Anthony Albanese has been criticized for earning an extra $115,000 a year in rental income while living rent-free at The Lodge and Kirribilli House.
The Prime Minister’s impressive property portfolio was highlighted by Greens housing spokesperson Max Chandler-Mather during a debate on Australia’s housing crisis.
Albanese grew up in public housing in Sydney’s inner west, but now owns a mortgage-free Federation bungalow in Marrickville and an investment property in Dulwich Hill which he rents out.
“Let’s face it: if the Labor Party wants to deal with housing affordability, then it’s time to phase out the billions of dollars in tax concessions that property investors receive each year in the form of negative gearing and profit tax concessions. capital,” said Mr. Chandler-Mather.
“We could invest that money in building public housing, but instead it will go to people like the prime minister with his three investment properties.”
Prime Minister Anthony Albanese (pictured) earns an extra $115,000 for his Sydney rental investment properties
Albanese and his partner Jodie Haydon (pictured together) are staying rent-free at The Lodge in Canberra and Kirribilli House in Sydney.
Chandler-Mather also questioned why Australia has a “property investor as prime minister” amid the “worst property crisis we have seen in a generation”.
“I think what they’re going to have to realize about the politics of this over the course of this year is that a lot of tenants are going to start asking the question,” he said.
He also accused Albanese of protecting negative tax gearing, a tax break that allows investors, like the prime minister, to deduct the cost of their mortgage payments from their taxes.
Albanese responded to Chandler-Mather’s rant by claiming she was making up false scenarios.
—Mr. President, well, we have now officially entered the twilight zone. What we have before us is real legislation, real legislation on tax changes,” he stated.
“What we have now is the Shadow Treasurer asking for details about things that only happen in his head.”
Albanese started renting out his home in Federation Marrickville (pictured) when he was elected
While Albanese stays rent-free at The Lodge in Canberra and Kirribilli House in Sydney, his Marrickville home (pictured) earns him between $1,300 and $1,400 each week.
Albanese earns $564,356 a year as prime minister.
Former prime ministers also have access to a wide range of benefits after their term, including everything from travel benefits to refinancing the cost of office supplies.
Claims by former MPs cost Australian taxpayers hundreds of thousands of dollars each year.
Combining his salary and rental income means Albanese has a combined annual income of approximately $679,3500 before taxes.
His property portfolio has already faced scrutiny in parliament, including from former Prime Minister Scott Morrison.
“The opposition leader has bought a lot of houses,” Mr Morrison said.
He has bought much more than me. Good for him. Good luck to him. We celebrate success.’
Albanese’s old address in Marrickville, where his family moved from once he was elected, earns him between $1,300 and $1,400 a week in rent.
Now, he and his family live rent-free at The Lodge in Canberra, where they have access to personal staff, as well as accommodation at Kirribilli House in Sydney.
Albanese also owns a house in Dulwich Hill (pictured) which he rents for $880 a week.
The Marrickville Federation house has no mortgage, according to the parliamentary register of interests, meaning Albanese owns it outright.
The inner west property earns him approximately $70,000 a year and is estimated to be worth more than $2 million.
His second property, located in Dulwich Hill, is priced at $880 a week and earns him approximately $45,000 a year.
The Labor leader has a mortgage on the second property with the Commonwealth Bank.
He got the house in 2015 for $1.175 million and now it is estimated that it will be valued between 1.6 and 1.9 million dollars.
The last known tenant of the Albanese property in Dulwich Hill was businesswoman Chrissy Flanagan, who revealed in 2022 what it was like to have the Prime Minister as a landlord.
In a video on TikTok, Flanagan praised Albanese for “living the values he preaches” by cutting his rent by 25 percent at the start of the Covid pandemic and maintaining that reduced rate two years later.
Albanese (pictured) has previously opposed policies that would disadvantage property investors and improve housing affordability.
Albanese has already made a considerable sum from his property investments, including his two-bedroom “bachelor pad” in Canberra, which he sold for a profit of $500,000.
Before her divorce, Albanese also owned another property in Marrickville which sold for $2.25 million in July 2021.
His current property portfolio is estimated to be worth approximately $4 million.
Albanese’s personal interest in keeping Australian house prices high was previously called into question after he backed the use of negative gearing to help property investors during a debate with Morrison.
His stance followed Bill Shorten’s plan to tighten tax breaks to improve housing affordability.
Albanese abandoned Shorten’s proposal when he took over leadership of the Labor Party in 2019.
‘Negative change is a good thing. We had a policy that we took to the elections and we were not successful,” he stated at the time.