@HowardFMaclean For me, zero, but I think 22% represents a middle point between various value judgements. We can see this in Scandinavia & SG where capital taxes gravitate to that sort of level. It also fits the theoretical observation deadweight losses are the square of the tax rate.
@grattonecon I like it. That area round the golf course already has a fair bit of development. More apartments near the town centre would also be good, in the old Katoomba style.