He says it would have been which is factually correct. Easily proven by looking at countries like NZ that invested more wisely. Even if you disagree with the cost (which I would dispute, I think we'd have more for less) it's hard to argue that it wouldn't be a lasting asset.
But what we have now is a basket case of diminishing value which is his point.
Maybe just as well you weren't too tempted or maybe take a look in the mirror.
Franking Credits, page-22
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