This is a book about policy change that focusses on a single case study: the rise and resilience of the Australian policy for Real Estate Carry. The text tracks investments of meaning and identity in the Australian policies for Negative Gearing (1987) and the Capital Gains Tax Discount (1999), through which successive federal governments inadvertently created scope for a dangerous and inefficient Real Estate Carry Trade in the housing sector that has proven resilient to reform for a quarter century. Considering that Carry Trades inevitably create the conditions for their own collapse, the historical failure of Australian governments to achieve policy change is a serious issue for the country going forward. As they attempt to make their housing sector more stable, sustainable and equitable, Australian people may need to prepare for potentially dramatic changes to their economic and monetary system. The book also raises important implications for understanding the nature and workings of policy change in Australian politics and beyond. It is a valuable resource for scholars and students of political theory, public policy and Australian politics as well as policy practitioners, third sector groups and political parties interested in Australian and international housing policy.