Pol­lies put their cash in prop­erty

Sunday Tasmanian - - News - AN­NIKA SMETHURST

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.

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