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Offers close tomorrow on the award-winning Brighton house, Compound House by March Studio architect Rodney Eggleston.
It has been listed with a $8.5 million to $9 million price guide three years after it was completed.
Marketed by Kay &amp; Burton Bayside agent Alex Schiavo, its edgy design was described by its architects as not being for conservatives.
It is a three-level, four-bedroom house made mostly of steel and metal,
The house won the esteemed Harold Desbrowe-Annear Award for best new residence at the 2018 Victorian Architecture Awards.
The Herald Sun also recently selected it as one of <a href="https://www.heraldsun.com.au/lifestyle/top-50-homes-in-victoria-the-best-houses-from-kallista-to-kew-revealed-part-2/news-story/91644f6e5f42b6177e4ee06b18f7fb9a" target="_blank" rel="noopener noreferrer">Victoria’s Top 50 Homes</a>.
The<a href="https://www.realestate.com.au/property-house-vic-brighton-134792074" target="_blank"> 24 Victoria Street </a>property has a six-car garage with wow-factor allowing two cars to descend into the basement theatre.
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Compound House, Brighton listed with $9 million price guide

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A luxury waterfront at Palm Beach on Queensland's Gold Coast has been sold for a record price of $5.05 million.
The home at <a href="https://www.realestate.com.au/sold/property-house-qld-palm+beach-134590966" target="_blank">146-150 Tallebudgera Drive</a> fetched a record for canal front property in the suburb, according to Kollosche selling agent Rob Lamb.
It came with a six-bedroom, six-bathroom early 1980s house on the 2740 sq m holding.
The auction attracted 25 registered bidders including strong interest from interstate buyers, one of them picking up the keys having bid from a phone.
The agents fielded over 240 inquiries and had 136 inspections over the 35-day campaign, the Gold Coast Bulletin reported.
There were 25 registered bidders 
The block has 75 metres of water frontage.
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Palm Beach, Gold Coast trophy home sells for $5.05 million

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A Neil Clerehan-designed South Yarra home has been listed on Fairlie Court.
The cul-de-sac offering is mostly white and linear, with a high-walled garden.
There is a double-height entry foyer.
Marshall White Stonnington has the home with a basement with room for four cars as well as a gym room, sauna and a cellar/wine room.
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The expressions of interest for the four bedroom, four bathroom homes close December 8.</div>
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Neil Clerehan-designed South Yarra trophy listed

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The Regent Residence, designed by local architect William Smart, has been sold at an undisclosed price.
The Agency's Ben Collier and Daniel Adcocks had it listed at $6.5 million for its October auction.
It was listed by the upsizing lawyer power couple Grant Marjoribanks, partner at Herbert Smith Freehills, and his wife, Maurice Blackburn's Rebecca Gilsenan.
They paid $2.34 million in 2008 for what was a three bedroom 1890s terrace.
The Regent Street home renovation had light brought in to the characteristcally dark front rooms.
He increased ceilings heights, and added a skylight which spans the length of the kitchen.
The rear came with a new combined living space flowing directly on to the garden with an integrated barbecue and a day bed.
The plans took three years to get through council and two years to build, Domain noted before being completed in mid-2016.
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<a href="https://protect-au.mimecast.com/s/aAmmCxngnBIjg0wRU8QZ_9?domain=smartdesignstudio.com" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://protect-au.mimecast.com/s/aAmmCxngnBIjg0wRU8QZ_9?domain%3Dsmartdesignstudio.com&amp;source=gmail&amp;ust=1599788969830000&amp;usg=AFQjCNHGDrlGDRUYAIqb46TfhEtWpXM8jQ">https://www.smartdesignstudio.com/architecture/residential/regent/</a>
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William Smart-designed Regent Street, Paddington terrace sale

