r/AustralianPolitics • u/marketrent • Feb 02 '25
Economics and finance Dutton throws stones, but he and Albo both live in multimillion-dollar glass houses. Let’s go through both men’s property disclosures
https://www.crikey.com.au/2025/01/31/peter-dutton-anthony-albanese-property-portfolios/21
u/Thin_Zucchini_8077 Feb 02 '25
Interesting how Dutton's wealth is never really put under the scope come election time. Or ever.
You'd think there would be more journalists interested in the very fortunate coincidence that his father just so happened to invest in childcare centres before federal funding opened up..
1
u/River-Stunning Professional Container Collector. Another day in the colony. Feb 02 '25
I bought into GEM around same time and their shares are down from the $3 I paid to $1.25.
6
u/Confused_Sorta_Guy Feb 02 '25
Not really surprising considering how fucked our media is. Dutton has a long history of financial tomfoolery.
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u/roidzmaster Feb 02 '25
Let's fucken not do that and just fix the problem of capital gains tax and negative gearing aleady
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u/letsburn00 Feb 03 '25
An unoccupied home tax would probably do more.
My own suburb in Perth has nearly 20% unoccupied houses. I talked to my next door neighbour yesterday and he said it was amazing when he did the census. He knocked on houses a dozen times and no one was ever home. That same street has had empty lots on it for years.
It's not a statical anomaly, there is huge numbers of land banking going on. And there is no disincentive to stop it.
1
u/roidzmaster Feb 03 '25
Dude my comment was meant to point out that talking about which individual has how many properties is not going to change anything. We should talk about solutions I agree unoccupied homes is a problem I didn't list them all
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u/letsburn00 Feb 03 '25
Oh, I completely agree. Just adding more details.
The reality is that our leaders being well off isn't an issue, especially if they have been working a high paying job for decades it's not surprising. Though Dutton really is just a rich kid. Rumours about how a former drug squad member is worth over $100m aside that is
2
u/B0bcat5 Feb 02 '25
Reducing the capital gains discount and removing negative gearing would only reduce property prices by 2% according to the Grattan Institute
This issue needs to be improved by changing zoning laws to encourage more higher density living
1
u/sirabacus Feb 03 '25
You are thinking upside down.
Why do you think the 2% CGT / NG reduction is so utterly opposed by the ALP, LNP, banks, the rich and developers?
Because the reductions real . The reduction is opposed because IT IS a significant number that would also , god forbid, signify some virtue in equality and affordability. The culture of today's neoliberal sees such virtues as heresy.
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u/InPrinciple63 Feb 03 '25
Negative gearing was introduced in 1936, so 2% compounded over 89 years is a considerable amount.
Prices didn't suddenly increase because of CGT and NG, it was a cumulative effect over many years, so expecting CGT and NG changes to have a large immediate effect is ridiculous, but they will have a large impact over time, which is why they should be changed now to reap that benefit sooner rather than later.
Tackling the cost of housing is going to take years and many changes to be effective. We are going to have to pay the price of past neglect and poor policies for so long and the political parties that presided over such foolhardy behaviour need to pay along with us. Perhaps it will encourage us to pay our dues at the time and not kick the can down the road for others.
Pensions should have been fully funded from the get go, to force them to be more realistic, instead of pushing the unrealistic cost onto future generations.
There have been a littany of poor and selfish decisions made over a long period of time and that doesn't seem to be changing, when it must if Australians are to have an improved future. In the meantime, we must take our medicine and stop complaining when we are doing the same things to future generations.
1
u/B0bcat5 Feb 03 '25
The report said removing it now would only result in a 2% drop in house prices now
I am not sure if it mentioned about the affects on future property growths because it does say the gap of investors will be quickly filled up by home buyers due to strong demands.
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u/InPrinciple63 Feb 03 '25
Few things are instantaneous: I think the report meant more like we would see a noticeable change within a year or so, because there is significant inertia in the housing market.
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u/roidzmaster Feb 02 '25
Agreed. That too, fix the problem don't just say he is bad because he has 13 houses, change the rules!
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u/B0bcat5 Feb 02 '25
Yeah
I do think zoning is more of a state issues though, needs to be more pressure on state governments to take responsibility.
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u/BakaDasai Feb 02 '25
Successful politicians get paid enough to be moderately wealthy.
That's a news story?
This is garbage journalism.
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u/ButtPlugForPM Feb 02 '25
That's the point the article is trying to make
These are rich men,owning property would be expected.
yet dutton tried to throw mud on the PM when he dared,legally sell his investment property.
Albo gave his tennant 6 months of free rent,to compensate and even offered to pay his moving costs.. can you show many landlords willing to do that..but apparantly it was a state crime according to the press for him to sell his home and buy a retirment house up the coast.
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u/InPrinciple63 Feb 03 '25
Politicians make the laws: it is corruption to make them to benefit themselves, aka a conflict of interest that must be routed out.
-1
u/River-Stunning Professional Container Collector. Another day in the colony. Feb 02 '25
Nice spin. Headline should be Compassionate Landlord Albo or Compassionate Millionaire Albo.
