I don't blame people for wanting to buy a home and paying an inflated price for it. They don't have much of a choice other than to move to another country.
And investors are led to believe that they're smart to own a lot of properties and collect rent from people who actually work for a living. I'll never forget the photo of a young woman in her 20's holding an enormous bunch of keys for all of the houses that she owned and the accompanying article that painted her as a role model.
Lowering other taxes and replacing them with a land value tax would benefit the vast majority of Australians. It would also deal with the issue of absentee landlords sending the money they've collected from rent offshore and prevent corporations from evading taxes by declaring revenues in offshore tax havens.