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An annual land tax should replace the one-off financial sledgehammer of stamp duty on property purchases, the experts in this month's Finder RBA Cash Rate Survey™ said.
Of the 27 experts and economists that weighed in on stamp duty 9 in 10 experts (89%, 24/27) were in favour of the proposed stamp duty scrapping.
Earlier in November, the state government announced that NSW will lead the way on tax reform with its plan to make stamp duty optional, granting homeowners the ability to pay an annual land tax instead.
Graham Cooke, insights manager at Finder, said that stamp duty can be a dealbreaker for those looking to relocate, and this can impact property demand and supply.
“Buying a home in Australia is already an expensive affair and stamp duty makes it more so."
“It effectively raises the bottom rung of the housing ladder, burdens buyers with a huge up-front tax and inhibits the flow of property sales."
“In an ideal market, you buy when you can afford to and you sell when you want to. Stamp duty forces first-time buyers to save up for longer, and prevents current owners from upselling," Cooke stated.
Cooke said removing stamp duty may result in a short-term boost to property prices.
“Axing the tax now also means buyers who are currently saving can get more bang for their buck,” Cooke said.
All experts surveyed (40/40) are predicting the cash rate to hold this month.
Low rates are expected to stick around for a while, with 20% (8/40) of experts expecting the cash rate to increase within the next 2 years, and the earliest predicted rise occurring in Q3 2021.
According to John Rolfe of Elders Home Loans, we’re unlikely to see a negative cash rate in Australia.
"The Reserve Bank won't go to zero, but we will want to see a few quarters of positive growth before increasing the cash rate,” Rolfe said.
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Experts overwhelmingly support axing stamp duty nationally: Finder.com.au

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Hobart has had the lowest rate of loss making sales among the capital city markets since March 2018, according to the recent CoreLogic Pain and Gain report. 
The report notes this trend continued in the June quarter, as loss making sales comprised 3.2% of resales, compared with an average of 20.0% across the other capital cities.
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Despite having the lowest portion of loss making sales of the capital cities, the incidence of loss making sales did rise from 2.5% in the three months to March.
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The portion of profit making sales was 96.7% across houses, and 96.9% across units. 
While units had a higher incidence of profit making sales, the rate declined by a steeper 1.1 percentage points from the March quarter, the report noted. 
<a href="https://www.propertyobserver.com.au/images/2020/10/7/hobart%201.jpg" target="_blank">Click here</a> to enlarge: 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/10/7/hobart%201.jpg" alt="">
Source: CoreLogic Pain and Gain report
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Hobart was also one of few areas in Australia that saw an increase in the number of loss making sales, from 16 in the March quarter, to 19 observed in the three months to June. 
The unit segment across Hobart has been one of the worst affected rental markets since the onset of the pandemic.
 Hobart unit rents fell 5.1% between March and August, driven by a fall in tourism which reportedly prompted an influx of short term accommodation supply into the long term rental market, and a fall in demand from locals working in the tourism industries. 
The significant decline in rental incomes may prompt more investor sales until interstate borders are reopened, the report noted. 
<a href="https://www.propertyobserver.com.au/images/2020/10/7/adelaide%202.jpg" target="_blank">Click here </a>to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/10/7/adelaide%202.jpg" alt="">
Source: CoreLogic Pain and Gain report
However, the chance of this leading to an increase in loss making sales may be offset by the increase in dwelling values.
 As with smaller markets such as Adelaide and the ACT, the Hobart dwelling market continued to increase in value from the onset of the pandemic. At August, dwelling values had risen 0.9% since the end of March.
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Hobart dwelling market continued growing from the pandemic's onset: CoreLogic Pain & Gain report