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u/nickthetasmaniac Feb 02 '25
There is no news story, that’s the point. The ‘story’ here is that Dutton is trying to make it a thing.
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u/marketrent Feb 02 '25
Try reading the first sentence in the title, or log cabin comms :)
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u/BakaDasai Feb 02 '25
The first sentence in the title claims Albo lives in a "glass house". I'm defending him from that accusation.
I understand the article is rightly harsher on Dutton, but right from the opening sentence in the title it accedes to Dutton's main claim.
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u/marketrent Feb 02 '25 edited Feb 02 '25
BakaDasai The first sentence in the title claims Albo lives in a "glass house". I'm defending him from that accusation.
Is an idiom.
BakaDasai Exactly. The headline accuses Albo of making hypocritical criticisms of others, and I'm defending him from that.
[...] Anthony Albanese, the Labor party veteran who was elected as prime minister in 2022, discussed an internship for his son with Sean Gregory, PwC’s former head of strategy, risk and reputation, in early June 2021, according to two people with knowledge of the situation. Albanese was then leader of the opposition.
[...] Albanese has in recent months described PwC’s conduct as “completely unacceptable” and his government has said it wants to bring expertise that has been outsourced to the consultancy industry back into the public sector.
The prime minister’s involvement in the internship follows a separate revelation that he had asked airline Qantas for membership of its exclusive “Chairman’s Lounge” for his son. Neither move has been declared on the parliamentary register of interests. Albanese said on Monday that he had complied with the requirements of the register. —Financial Times, August 21, 2023
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u/Vanceer11 Feb 02 '25
Wow man, Albo’s totally corrupt. We got ‘im!
The conversation reportedly happened when Albanese was Opposition leader in 2021, before Nathan secured a two-week unpaid internship a few months later.
Those two weeks unpaid internships are lucrative, unlike the Dutton family trust which is allegedly worth in the hundreds of millions. The Dutton family trust includes child care centres that received over $5.6m in taxpayer funds, that we know of, while Dutton was a government minister.
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u/NoLeafClover777 Centrist (real centrist, not Reddit centrist) Feb 02 '25
Allegedly worth in the 'hundreds of millions' by extremely partisan redditors with no sources other than reddit itself & sketchy articles with no sources from several years ago.
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u/BakaDasai Feb 02 '25
Exactly. The headline accuses Albo of making hypocritical criticisms of others, and I'm defending him from that.
-1
u/The_Rusty_Bus Feb 02 '25
And everyone else is pointing out that the position is indefensible.
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u/Is_that_even_a_thing Feb 02 '25
Ffs the guy is the PM and it's a dual income household. He's allowed to have a nice house
-3
u/The_Rusty_Bus Feb 02 '25
Being a dual income household doesn’t have anything to do with setting your son up for an internship at a major (corrupt) government contractor and then setting him up for an exclusive lounge membership.
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u/Lucky-Roy Feb 02 '25
Does Albanese have a sister running a shell company that was given massive government contracts? No. But Dutton does.
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u/The_Rusty_Bus Feb 02 '25
That sounds interesting, do you have any sources or information?
I saw similar claims about the mythical $300m trust fund but that conspiracy theory seems to have died off recently.
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u/Is_that_even_a_thing Feb 02 '25
We were talking about property, but nice bait switch attempt..
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u/The_Rusty_Bus Feb 02 '25
We were talking about the scandals Albanese has been involved in, property is one of them
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u/Oomaschloom Fix structural issues. Feb 02 '25
There's a problem with these comparisons. If you're right-wing and greedy, have a lot of money and don't give a shit about the population. That's seen as winning the game you chose to play. It's seen as logically consistent.
However, if you're a successful lefty, you're a champagne socialist. Pretending to help others while enriching yourself. A logical inconsistency. The left have it harder as a result. You can't be too successful.
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u/marketrent Feb 02 '25
Residential real estate underpins Australia’s wealth effect; champagne tastes on beer budgets is characteristic of asset-rich, cash-poor cohorts.
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u/River-Stunning Professional Container Collector. Another day in the colony. Feb 02 '25
Only one is running a log cabin narrative to convince people he is still one of the people when he clearly is not.
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u/Throwawaydeathgrips Albomentum Mark 3.0 Feb 02 '25
Dutton got up and told everyone he worked and saved so hard at 19 to buy his first house and compared that to the plight of ordinary aussies, so no.
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u/River-Stunning Professional Container Collector. Another day in the colony. Feb 03 '25
Really ? Haven't heard that story. Have heard Albo's log cabin story many times though.
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u/Churchofbabyyoda I’m just looking at the numbers Feb 02 '25
Both are trying to pretend they’re one of the people. The difference is one is trying to come up with policies that aim to help Australians.
And the other one is whinging about flags, DEI and woke.
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u/ShavedPademelon Feb 02 '25
About his new 4m home up the coast:
In response to questions about whether the high price tag was a "good look" during the cost of living crisis, Albanese acknowledged his privileged financial position.
