Ross Gittins nailed it perfectly yesterday when he noted that Australia is a country essentially run for the benefit of (usually indebted and older) home-owners, who are subsidised by a voiceless class of (generally younger) renters.

There are the obvious inequalities that the wealthy land-owning class receive, largely through our discriminatory tax system. The most significant, but rarely mentioned, is the capital gains tax (CGT) exemption for your principal residence. There is no justification for this outright theft from non-home-owners and which transfers tens of billions annually to land owners. The principle CGT tax exemption is all the more outrageous given a material reason for land prices increasing is infrastructure spending, which is paid for by all tax payers but capitalises to landowners only. There’s also the more obvious and widely reported negative-gearing rort, which is more idiotic but actually far less costly.