Dr. Larry O'Connell:

What the LDA said was really important. We have to be careful about the words we use. There is a vacant site levy and a site value tax, which are very different things. A vacant site levy will increase the cost of a site rather than decrease it. It puts a cost on the development from a developer's perspective. The reason it is useful, as Professor McQuinn said, is that it provokes supply if someone is sitting on land. There are administrative difficulties around it, as we have noted. A site value tax is a very different thing, about which we are happy to provide more details. It would replace the property tax, in that it would be a tax levied on every site in an area. The value of the sites would be worked out irrespective of the buildings on them. That is very different and would be a profound change. We cannot mix those two things up.