Ahhh…The agonies of the wealthy.

I don't think in this day and age a tax liability level of $600,000 signifies great wealth especially in any of the major capitals, but if that's bad, try Victoria which has a liability level of just $50,000! Here is a list of how the taxes are applied in each state as a disincentive to investment even though Australia desperately needs more housing and rentals thanks to Labor's Ponzi immigration scheme https://blog.longview.com.au/land-tax-of-each-australian-state

Taxation should be fair for the rich as well as the poor.

You are right ttbn but re "rich" we need to remember that many investment properties are purchased with high interest mortgages, not owned outright, and in some cases prices can actually drop so a profit is not guaranteed. Land tax on top of rates, insurance, mortgage repayments all factor in. A sticky web indeed!