To housing, where prices went up 45 percent in the 18 months from the middle of 2020.
The Reserve Bank has admitted its pandemic-related monetary stimulus - money printing and cheap loans for banks - was likely to have played a key role.
And in a speech earlier this year, its chief economist Paul Conway (external link) said the tax system favours investing in housing, contributing to higher house prices over recent decades, with recent low interest rates making matters worse.
Associate professor of economics Susan St John spoke to Jimmy Ellingham about the need to introduce a fair tax on housing before the next speculation-driven boom and bust cycle.
You can read more about her proposal here (pdf - external link)
