“Nearly 40% of MPs and their families own 3 or more properties”, finds an investigation into politicians’ property holdings by Open Politics’ Sean Johnson. What’s the scam?
The scam is that this is what is disclosed, only, and according to Johnson the rental disclosures look threadbare. Are our politicians telling the whole truth, especially now when the debate over negative gearing is firing?
Secret landlords in parliament?
Our latest analysis suggests many MPs are not declaring their rental income from their investment properties. How do they get away with it? Because the rules requiring disclosure are not enforced. https://t.co/aksnfru5N2 pic.twitter.com/n5O1GqHPxt
— Open Politics (@openpoliticsAU) September 27, 2024
“The Great Australian Dream of owning a home is all but dead for millions of young people, unless they have an account with the Bank of Mum and Dad,” writes Johnson. “But not so for federal politicians, with many building huge property portfolios with help from tax concessions and public subsidies.”
Then there is the matter of whether they really have to disclose at all – if they control investment properties in trusts where their niece is the beneficiary and a lawyer the trustee … for instance. What ever the case, our political classes are compromised when it comes to property due to their personal holdings.
We won’t be seeing media coverage of this issue, but now that the negative gearing debate is back on we are already drenched in sob stories from investors and property lobbyists such as SMH and The Age claiming rents will spiral and prices will crash.
Sacred Cow: are politicians’ many houses an impediment to property, rental reform?
Michael West established Michael West Media in 2016 to focus on journalism of high public interest, particularly the rising power of corporations over democracy. West was formerly a journalist and editor with Fairfax newspapers, a columnist for News Corp and even, once, a stockbroker.