Labor MPs in buying frenzy
Race on to beat property tax changes
NATIONAL POLITICS EDITOR LABOR’S public policy might be to slash negative gearing for property investors, but privately, many of its MPs are busily snapping up houses.
An analysis of MPs’ assets by The Sunday Mail has revealed Labor MPs had added an extra 24 houses to their collective portfolio since the 2016 election – a 14 per cent jump.
The property splurge comes just months before a federal election in which Labor is promising to axe negative gearing for investors unless they buy new housing stock.
But the lucrative tax break will be “grandfathered” for current investors, giving Labor MPs an added incentive to buy up big in case they get a chance to block it.
Labor’s Lower House MPs bought the highest number of properties, leading to a 20 per cent increase in the number owned by members on the Opposition’s benches.
With two new investments in South Australia, Labor’s Tony Zappia is their biggest property mogul, having an interest in seven properties.
But the number of properties owned by MPs could be much higher as the figures don’t include houses in the name of spouses, or those in family trusts and companies.
Our analysis includes all types of properties listed by MPs and senators in their register of interests, including those in which they are joint owners.
The Sunday Mail found 94 per cent of federal MPs from all parties lived in a home they owned or were paying off, compared to 66 per cent of voters.
Since the 2016 election, federal MPs have increased the number of properties they collectively owned by more than 10 per cent, with the average politician now owning either two or three homes.
Coalition MPs also bought up properties, with a 10 per cent jump in the number of houses and units they owned.
About 6 per cent of MPs claim not to own any property, while the five MPs with the largest portfolios – Barry O’Sullivan, David Gillespie, Karen Andrews, Lucy Gichuhi and Nola Marino – are members of the Coalition. They own more than 75 properties between them.
BIGGEST PROPERTY MOGULS IN QLD
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