Cross-posted from Boom to Bust.
The Senate once again outshines the members of the House of Representatives in terms of changes to their property portfolios’. Keep in mind, in relation to the data collected, we give politicians the absolute benefit of the doubt in order to not double count any properties. But we can assume some deviation, particularly for members with multiple titles.
Key highlights in the Senate property holdings were:
– Of the 64 Senators who remained in office following the election, 23 Senators made changes to their property holdings.
-12 Senators held less properties than last year. Notable mentions were Christopher Back (from 5 to 0), Johns Williams (from 4 to 1), Nick Xenophon (From 8 to 5) and Barry O’Sullivan (from 50 to 41)
– 9 Senators held more properties than last year. Notable mentions were Penelope Wright (from 1 to 3), Penny Wong (from 2 residential properties to 3, but no investment properties). Stephen Parry has 2 new investment properties bringing his portfolio to five, but no residence.
– The overwhelming majority of Senators holding an investment property have a mortgage against it.
Key highlights in the House of Representatives property holdings were:
– Just 10 members made, or look like made changes to their property holdings.
-4 Members added a property to their portfolio: Rick Wilson, Mark Butler and Anthony Albanese.
– Only Pat Conroy and Stuart Robert reduced their portfolios by one investment property each.
-Like the Senate, an overwhelming number of members of the House or Representatives hold a mortgage against their investment properties.
What the register of members’ interest does not disclose is if members who hold a loan against their investment properties are negatively geared. In future disclosures, particularly considering the current state of the housing market and mortgage debt,we believe it would useful to include this information to further encourage debate.
The Green’s Adam Bandt was originally listed in the post as having bought an additional property but his office contacted me to explain that this was not the case, he had simply moved.