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Adelaide has seen an increase in the portion of profit making resales, with 9.2% of properties seeing a nominal decline in the sale price, according to the recent CoreLogic Pain and Gain report. 
The report notes the June quarter was a reversal of the trend seen in the March quarter, where loss making sales had trended up to 9.9% of resales.
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The increase in profitability was faster across houses, which saw a 70 basis point increase in the rate of profit making sales from the March to June quarter, as opposed to a 20 basis point increase across units.
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93.2% of houses saw a nominal increase in price in the June quarter, compared with 79.9% of units. 
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The portion of loss making sales was highest across the Adelaide (21.6%), Playford (21.6%) and Mallala (21.4%) LGA regions, the report notes. 
<a href="https://www.propertyobserver.com.au/images/2020/10/7/adelaide%201.jpg" target="_blank">Click here</a> to enlarge: 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/10/7/adelaide%201.jpg" alt="">
Source: CoreLogic Pain and Gain report
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The vast majority of loss making sales across the Adelaide LGA were investor-owned units, which may have been prompted by a decline in unit rent values since the onset of the pandemic. 
However, loss making sales were more varied in characteristics across Playford, and loss making sales across Mallala were off a very low base (13 sales).
 Mount Barker saw the highest level of profitability, with just 2.9% of properties selling for less than the previous sale price in the June quarter.
<a href="https://www.propertyobserver.com.au/images/2020/10/7/adelaide%202.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/10/7/adelaide%202.jpg" alt="">
Source: CoreLogic Pain and Gain report 
Greater Adelaide has seen an increase in dwelling values since the onset of the pandemic. 
This historically steady market will likely only see further rates of profitable sales in the second half of 2020, aided by low mortgage rates and greater consumer confidence amid low COVID case numbers, the report noted. 
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Greater Adelaide sees an increase in dwelling values: CoreLogic Pain & Gain report 

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GUEST OBSERVATION
The <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-11-11/sa-to-introduce-electric-vehicle-user-charge/12869302">South Australian</a> and <a href="https://www.drive.com.au/news/victoria-to-tax-electric-and-plug-in-hybrid-vehicles-from-2021-124619?trackLink=SMH1">Victorian</a> governments have announced, and <a href="https://www.news.com.au/technology/motoring/motoring-news/electric-car-tax-spreads-to-new-states/news-story/172ac67ccd8974566e3c65dc26c07048">New South Wales</a> is considering, road user charges on electric vehicles. This policy has drawn scorn from <a href="https://nb.tai.org.au/no_ev_tax?recruiter_id=194711">environmental advocates</a> and <a href="https://thedriven.io/2020/11/21/shameful-victoria-follows-south-australia-and-imposes-electric-car-road-tax/">motor vehicle lobbyists</a> who fear it will slow the uptake of less-polluting vehicles. But, from a longer-term transport policy perspective, a distance-based road user charge on electric vehicles is an important step forward.
Superficially, a charge on electric vehicle use seems misguided. Road sector emissions are the <a href="https://www.propertyobserver.com.au/https://www.pnas.org/content/107/8/3382">worst contributors to climate change</a>. Electric vehicles powered by clean energy offer the promise of near-zero emissions.
As electric vehicle and renewable energy costs decline we can expect a shift to <a href="https://aemo.com.au/-/media/Files/Electricity/NEM/Planning_and_Forecasting/Inputs-Assumptions-Methodologies/2020/CSIRO-DER-Forecast-Report">full electrification of urban vehicles over the next 30 years</a>. Surely accelerating this transition is an urgent climate task?
The downside lies not in the carbon benefits of these vehicles, but in their use as private passenger transport in congested urban areas and <a href="https://theconversation.com/our-new-pm-wants-to-bust-congestion-here-are-four-ways-he-could-do-that-102249">the costs</a> this use imposes on cities. As renewable energy becomes cheaper, the marginal cost of every kilometre driven is likely to decline. As driving becomes cheaper, more of it is likely to occur.
More driving means more congestion. Inevitably, that increases demand for increasingly expensive road projects, such as Sydney’s WestConnex, or Melbourne’s Westgate Tunnel and North East Link. It certainly will run against the recognition in urban plans such as <a href="https://www.planmelbourne.vic.gov.au/">Plan Melbourne</a> that we must shift to alternative transport modes.
If we don’t have a pricing regime that accounts for the cost of car use in cities, the transition to electric vehicles is likely to work against the wider goals of urban and transport policy.
 
