I believe the rationale behind having leases verses freehold, is the old one about not wanting to give such huge areas of land to individuals.

Freehold land in Australia is also not what people believe it to be. Look at a title, it might say "Tenants in Common" or "Joint Tenants". Why "tenants"? Because the Crown actually owns and controls the land. The reason the gov't can do virtually whatever it wants with your land, but with some compensation (due to the Commonwealth Constitution).

Had a very interesting half hour chat on the phone on all this once, even going back to the Magna Carta, with an "expert", a NT Cattle Station owner. I knew some of it already, but due to the "issues" these guys have with everyone wanting to control, own, share, give, loan, etc something (ie land) that is not theirs, this guy for one had become an expert.

Off topic. Sorry.