Kerry Stokes must have read my mind... or else he is a brilliant economics theoretician ! This, in the AFR just now :
"“There is no value to capital, labour has not improved – there’s been no giant inflation in wages – and so it just comes back to land. Land has been the only thing that’s had a rapid rise.
“At the end of the day, there are three equations: capital, labour and land. And if they’re out of kilter, one of them will respond more than the other. At the moment, land and buildings have skyrocketed based on yields, based on current interest rates.”