How would distance-based charging work?
Many urban transport policy advocates have called for distance-based road-user charging to be imposed on all vehicles in cities. This sounds great in theory, but in practice is difficult for technical and political reasons of privacy and surveillance. Such concerns will diminish over time as cars increasingly incorporate automated <a href="https://en.wikipedia.org/wiki/Telematics">telematics</a> that necessarily track their movement.
Distance-based road-user charging efficiently matches road use to its costs – of infrastructure, congestion, noise, pollution and deaths. It improves on fuel excise, which drivers can nearly completely evade by using a highly efficient vehicle. It also goes beyond tolling to fund major roads, which typically apply only to specific links.
Second, road-user charging can be varied in response to demand that exceeds road capacities. Higher rates can be applied at peak times to ensure free-flowing traffic and shift travel to other times and modes. Various taxation reviews, including the 2009 <a href="https://treasury.gov.au/sites/default/files/2019-10/afts_final_report_part_2_vol_2_consolidated.pdf">Henry Taxation Review</a> and <a href="https://www.pc.gov.au/inquiries/completed/productivity-review/report/productivity-review-supporting9.pdf">Productivity Commission</a> reports, have promoted such policies.
Exactly how big would the disincentive be?
Would imposing such charges on electric vehicles retard their uptake?
Based on our work with <a href="https://www-sciencedirect-com.ezproxy.lib.rmit.edu.au/science/article/pii/S0966692320309443?utm_campaign=elsOnboarding_Published&amp;utm_medium=email&amp;utm_dgroup=STMJ_AUTH_SERV_PUBLISHED&amp;utm_acid=79567271&amp;SIS_ID=&amp;dgcid=elsOnboarding_Published&amp;CMX_ID=&amp;utm_in=DM82577&amp;utm_source=AC_">ABS Census journey-to-work data</a>, in Melbourne the average daily round-trip commuting distance by car is about 25 kilometres. The proposed Victorian charge is 2.5 cents per kilometre. Thus, in Melbourne the average daily commuter’s road user charge is likely to be 63 cents – $3.13 for a typical five-day working week. Over a 48-week working year that totals A$150, hardly a large sum for most people.
By comparison, a commuter in a conventional vehicle with the average current fuel efficiency of 10.9 L/100km will use about 2.73 litres of fuel on which they pay 42.3 cents per litre in fuel excise. That’s about $1.15 a day, or $5.75 a week.
The average tax saving for electric vehicles compared to conventional vehicles will be about 2.1 cents per kilometre. Electric vehicle drivers will be taxed about 53 cents a day, or $2.64 a week, less for their car work travel. They’ll be about $126 a year better off.
Commuting trips make up about 25% of car use, so electric car users’ overall savings are likely to be even greater.
It is difficult to see how such savings on excise tax are a disincentive to electric vehicle uptake. Fears of a “<a href="https://medium.com/@TheAustraliaInstitute/11-reasons-why-a-great-big-new-tax-on-electric-vehicles-is-a-bad-idea-6bf89c99e688">great big new tax</a>”, as the Australia Institute puts it, seem unfounded, as are concerns that road-user charges would “<a href="https://www.theguardian.com/environment/commentisfree/2020/nov/22/tax-on-electric-vehicles-in-south-australia-and-victoria-would-slam-brakes-on-sales">slam the brakes on sales</a>”.
