The Australian housing market is a complex beast, and it's no wonder it's the subject of a new documentary, 'Common Wealth'. The film, directed by Kane Guglielmi, delves into the intricate web of land ownership, property prices, and the societal impact of a system that often feels rigged against the average person. But what makes this film particularly intriguing is its personal angle.
Guglielmi, a self-described 'conservatively-raised capitalist', takes us on his journey of discovery, questioning the very foundations of Australia's housing and tax system. He starts with a relatable premise—the absurdity of skyrocketing property prices and their impact on his mental health. But his exploration goes far beyond the typical complaints about the housing market. He ventures into the world of economic theories, land reform, and alternative systems, seeking answers to the question: Why is Australia's housing market the way it is?
One of the core issues the film highlights is land ownership and its impact on property prices. The concept of 'Georgist' economics, inspired by Henry George, suggests that taxing land properly could dramatically reduce taxes on labor and business income. This idea is fascinating because it challenges the status quo, where land values often benefit private owners rather than the community. It's a perspective that many Australians might not be aware of, and it raises questions about the distribution of wealth and the role of government in ensuring fair access to land.
Guglielmi's travels take him to various countries, including Singapore, the UK, and Norway, where he explores different approaches to housing and resource management. Singapore's high homeownership rates, achieved on a small land area, are a stark contrast to Australia's situation. This comparison is eye-opening, as it demonstrates that there are alternative models that can provide affordable housing and sustainable property prices.
The film also touches on the psychological and cultural aspects of the housing market. Guglielmi's personal struggle with depression, triggered in part by the absurdity of property prices, is a powerful reminder of the human cost of these economic forces. It's not just about numbers and statistics; it's about the impact on people's lives and their sense of security and community.
What I find most compelling is the film's exploration of the 'housing-industrial complex'. The expectation of ever-rising property prices has created a situation where any dip in the market is seen as a crisis. This dynamic is not unique to Australia but is a global phenomenon. It's a self-perpetuating cycle that benefits certain sectors of the economy and specific political interests, often at the expense of social cohesion and affordable housing.
The film leaves us with more questions than answers, which is perhaps its most significant contribution. It encourages viewers to think critically about the system and our role in it. Are we content with the status quo, or do we aspire to something better? Can Australia learn from other countries' approaches to housing and resource management? These are not easy questions, but they are essential for a society grappling with housing affordability and economic inequality.
In my opinion, 'Common Wealth' is a timely and thought-provoking documentary. It goes beyond the headlines about house prices and auction rates, offering a deeper analysis of the structural issues at play. It's a reminder that the housing market is not just about bricks and mortar; it's about people's lives, dreams, and the kind of society we want to build. Guglielmi's journey is a reflection of the broader Australian experience, and his film is a call to action for anyone who believes we can and should do better.
