Pollies put their cash in property
LABOR’S public policy might be to slash negative gearing for property investors — but privately many of its MPs are snapping up houses.
An analysis of MPs’ assets by News Corp revealed Labor MPs have added an extra 24 houses to their collective property portfolio since the 2016 election, a 14 per cent jump in the number of properties owned by the Opposition.
The blitz comes months before a federal election in which Labor is promising to axe negative gearing for investors unless they purchase new housing. But the tax break will be “grandfathered” for current investors.
Labor’s lower house MPs purchased the highest number of properties, leading to a 20 per cent increase in the number of properties owned by Opposition members.
With two new investments in South Australia, Labor’s Tony Zappia is the Opposition’s biggest property mogul, having an interest in seven properties.
But the number of properties owned by MPs could be significantly higher than reported as figures do not include houses solely in the name of a spouse or those in family trusts and companies.