Let’s be clear, the big barrier is the upfront cost of electric vehicles, about <a href="https://www.qld.gov.au/transport/projects/electricvehicles/about/compare">$10,000 more</a> than their conventional equivalents. Advocates for electric vehicles should focus on that difference, and the <a href="https://www.theguardian.com/environment/2020/nov/22/well-be-left-behind-australias-electric-car-inertia-is-getting-it-nowhere">failures in Australian government policy</a>, not state road-user charges.
Why taxing actual road use matters
It needs to be recognised that, with lower marginal costs, electric vehicles are likely to be used more than conventional cars. That would increase pressure on urban road capacity. So while the new road-user charge of 2.5 cents per kilometre is flat across the time of day or the route driven, this will likely need to change.
Distance-based road-user charges have been politically controversial. Imposing a tiny charge on a <a href="https://theconversation.com/electric-car-sales-tripled-last-year-heres-what-we-can-do-to-keep-them-growing-131372">minority vehicle type</a> is an expedient way of introducing a needed reform. Fewer than <a href="https://www.abs.gov.au/statistics/industry/tourism-and-transport/motor-vehicle-census-australia/latest-release">1.8%</a> of vehicles in Australia are currently electric or hybrid. But as all cars become electric, distance-based road charges will become an increasingly powerful policy tool.
Thanks to advancing telematics, transport planners will eventually be able to impose variable road-user charging by time of day and route, similar to ride-hailing companies’ “surge” pricing. We could then apply novel approaches such as a cap-and-trade system. A city could allocate its motorists an annual kilometres quota, which is then traded to create a market for excess urban road use.
The private car could also be integrated into <a href="https://theconversation.com/for-mobility-as-a-service-maas-to-solve-our-transport-woes-some-things-need-to-change-105119">mobility-as-a-service</a> models.
Road-user charges could be regressive for people with few alternatives to the car. But telematic tracking could allow for lower charges for less affluent households in dispersed outer suburbs with few other options.
Beyond fuel, private cars have high environmental costs in <a href="https://www.nationalgeographic.com/environment/green-guide/buying-guides/car/environmental-impact/">steel, plastic, aluminium, glass and rubber use</a>. And <a href="https://theconversation.com/the-elephant-in-the-planning-scheme-how-cities-still-work-around-the-dominance-of-parking-space-87098">about one-third of our increasingly valuable urban space</a> is given over to cars in the form of roads and parking.
To reduce this demand on resources and space, car use could be priced to shift travel to, and fund, more sustainable and city-friendly modes such as public transport, walking and cycling. We could even price the car out of cities completely. The most environmentally sustainable car, after all, is no car at all.<img src="https://counter.theconversation.com/content/150644/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/jago-dodson-2359">Jago Dodson</a>, Professor of Urban Policy and Director, Centre for Urban Research, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a> and <a href="https://theconversation.com/profiles/tiebei-terry-li-1180745">Tiebei (Terry) Li</a>, Research Fellow, School of Global, Urban and Social Studies, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>
This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/think-taxing-electric-vehicle-use-is-a-backward-step-heres-why-its-an-important-policy-advance-150644">original article</a>.
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Think taxing electric vehicle use is a backward step? Here's why it's an important policy advance

