Anthony Albanese has come under fire for raking in $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 spokesman Max Chandler-Mather during a discussion about Australia’s housing crisis.
Mr Albanese grew up in public housing in Sydney’s west but now owns a mortgage-free Federation bungalow in Marrickville and an investment property in Dulwich Hill that he rents out.
“Let’s face it: if Labor wants to tackle housing affordability, it’s time to abolish the billions of dollars in tax breaks that property investors get every year in the form of negative gearing and capital gains tax breaks,” Chandler-Mather said.
‘We could invest that money in building public housing, but instead it goes to people like the prime minister with his three real estate investments.’
Prime Minister Anthony Albanese (pictured) earns an extra $115,000 from his rental properties in Sydney
Mr Albanese and his partner Jodie Haydon (pictured together) are staying rent-free at The Lodge in Canberra and Kirribilli House in Sydney
Mr Chandler-Mather also questioned why Australia has a “property investor as Prime Minister” amid the “worst housing crisis we have seen in a generation”.
“I think a lot of tenants are going to start asking this question over the course of this year about the politics of this,” he said.
He also accused Albanese of protecting negative tax breaks – a tax break that allows investors, like the prime minister, to deduct the cost of their mortgage repayments from their taxes.
Mr Albanese responded to Mr Chandler-Mather’s tirade by claiming he was making up fake scenarios.
“Mr. Speaker, we have now officially entered the twilight zone. What we have before us is real legislation, real legislation on tax changes,” he said.
“What we have now is the Shadow Treasurer asking for details about things that only happen in his head.”
Mr Albanese started renting out his home in Federation Marrickville (pictured) when he was elected
While Mr 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 every week.
Mr. Albanese earns as much as $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 expenses to refinancing the cost of office supplies.
The claims by former parliamentarians cost Australian taxpayers hundreds of thousands of dollars every year.
The combination of his salary and rental income means that Mr. Albanese has a combined annual income of approximately $679,3500 before taxes.
His property portfolio has already come under criticism in parliament, including from former Prime Minister Scott Morrison.
“The Leader of the Opposition has bought a lot of houses,” Morrison said.
‘He bought a lot more than I did. Good for him. Good luck to him. We celebrate success.’
Albanese’s former address in Marrickville, where his family moved from when he was elected, earns him between $1,300 and $1,400 in rent every week.
Now he and his family live rent-free at The Lodge in Canberra, where they have access to personal staff, in addition to accommodation at Kirribilli House in Sydney.
Mr Albanese also has a house in Dulwich Hill (pictured) which he rents out for $880 a week
The Marrickville Federation home has no mortgage, according to the parliamentary register of interests, meaning Mr Albanese owns it outright.
The inner west estate earns him about $70,000 a year and is valued at more than $2 million.
His second property, located in Dulwich Hill, costs $880 a week and earns him around $45,000 a year.
The Labor leader does have a mortgage on the second property with the Commonwealth Bank.
He insured the house for $1.175 million in 2015 and it is now valued at $1.175 million worth between $1.6 million and $1.9 million.
The last known tenant of Mr Albanese’s Dulwich Hill estate was businesswoman Chrissy Flanagan, who revealed in 2022 what it was like having the Prime Minister as a landlord.
In a video on TikTok, Ms Flanagan praised Mr Albanese for “living the values he preaches” by cutting her rent by 25 per cent at the start of the Covid pandemic – and maintaining that reduced rate two years later.
Mr Albanese (pictured) has previously spoken out against policies that would disadvantage real estate investors and improve housing affordability
Mr Albanese has already made a hefty sum from his property investments, including his two-bedroom ‘bachelor’ home in Canberra, which he sold for a $500,000 profit.
Prior to his divorce, Mr Albanese also owned another property in Marrickville, which sold for $2.25 million in July 2021.
His current real estate portfolio is valued at approximately $4 million.
Mr Albanese’s personal interest in keeping Australian house prices high was previously questioned after he supported the use of negative gearing to help property investors during a debate with Mr Morrison.
His position followed Bill Shorten’s plan to tighten tax breaks to improve housing affordability.
Mr Shorten’s proposal was dumped by Mr Albanese when he took over the leadership of the Labor Party in 2019.
‘Negative gearing is a good thing. “We had a policy that we took to the election where we were not successful,” he said at the time.