If you want one number that tells why Australian retail is more expensive than U.S., it is retail rents. Aust. retail rents are (among?) the highest in the wor

If you want one number that tells why Australian retail is more expensive than U.S., it is retail rents. Aust. retail rents are (among?) the highest in the world, higher than London and New York. This is mainly due to poor short-sighted planning authorities in local councils which over-manage commercial planning. The result is that, except perhaps Melbourne, all large retail is in malls instead of spread among the suburbs. Almost all the malls are owned by one or two parties, Westfield being the major. As monopoly owner, they have squeezed retail rents for decades.