This is from Peter Allen's only Rock-style album, which was produced by David Foster who co-wrote it with Tom Keane, who also co-wrote "Through The Fire" by Chaka Khan and many other songs.
Peter Allen told people that this song had a double meaning: he was originally bi-sexual (he married Liza Minnelli in 1967 and split up three years later) and came out homosexual. In fact many consider it about bi or homosexuality but it is not. The song is clearly about how many people can't make up their mind where they want to live. At one point he says, "All those girls on TV movies, all those boys on Broadway," which would be a very different lyric if it was written today.
The song was later included in the Peter Allen bio-musical The Boy From Oz.
The backing vocals are by Richard Page and Steve George (later of Mr. Mister). It was a hit in Australia and made the US dance charts.
Suggestion credit: Sara - Silver Spring, MD, for all above