La­bor MPs in buy­ing frenzy

Race on to beat prop­erty tax changes

The Sunday Mail (Queensland) - - NEWS - AN­NIKA SMETHURST

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

33 7 6 5 10

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.