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GUEST OBSERVER
There is no doubt the COVID-19 crisis has incurred widespread economic costs. There is understandable concern that stronger measures against the virus, from social distancing to full lockdowns, worsen its impact on economies.
As a result, there has been a tendency to consider the problem as a trade-off between health and economic costs.
This view, for example, has largely defined the approach of the US federal government. “I think we’ve learned that if you shut down the economy, you’re going to create more damage,” said US Treasury Secretary <a href="https://www.cnbc.com/2020/06/11/treasury-secretary-mnuchin-says-we-cant-shut-down-the-economy-again">Steve Mnuchin in June</a>, as the Trump administration resisted calls to decisively combat the nation’s second COVID wave.
But the notion of a trade-off is not supported by data from countries around the world. If anything, the opposite may be true.
Data from 45 nations
Let’s examine available data for 45 nations from the Organisation for Economic Co-operation and Development, using <a href="https://ourworldindata.org/coronavirus-data">COVID-19 data</a> and <a href="https://stats.oecd.org/index.aspx?queryid=350">economic indicators</a>.
The COVID-19 statistics we’ll focus on are deaths per million of population. No single indicator is perfect, and these rates don’t always reflect contextual factors that apply to specific countries, but this indicator allows us to draw a reasonably accurate global picture.
The economic indicators we’ll examine are among those most widely used for overall evaluations of national economic performance. Gross domestic product (GDP) per capita is an index of national wealth. Exports and imports measure a country’s international economic activity. Private consumption expenditure is an indicator of how an economy is travelling.
Effects on GDP per capita
Our first chart plots nations’ deaths per million from COVID-19 against the percentage change in per capita GDP during the second quarter of 2020.
The size of each data point shows the scale of deaths per million as of June 30, using a logarithmic, or “log”, scale – a way to display a very wide range of values in compact graphical form.
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<img src="https://images.theconversation.com/files/371240/original/file-20201125-16-y0lvcd.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""> Log(deaths per million) by percentage change in Q2 2020 GDP per capita.
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If suppressing the virus, thereby leading to fewer deaths per million, resulted in worse national economic downturns, then the “slope” in figure 1 would be positive. But the opposite is true, with the overall correlation being -0.412.
The two outliers are China, in the upper-left corner, with a positive change in GDP per capita, and India at the bottom. China imposed successful hard lockdowns and containment procedures that meant economic effects were limited. India imposed an early hard lockdown but its measures since have been far less effective. Removing both from our data leaves a correlation of -0.464.
Exports and imports
Our second chart shows the relationship between deaths per million and percentage change in exports.
If there was a clear trade-off between containing the virus and enabling international trade, we would see a positive relationship between the changes in exports and death-rates. Instead, there appears to be no relationship.
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<img src="https://images.theconversation.com/files/371241/original/file-20201125-15-75nr66.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">Log(deaths per million) by percentage change in Q2 2020 exports.
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Our third chart shows the relationship between deaths per million and percentage change in imports. As with exports, a trade-off would show in a positive relationship. But there is no evidence of such a relationship here either.
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<img src="https://images.theconversation.com/files/371248/original/file-20201125-15-x21mry.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">Log(deaths per million) by percentage change in Q2 2020 imports.
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Consumer spending
Our fourth chart shows the relationship between deaths per million and percentage change in private consumption expenditure. This complements the picture we get from imports and exports, by tracking consumer spending as an indicator of internal economic activity.
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<img src="https://images.theconversation.com/files/371247/original/file-20201125-23-1rglhox.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">Log(deaths per million) by percentage change in Q2 2020 private consumption.
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Again, no positive relationship. Instead, the overall negative relationship suggests those countries that succeeded (at least temporarily) in suppressing the virus were better off economically than those countries adopting a more laissez-faire approach.
National wealth
As a postscript to this brief investigation, let’s take a quick look at whether greater national wealth seems to have helped countries deal with the virus.
Our fifth and final chart plots cases per million (not deaths per million) against national GDP per capita.
<hr>
<img src="https://images.theconversation.com/files/371246/original/file-20201125-24-yiv8un.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">Log(GDP per capita) by log(cases per million).
<hr>
If wealthier countries were doing better at suppressing transmission, the relationship should be negative. Instead, the clusters by region suggest it’s a combination of culture and politics driving the effectiveness of nations’ responses (or lack thereof).
In fact, if we examine the largest cluster, of European countries (the green dots), the relationship between GDP per capita and case rates is positive (0.379) – the opposite of what we would expect.
 
