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Uproar over Adrian Portelli’s Formula One car stunt in Melbourne: Stage Three tax cut furore


A millionaire real estate investor who was filmed pushing a flashy sports car into his 57th-floor penthouse has sparked political backlash.

Adrian Portelli, known as ‘Mr Lambo’ for his love of flashy cars, shared photos on Instagram on Tuesday of the $2 million car being lifted into the $39 million penthouse in East Melbourne’s Sapphire by the Gardens tower.

Mr Portelli made headlines after appearing on Channel Nine’s The Block last year when he made a record-breaking bid for the house renovated by contestants Omar and Oz.

A report of the car being driven into his home by a crane sparked a wave of criticism, with Greens leader Adam Bandt leading the resistance.

“Labour gives this man a $9,000 tax cut while people starve on $52 a day,” Bandt wrote on Twitter.

Mr Bandt referred to the phase three tax cuts scheduled to come into effect in fiscal year 2024-25, which were introduced by Scott Morrison’s government and the Albanian government has so far held firm.

Melbourne real estate developer Adrian Portelli’s daring stunt of towing a $2 million race car into his 57th-floor luxury apartment has sparked outrage

The cuts will remove the 37 percent marginal tax bracket, lower the 32.5 percent tax rate to 30 percent, and create a new top marginal tax rate of 45 percent for those earning more than $200,000.

It means that anyone making between $45,000 and $200,000 pays the same marginal tax rate. Voters on $60,000 qualify for a $375 tax break, while those earning more than $200,000 qualify for $9,075.

Richard Denniss, the executive director of the left-wing think tank The Australia Institute, tweeted: ‘The cost of living crisis is really biting the wealthy… continue with the $250 billion in phase 3 tax cuts so more Australians can relate afford to hoist their collection of race cars into their penthouse.’

Rachel Withers, an editor of The Monthly, tweeted a similar comment about the flashy spectacle.

“People on JobSeeker get $2.86 extra per day!” she wrote.

The Albanian government released the federal budget on Tuesday, revealing that the jobseeker’s pay would be increased by $2.85 per day, or $40 every two weeks.

ANU professor and former political correspondent Mark Kenny also weighed in. “Typically tasteless,” he wrote.

“Why does the media continue to implicitly praise such lewd displays of wealth and ego?

Mr Portelli, who is worth an estimated $350 million, posted photos of himself posing next to the McLaren Senna GTR in his apartment building.

A first look at the McLaren Senna GTR 57 floors up. A huge thank you to everyone involved for making this absolutely surreal moment possible,” he wrote.

The 34-year-old purchased the luxury penthouse last month in a sale that broke the record for the city’s most expensive apartment, handing over a whopping $39 million.

Mr. Portelli is known as 'Mr Lambo' and poses with a hyper car

Mr. Portelli is known as ‘Mr Lambo’ and poses with a hyper car

Greens leader Adam Bandt expressed outrage at Portelli's flashy display of wealth

Greens leader Adam Bandt expressed outrage at Portelli’s flashy display of wealth

However, he only intends to use him as a weekender.

The businessman, known as ‘Mr Lambo’ for his love of sports cars, told realestate.com.au that he decided to buy the apartment the same day he saw it because of ‘the security’ and the fact that it was a ‘blank canvas’ used to be.

He also admitted that a selling point was the penthouse’s direct connection to the second tower, which will house a five-star Shangri-La hotel.

Mr Portelli made headlines last year for driving up the price of Omar and Oz’s house during The Block’s finale.

He opened the bid at $4.5 million – well above the $4.08 million reserve – and his aggressive style meant eventual buyer Danny Wallis ended up paying an eye-watering $5,666,666.66 for the five-family Gisborne estate. bedrooms and 4 acres.

In a post-auction private sale, he instead paid $4.25 million for the home of Sharon Johal and Ankur Dogra.

In addition to real estate investments, Mr. Portelli also runs his own promotion and giveaway business, focusing on luxury vehicles and prestigious homes.

He has founded a charity, The Little Legends Foundation, which provides emergency medical care and experiences for vulnerable children.

Phase three tax cuts

The elimination of Stage Three, which is scheduled to go into effect in fiscal year 2024-25, will eliminate the 37 percent marginal tax bracket while reducing the 32.5 percent tax rate to 30 percent for all individuals earning between $45,000 and earn $200,000.

A new 45 percent marginal tax rate would apply to those earning more than $200,000.

Below, Daily Mail Australia has compiled a list of how much residents get back based on their salary:

Annual salary Tax reduction

45,000 0

60,000 375

80,000 875

120,000 1,875

150,000 3,975

200,000 9,075

250,000 9,075

300,000 9,075

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