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I think the European approach has less to do with social issues, and more to do with the fact that property is regarded more as a consumer durable, that can decrease in value with wear and tear. Capital gains have become the norm in Australia over the last couple of decades, whereas in...

Here's an article in the SMH, that effectively questions the notion of property as an investment. http://www.smh.com.au/opinion/editorial/housing-market-needs-a-slow-leak-20110603-1fkts.html "And policies encouraging home ownership have been popular precisely because they assume ownership...

Great, as long as you can convince suckers to pay it, and lets face it Aussies have been paying it for years. The lucky country, especially if you're in government or banking:)