It’s not a zero-sum game
The standard economic indicators reviewed here show, overall, countries that have contained the virus also tend to have had less severe economic impacts than those that haven’t.
No one should be misled into believing there is zero-sum choice between saving lives and saving the economy. That is a false dichotomy.
If there is anything to be learned regarding how to deal with future pandemics, it is that rapidly containing the pandemic may well lessen its economic impact.<img src="https://counter.theconversation.com/content/150533/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/michael-smithson-122837">Michael Smithson</a>, Professor, <a href="https://theconversation.com/institutions/australian-national-university-877">Australian National University</a>
This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/data-from-45-countries-show-containing-covid-vs-saving-the-economy-is-a-false-dichotomy-150533">original article</a>.
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Data shows containing COVID vs saving the economy is a false dichotomy

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GUEST OBSERVER
From the 1980s right through to the global financial crisis, the standard response in Australia and elsewhere to too weak or too strong an economy has been <a href="https://www.investopedia.com/terms/m/monetarypolicy.asp">monetary policy</a> — the manipulation of interest rates by a central bank, in our case the Reserve Bank.
Rates can be moved quickly, and central banks are seen to be independent and to behave responsibly, while governments are seen as making decisions for political rather than economic reasons.
But since the global financial crisis (in much of the world) and since COVID (in Australia) managing the economy has come to be seen once again as the role of the government through spending and tax decisions — so-called <a href="https://www.investopedia.com/insights/what-is-fiscal-policy/">fiscal policy</a>.
One reason is interest rates have fallen so low there’s been little left to cut.
After the 1990s recession, the Reserve Bank cut its cash rate from 17% to 7.5%. After the financial crisis it cut it from 6% to 3.25%. By the time COVID came around the rate was already at a record low of 0.75%
The bank did cut, as much as it could — first to a new record low of 0.5%, then to 0.25% and now to <a href="https://theconversation.com/5-ways-the-reserve-bank-is-going-to-bat-for-australia-like-never-before-149311">0.1%</a>, but there’s little more it can do, at least with the cash rate.
Rate cuts have been used up
And there’s little that whatever cuts it could make could do to boost the economy. Their immediate impact would be to push up the prices of houses and other assets and worsen inequality.
So the government has turned to fiscal policy. Since the onset of the pandemic the Commonwealth has provided A$257 billion in direct economic support; about 13% of GDP.
By comparison, in response to the global financial crisis it spent $72 billion; about 6% of GDP.
It will help, but it will do little about the underlying reason why rate cuts have become ineffective, which is an excess of savings over opportunities to invest them.
We’re in a savings glut
As far back as the mid-2000s the then chairman of the US Federal Reserve, Ben Bernanke, was talking about a savings glut: too many savings chasing too few opportunities to invest.
For a while the US and other economies remained strong as the downward pressure of excess savings on demand was held at bay by households borrowing ever increasing amounts in order to spend.
That escape valve closed after the global financial crisis, and numerous (mostly American) economists began talking about ongoing slow economic growth, which they described as “<a href="https://theconversation.com/have-australian-bankers-bought-the-secular-stagnation-theory-29765">secular stagnation</a>”.
There are two suggested explanations. One involves <a href="https://www.investopedia.com/terms/s/supply.asp">supply</a>. It might be that the ability of the economy to supply more of what we want is slowing.
The other involves <a href="https://www.investopedia.com/terms/d/demand.asp">demand</a>. It might be that we not demanding enough of the things the economy can produce.
Potential supply might be slowing because modern-day technological progress, principally in the form of information and communications technology, is having <a href="https://rootsofprogress.org/summary-the-rise-and-fall-of-american-growth">less of an impact</a> than previous new technologies such as electricity, the internal combustion engine or the automated production line.
 
