Phillip Anderson's speech on the economy and market cycles


Phillip's presentation on 'Is the Queen a Georgist' was full of economic insights into how the land game drives the business cycle.

A week or so ago, full delivered a presentation to the 126th Annual Henry George Dinner.

The speech is economics based. Phil reveals that the Queen, as Sovereign of the UK, pays a significant land rent to the UK Treasury. The Queen’s property company - The Crown Estate is not part of the Queen’s private wealth as it always passes from one sovereign to the next.

The Crown Estate:

delivered a record of £328.8 million to the Treasury last year, up 8.1 per cent on 2015. In the past decade it has returned more than £2.6 billion to the exchequer.

The Queen receives a Sovereign Grant (£42.8m last year) from those £328.8m in land rents paid to government. Every five years the grant repayment rate is reviewed with percentages varying from the current 15% to 25% in 1919 to meet the extra cost of modernizing Buckingham Palace.

News media tends to focus its lens on the size of these sovereign grants.

More attention should be spent on the leadership the Queen demonstrates by paying land rents. Let’s take a look at the numbers.

The Crown Estate’s capital valuation is currently £13.1 billion. In order to deduce the percentage of her holdings paid as land rent, we need to estimate the land component of the Queen’s estate. Land typically accounts for some 70% of mortgages. With many of the Queens most valuable sites commercial property, we conservatively apply a 60% land value ratio to her total holdings.

That equates to a land value of £7.86 billion.

The intriguing question for Georgists is to calculate the Queen’s effective land rent rate. We can do that by dividing £7.86bn by £328.8m to find a 4.2% repayment rate.

Let us reiterate that. The Queen pays an effective land rent of 4.2% on the value of her land holdings.


Listen on to find out more.. 


Our Services

Buyer Advocacy

Buyer Advocacy

Whether you want us to bid at auction, or provide a comprehensive buyer advocacy service to search, asses and negotiate your ideal investment property or home, we tailor a plan ideally suited to your individual needs.

Read More


We have the expertise to assist with any type of development you are considering - large, or small - from concept to completion.

Read More

What our Clients are Saying

Catherine worked tirelessly in finding me a great property at a good price. She did things that I wouldn't have done (hours and hours of legwork) and more importantly, couldn't have done (organising the purchase before anyone else had even put in an offer). When I was ready to give up, Catherine kept working. I'm certain that I never would have been able to buy the same property within 10k of what we eventually settled at.... David
The expertise you bring are excellent and helped us understand the process and what to do and what not to do. You discussed at the beginning that by using you it will save us money and in our instance and the current environment of Melbourne’s market I believe you saved us $100,000 or enabled us to get into a suburb which going to auction would have gone way over our limit. You worked tirelessly to help us purchase a home.... Karen
“You impressed us from the start, especially compared with the other buyers agencies we approached…” - Raj

More Testimonials

Why use Cashmore & Co?

Our advocates and researchers are international experts on market and real estate cycles. 

With decades of experience working in the Australian real estate market Catherine Cashmore and her associates have lectured widely on the real estate cycle and the economics of investment.

Cashmore & Co use their expertise to assist investors, home buyers and developers.  They simplify the buying process saving buyers thousands in negotiation, as well as preventing costly mistakes.

Cashmore & Co's services and expertise will not only assist you to increase your wealth, but also educate you to become a better investor.

Please click here to see the range of services we offer. 

Or contact us for more information. 

About Catherine

Catherine Cashmore


Herald Sun Pic .jpg

Catherine Cashmore has been working in the Australian real estate market for over 14 years. As a buyer advocate, she has assisted hundreds of Australian home buyers and investors to secure quality real estate for the best possible price. Originally from the UK, and having lived in the US, Catherine is a seasoned traveller who has extensive experience across a range of international real estate markets for those interested in property investment overseas.. 

As President of Australia's oldest economics organisation, Prosper Australia, Catherine is a regular and highly respected media commentator and often called upon to give guest lectures to university students (including RMIT and Sydney University) on how tax policy affects real estate, the design of cities and the economy.

She is editor of Port Philip Publishing’s 'Cycles, Trends, & Forecasts' – a publication that teaches real estate investors about the land cycle and its effects on the economy. She is author of ‘Speculative Vacancies’, the only study in the world that analyses long term vacant housing based on water usage data (Melbourne focused). As such Catherine has an in depth knowledge of the Australian real estate market, few can rival.

You can contact Catherine directly on 0458 143 089 or at



Meet the Team

Please contact us for more information
or call us on +61 458 143 089

Contact us for More Information

Contact Us