Mr. Kevin Cardiff:

There was a lot of support by the Minister of the day for the evaluation, the very detailed evaluation we did of those tax incentives and a lot of support also for the ... it was his decision to phase them out ... but I understand and it's sort of a .. the folklore of the place, that there was, you know, the tax incentives had come about mostly because of suggestions from the political level. I don't recall ever hearing of a property tax incentive being something that the official level would have thought was a wonderful thing to suggest. But that's not to say they weren't, but in general we had concerns about property tax incentives, in particular because if you incentivise a lot of things, then the incentive effect actually is reduced.

You have ... if you have only one property tax incentive then that ... that policy objective really is incentivised. But if investors have 20 different options, all with an incentive, then the incentive effect for any one of those options is much reduced.