for dam and powerline construction and maintenance.
In northern Australia, schemes are afoot to transform the largest savannah on Earth into a food bowl, jeopardising its extensive carbon stores and biodiversity.
We need to enforce existing regulatory frameworks aimed at protecting imperilled species and ecosystems. We also need to develop new conservation policies that provide land stewards with incentives to protect intact ecosystems. These must be implemented at a large scale.
For example, conservation interventions in and around imperilled wilderness landscapes should include creating large protected areas, establishing mega-corridors between those protected areas, and enabling indigenous communities to establish community conservation reserves.
In Sabah, Borneo, scientists from the UK’s Royal Society have been working with local government to establish networks of interlinked reserves stretching from the coast to the interior mountains. This provides a haven for wildlife that migrate seasonally to find new food sources.
Funding could also be used to establish ecosystem projects that recognise the direct and indirect economic values that intact landscapes supply. These include providing a secure source of fresh water, reducing disaster risks and storing vast quantities of carbon.
For example, in Ecuador and Costa Rica, cloud forests are being protected to provide cities below with a year-round source of clean water. In Madagascar, carbon funding is saving one of the most biodiversity-rich tropical forests on the planet, the Makira forest.
We argue for immediate, proactive action to protect the world’s remaining wilderness areas, because the alarming loss of these lands results in significant and irreversible harm for nature and humans. Protecting the world’s last wild places is a cost-effective conservation investment and the only way to ensure that some semblance of intact nature survives for the benefit of future generations.
James Watson is associate professor, The University of Queensland and can be contacted <a href="https://theconversation.com/profiles/james-watson-104823" target="_blank">here</a>.
Bill Laurance is distinguished research professor and Australian Laureate, James Cook University and can be contacted <a href="https://theconversation.com/profiles/bill-laurance-4358" target="_blank">here</a>.
Brendan Mackey is director of the Griffith Climate Change Response Program, Griffith University and can be contacted <a href="https://theconversation.com/profiles/brendan-mackey-152282" target="_blank">here</a>.
James Allan is PhD candidate, School of Geography, Planning and Environmental Management, The University of Queensland and can be contacted <a href="https://theconversation.com/profiles/james-allan-296281" target="_blank">here</a>.
All are authors for The Conversation.
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The world’s carbon stores are going up in smoke with vanishing wilderness

Developer <a href="https://www.apartments.com.au/developers/bottega-property-group">Bottega House</a> has secured council approval for its first Brisbane project - a $270 million luxury residential development on an absolute riverfront site in leafy St Lucia.&nbsp;

The 15-storey project, known as <a href="https://www.apartments.com.au/new-apartments/st-lucia-by-bottega-house-180-macquarie-street-st-lucia-qld-4067">St Lucia by Bottega House</a> , will occupy a prime north-facing site at 178-180 Macquarie Street, directly fronting the Brisbane River in the established inner-west suburb known for its rowing clubs, golf courses and sprawling University of Queensland campus.&nbsp;

St Lucia by Bottega House will feature a suite of amenities including dedicated wellness spaces, a mineral pool and cold plunge. The project has been positioned to attract affluent owner-occupiers seeking high-quality, house-sized apartments.&nbsp;

Bottega House has been set up by co-directors Nick Malloch, Louis Mennes and Craig Marsh.

Malloch said the project drew inspiration from its Brisbane River setting and leafy inner-west surrounds, while responding to the demands of discerning locals looking to transition from freestanding homes into apartment living.&nbsp;

"With an expansive river frontage and lush green surrounds, we knew we had to create something special that reflects the natural beauty of the location while offering residents masterfully crafted homes," said Malloch.&nbsp;

"Our intent was to complement the project's quiet, private setting by introducing residences that offer a calm retreat and sanctuary from the everyday. The result is a harmonious blend of architecture, interiors and amenity that emphasises wellbeing, comfort and beauty without excess."&nbsp;

Malloch added that project consultants had been carefully selected in alignment with Bottega House's commitment to care, quality and attention to detail. The design team includes architects <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a>, interiors practice <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and landscaping by <a href="https://www.apartments.com.au/architects/urbis">Urbis</a>.&nbsp;

Three-bedroom apartments are expected to start around $5 millio. Selling agents Keenan &amp; Byrne said the pricing strategy for the project was anticipated to achieve upwards of $25,500 per square metre.&nbsp;

The project's development approval this week follows the success of Bottega House's inaugural Queensland project - a 22-storey collection of full-floor sky homes at Broadbeach on the Gold Coast which included the sale of a two-storey penthouse at a record price for a beachside residence.&nbsp;

St Lucia by Bottega House is expected to launch to market in November, with construction anticipated to be completed mid 2029.

[smartcode_project_cta:default project_id=151826]

Joel Robinson

Bottega House to make Brisbane debut with St Lucia riverfront apartment development

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> is advancing its affordable apartment model into Brisbane with the acquisition of another site at Cordelia Street in South Brisbane for $27 million.

Sherpa, which has a $1.7 billion pipeline across Southeast Queensland, intends to bring a cohort of apartments exclusively for first homebuyers into its proposed 186-apartment project to be built at 2 Cordelia Street.

The Sherpa model has already been incredibly well received from their Gold Coast projects, where Sherpa Group set aside a number of apartments exclusively for first homebuyers.

The new $320 million project marks Sherpa Group's second development in Brisbane, following its $255 million Symphony project, also on Cordelia Street, which is currently under construction.

Symphony will deliver 146 apartments across 28 levels, offering a mix of one, two and three-bedroom apartments. With 114 already sold, construction by <a href="https://www.apartments.com.au/builders/lps-group">LPS Group</a> is scheduled for completion in 2028.

[smartcode_project:default project_id=7574 project_image_fid=351654]

Sherpa Founder, Christie Leet, said the company was excited to be venturing into Brisbane for its second residential project.

“We’re big believers in the future of Brisbane as we lead into the 2032 Olympics and beyond,” Leet said.

“The success of Symphony has guided us into what will be our second project and we look forward to submitting our plans with council soon so we can deliver yet another quality project to the inner city residential market.

“Our Flourish model has been very well received both in Brisbane and the Gold Coast, and we’re excited to be able to offer some of these apartments again exclusively to first homebuyers to help get them into the property market.

“The model has been extraordinarily well received in our previous projects and it is something we are committed to moving forward.”

2 Cordelia Street will be designed by <a href="https://www.apartments.com.au/architects/hal-architects">HAL Architects</a> &amp; Finegrain and will include Sherpa’s signature residential amenities including pool, gym, recreation, wellness and work from home spaces.

The project will feature ground-floor commercial space, creating a vibrant amenity for residents and the surrounding community.

A development application will be lodged with Brisbane City Council in August on the code compliant site and will be launched to the market early 2027.

Sherpa acquires new site for second Brisbane apartment tower

One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Jonathan Chancellor

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