Marles also a landlord

Negative gearing in spotlight

CORIO federal Labor MP Richard Marles has defended owning an East Geelong rental home as the Federal Opposition makes the case to reform investor tax rules to help buyers on to the property ladder.

Mr Marles is one of six MPs who declared Geelong-region investment properties to the Victorian and federal parliaments this year.

The Labor defence spokesman was the only local politician at state or federal level to declare an investment property, while five Melbourne and Ballarat-based MPs told parliaments of their Geelong-region rentals.

Mr Marles said he and his wife had owned the East Geelong property — which was negatively geared and had tenants — for a number of years,

The home would be exempt from Labor’s proposed ban on investors claiming negative gearing tax breaks for existing houses.

“There has been an investment opportunity available. My family is one (that has taken up that investment opportunity) but we’re not proposing that anyone’s situation be changed retrospectively,” Mr Marles said.

“What we are proposing is that first-home buyers and those who want to invest in existing housing stock are put on the same footing and that’s fair.

“(The fact) we’ve got an investment property doesn’t impact my view about the need to be acting on the question of negative gearing and that’s why I’ve been as strong a supporter of our policy as anyone.

Opposition Leader Bill Shorten announced more housing policies last week that would hit foreign buyers with higher fees and penalties for breaching rules, tax investors for vacant properties and stop self-funded superannuation schemes from directly borrowing to buy property.

Registers of interest with state and federal parliaments show several MPs are parking their money in the Geelong property market.

Sandringham-based Liberal MP Margaret Fitzherbert declared income from two Geelong rental properties, while Labor’s Bronwyn Halfpenny declared an income from a Lara property.

Essendon MP Daniel Pearson declared a rental home in Ocean Grove on top of houses in St Albans and Sunbury, while Wendouree MP Sharon Knight declared her spouse’s Rippleside house.

Federal shadow AttorneyGeneral Mark Dreyfus declared his spouse’s investment property at Aireys Inlet, while fellow Labor frontbencher Jenny Macklin has a holiday home in the Surf Coast town.