Australia’s treasury has also suggested the Australian economy might be <a href="https://treasury.gov.au/speech/s2019-396067">less dynamic</a>, with lower levels of firm entry and job switching, slower adoption of frontier technologies and processes, and less labour reallocation of resources from low to high productivity firms.
It is these supply-side constraints that have captured the attention of the Australian authorities.
On the other hand, in the US, former Treasury Secretary Lawrence Summers has pointed out that if supply-side constraints were the principal problem, <a href="http://larrysummers.com/2016/02/17/the-age-of-secular-stagnation/">inflation would have been expected to accelerate</a> as capacity to supply fell short of demand, whereas in fact it has decelerated.
Low spending means low investment
What’s more likely is there’s insufficient demand for the goods and services the economy is able to supply.
This would explain why firms are reluctant to invest (and invest in new technology) to make more goods and services, a reluctance that might itself be slowing technological progress and the rate of increase in potential supply so that it better matches the slow increase in demand.
It would also explain why interest rates have been falling. Businesses don’t need funds to invest on the scale they once would have, however widely available those funds are.
According to Australia’s <a href="https://treasury.gov.au/speech/policy-and-evolution-uncertainty">treasury secretary</a> Steven Kennedy, this savings glut is the reason the neutral interest rate (the real cash rate that is neither <a href="https://theconversation.com/why-zero-interest-rates-are-here-to-stay-149523">expansionary or contractionary</a>) has been falling over the last 40 years.
He attributes these lower rates to “some combination of population ageing, the productivity slowdown and lower preferences for risk among investors”.
Given the international literature, it is surprising he hasn’t also identified changes in the distribution of incomes.
As is well known, higher income families tend to have a higher propensity to save than low income families.
Our incomes are becoming more skewed
This means changes in the distribution of incomes can drive changes in demand.
In Australia’s case — and Australia is far from the worst among the advanced economies — over each of the decades in the 1990s and 2000s male real earnings grew by about <a href="/news">30%</a> at the top of the distribution, while at the bottom of the distribution they grew not at all in the 1990s only by 10% in the 2000s.
For females, real earnings grew by about 15% for women on below median earnings in each of the decades, while at the top of the distribution, female real earnings grew by 25% in the 1990s and <a href="/news">35%</a> in the 2000s.
Although the available data doesn’t show any further increase in income inequality during the 2010s, it shows the previous increases haven’t been reversed.
In addition, the unequal distribution of wealth has <a href="https://www.abs.gov.au/statistics/economy/finance/household-income-and-wealth-australia/latest-release#key-findings">worsened dramatically</a>.
For fiscal policy to be effective from here on it will need to be directed toward Australians with high propensity to spend and away from Australians with a high propensity to save. This means it will have to adopt as a goal a more egalitarian distribution of incomes, and perhaps wealth.
We’ll need to boost low incomes
So far, the government response to the COVID crisis has been good in this respect.
<a href="https://theconversation.com/the-key-to-the-success-of-the-130-billion-wage-subsidy-is-retrospective-paid-work-135042">JobKeeper</a> and the <a href="https://theconversation.com/scalable-without-limit-how-the-government-plans-to-get-coronavirus-support-into-our-hands-quickly-134353">Coronavirus supplement</a> for job seekers have both been of most benefit to lower income Australians.
Looking to the future, a sustained recovery in demand is unlikely to come from <a href="https://minister.infrastructure.gov.au/mccormack/media-release/morrison-government-delivers-75-billion-boost-transport-infrastructure-across-nation">extra spending on infrastructure</a>. These projects typically employ few people and have either no business cases or business cases of dubious value.
Nor will it come from general fiscal support, <a href="https://theconversation.com/top-economists-back-boosts-to-jobseeker-and-social-housing-over-tax-cuts-in-pre-budget-poll-146914">including income tax cuts</a> for high earners with high propensities to save.
Long-term, it will have to involve boosting the earning potential of low earners.
Education and services are the places to start
This will mean, as a first priority, boosting spending on education and training in order to improve skills and earning power and better suit skills to needs.
The second priority has to be improving the quality of and access to government services.
Services such as aged care have suffered from under-funding, denying employment opportunities to low earners and denying others support.
 
In addition, cutting the cost of childcare and a revamping its means tests would encourage many women to increase their hours of work and thus their family income, as well as creating more jobs for carers.
One of the great benefits of fiscal policy is that it can be targeted in this way, refashioned to improve income distribution and consumer demand.
It is another reason for preferring it over monetary policy for some time to come.<img src="https://counter.theconversation.com/content/150081/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/michael-keating-528224">Michael Keating</a>, Visiting Fellow, College of Business &amp; Economics, <a href="https://theconversation.com/institutions/australian-national-university-877">Australian National University</a>
This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/from-here-on-our-recovery-will-need-more-than-fiscal-policy-itll-need-redistribution-150081">original article</a>.
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Recovery will now need more than fiscal policy, it’ll need redistribution

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

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[smartcode_project_cta:default project_id=152737]

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