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And maybe this reduction in Land Tax would provide more incentive for people to purchase and hold rental properties and thereby increase supply, which in turn increases competition for tenants which means that rents must be reduced. I really dont like the higher density housing idea!

There are several things that Governments could do now which would reduce the cost of holding Investment property and thereby reducing rents. Two easy ones - 1. get rid of Land tax (which was supposed to happen with the GST anyway!) But that is currently collected by Labor State Governments...