Anthony Albanese six-figure rental revenue sparks controversy amid housing disaster

Landlord Anthony Albanese is beneath hearth over the $115,000-a-year in rental revenue he’s pulling in on high of his wage as Prime Minister, as rates of interest soar for struggling households.

Greens housing spokesman Max Chandler-Mather has taken goal at Anthony Albanese for proudly owning funding properties as he stepped up his marketing campaign to scrap detrimental gearing legal guidelines.

After rising up in public housing, the Prime Minister is now renting out two Sydney properties together with a mortgage-free federation bungalow with a pool whereas he lives rent-free on the Lodge.

“Let’s be actual, if Labor desires to cope with housing affordability then it’s time to part out the billions of {dollars} in tax concessions property buyers get yearly within the type of detrimental gearing and capital beneficial properties tax concessions,” Mr Chandler-Mather mentioned.

“We might be investing that cash in constructing public housing however as a substitute it will folks just like the Prime Minister together with his three funding properties.”

He went on to query why Australia has a “property investor as a first-rate minister” through the “worst housing disaster we’ve seen in a technology”, accusing Mr Albanese of combating to guard detrimental gearing and capital beneficial properties tax concessions.

“And I feel what they’ve bought to understand on the politics of this in the middle of this yr a variety of renters are going to begin asking the query,” he defined.

Labor has disregarded ideas this week it has plans to introduce detrimental gearing reforms with out instantly ruling out any modifications.

“Mr Speaker, properly, we’ve entered the twilight zone formally now. What we have now earlier than us is actual laws, actual laws about tax modifications,‘’ the Prime Minister mentioned.

“And what we have now now could be the Shadow Treasurer asking for particulars about issues which can be solely occurring in his head.”

Mr Albanese, who scored an enormous pay bump after the election, now earns $564,356 a yr.

He additionally earns $70,000 a yr in rental revenue for one property and $45,000 for one more.

Meaning Mr Albanese has a mixed annual revenue of $679,356 earlier than he pays tax on his revenue and two funding properties.

Mr Albanese quietly rented out his household house with a yard swimming pool in Marrickville for $1350 per week after the election delivering a helpful revenue stream of $70,000-a-year.

The home doesn’t have a mortgage in line with the parliamentary register of pursuits and Mr Albanese owns it outright.

The household house that’s now being rented out is estimated to be value over $2 million.

Requested final yr by whether or not the home would stay empty throughout his time dwelling at his taxpayer-funded house in Canberra, Mr Albanese mentioned in September that he had not determined.

He additionally rents out a second property in Dulwich Hill for $880 per week. That property does have a mortgage with the Commonwealth Financial institution.

In recent times, Mr Albanese made a tidy $500,000 revenue after offloading his two-bedroom Canberra ‘bachelor pad’ (bed room above). He purchased the property 23 years in the past for $162,000.

He additionally rents out a second property in Dulwich Hill for $880 per week. That property does have a mortgage with the Commonwealth Financial institution.

He bought the funding rental property in Dulwich Hill for $1.175 million in 2015. It’s now value between $1.6 and $1.9 million.

Earlier than his divorce, Mr Albanese additionally owned a fourth property in Marrickville which he offered for $2.25 million in July 2021.

The Prime Minister amassed a property portfolio value round $5 million earlier than he offloaded a number of properties to take his holdings all the way down to round $4 million final yr.

He lives rent-free on the Prime Minister’s official residence The Lodge in Canberra the place he has entry to private employees to wash and prepare dinner and may sleep at Kirribilli Home when in Sydney.

Mr Albanese additionally rents out a second property in Dulwich Hill (inside above) for $880 per week. That property does have a mortgage with the Commonwealth Financial institution.

The disclosure paperwork surrounding the Prime Minister’s monetary affairs, which was lodged on August 23 final yr, reveals that the one property that he has a mortgage for is an funding property in Dulwich Hill with the Commonwealth Financial institution.

Mr Albanese additionally owns the Federation bungalow in Sydney’s Marrickville value as much as $2.5 million, which he purchased for $997,500 in 2006.

Throughout a debate with Scott Morrison on the federal election, Mr Albanese backed using detrimental gearing to assist property buyers.

It adopted Invoice Shorten’s plan to tighten tax breaks to enhance housing affordability. Mr Albanese promptly dumped the proposal when he took over the management in 2019.

“Unfavorable gearing is an efficient factor. We had a coverage that we took to the election the place we weren’t profitable,’’ he mentioned.

Unfavorable gearing permits buyers equivalent to Mr Albanese to scale back the tax they pay by deducting cash misplaced to mortgage repayments

Final yr, Mr Albanese made a tidy $500,000 revenue after offloading his Canberra ‘bachelor pad’ and shifting into the Lodge.

The property was offered at an public sale with three registered bidders for $662,500 on August 20. He bought the property 23 years in the past for $162,000

Mr Albanese’s climb up the property ladder started in 1990 when he purchased his first house in Marrickville for $146,000.

Former Prime Minister Scott Morrison has beforehand had a dig at Mr Albanese’s property wealth in parliament.

“The chief of the Opposition has purchased loads of properties,’’ he mentioned.

“He’s purchased a lot greater than I’ve. Good for him. Good luck to him. We rejoice success.” beforehand revealed Labor chief Mr Albanese claimed $17,169 in journey allowance from taxpayers to remain at his mortgage-free Canberra condominium for 59 nights throughout Sydney’s marathon lockdown whereas staging “guerrilla” marketing campaign missions into Queensland and Tasmania.

He claimed a journey allowance for 74 nights in Canberra, Queensland and Tasmania, whereas parliament was solely sitting for 19 days throughout the identical interval.

By basing himself within the nation’s capital through the lockdowns in NSW and Victoria, Mr Albanese was in a position to marketing campaign in Queensland whereas the Prime Minister remained largely locked down in Sydney and unable to journey.

Now that he’s primarily based in Canberra on the Lodge as his house base he can’t declare TA within the nation’s capital however can declare it when in Sydney or elsewhere.

Learn associated subjects:Anthony Albanese

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