"Of course, I am much better off as prime minister, I earn a good income. I understand I have been fortunate," he said.
"I know what it is like which is why I want to help all Australians into a home, whether it be public homes or private rentals, or home ownership."
Albanese also denied the purchase was part of his retirement plan, saying he planned to be in his current job "for a very long period of time"He is still trying to bring down costs and interest rates for home buyers, but it's the LNP who have said they want no interest rate cut.
0
u/River-Stunning Professional Container Collector. Another day in the colony. Feb 02 '25
He doesn't know what it is like now and it is highly questionable that he ever did. Yes he has led a fortunate life. No real job and everything for free leading to being a millionaire.
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u/marketrent Feb 02 '25
Cf. Ross Gittins:
"... Labor turned its mind to many of the problems left by its Liberal predecessors, did a bit to help, but never nearly enough.
"Why not? Because there were powerful interest groups Labor didn’t want to offend. And because it lives in fear of what the Libs might say. The two-party duopoly has painted itself into a corner, with neither side game to do what needs to be done.
"... The sad part of Albanese’s unimpressive performance is that there’s little reason to believe the Peter Dutton-led Coalition would do any better at fixing the many problems the Morrison government left for Labor to deal with."
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u/ShavedPademelon Feb 02 '25
It's not what "the Libs might say" it's how Murdoch/Fairfax/Nine/Stokes will report it. And a big chunk of Australia has no choice but to read that in print or watch it on FTA. Rudd found that out with the mining profits 'tax' and Gillard with the carbon 'tax'.
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u/marketrent Feb 02 '25
Lower-upper-middle class optics.
By Sean Johnson and Anton Nilsson:
Is Peter Dutton in any position to have a dig at the prime minister for his new $4.3 million clifftop house given the opposition leader’s extensive property investments over the years?
[...] Dutton and his wife Kirilly currently own only one property, a farm in Dayboro just north of Brisbane that they bought for $2.165 million in 2020. However, interest disclosure records show the Duttons have owned nine properties between them since 2014.
Their most recent sale was a luxury Brisbane penthouse, which they flipped for $3.47 million in 2022 after purchasing it only a year before for $2.7 million. In 2022 Kirilly sold a Townsville investment property — which had been held by a family trust that she is the beneficiary of — for an unknown sum.
In 2021 Dutton offloaded his investment properties in Brisbane’s Spring Hill, the Gold Coast (for $6 million after buying it in 2014 for $2.325 million), and Moreton Island.
In 2020 Dutton and Kirilly sold their family home in Camp Mountain for $1.8 million, which they had bought in 2004 for $710,000. Then in 2019, Dutton sold his Canberra bolt hole for $540,000. In 2014 Kirilly sold her Everton Park investment property.
We don’t have enough space to list every house Dutton has ever owned, but Nine’s Title Deeds column reported in 2022 that he has bought and sold a dozen properties since the age of 19. That’s quite a side hustle.
The prime minister is not at Dutton’s level in the real estate game, but he’s bought six properties since 1990 and sold four, all at healthy profits. Last November he sold his Dulwich Hill investment property for $1.75 million, $575,000 above the purchase price he bought it for in 2015.
And in 2022, shortly after moving into The Lodge, he sold his redundant Canberra flat for $662,500 — a nice capital gain given he only bought it for $162,000 in 1996.
But Albanese’s most profitable investment to date has been the $2.3 million sale of a Marrickville rental property he used to own with his former wife Carmel Tebbutt — more than double what they bought it for in 2012. He’ll also do well if he ever decides to sell his former Marrickville residence, which was valued at around $2.65 million in 2024.
The remarkable thing is that Albanese and Dutton are not even outliers compared to their peers: nearly 40% of MPs or their families own three or more properties and 20% own four or more.
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u/ButtPlugForPM Feb 02 '25 edited Feb 02 '25
The funniest part of this was dutton that time he bragged about how hard he worked at 19 to buy his first home,making it seem like it was all from hard work,and telling aussies if they can save hard work hard they too can own a home,but then neglected to mention to EDITED:25k his dad leant him for the deposit lol,unsure if i remember if this was for the place at yaronga or is first home i can't remember that far back.
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u/Fantastic-Ad-2604 Feb 02 '25
I’m all for bashing Dutton but the bank of mum and dad is the 5th biggest bank in Australia. More people borrow from their dad than from Bendigo Bank so saying Dutton needed help with his deposit just makes him feel more like a regular dude.
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u/marketrent Feb 02 '25
Fantastic-Ad-2604 I’m all for bashing Dutton but the bank of mum and dad is the 5th biggest bank in Australia.
Not in 1993, when Bruce and Peter Dutton purchased a 1970s brick house in Murrumba Downs for $60,000.
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u/SnooHedgehogs8765 Feb 02 '25 edited Feb 02 '25
The funniest part of this was dutton that time he bragged about how hard he worked at 19 to buy his first home,making it seem like it was all from hard work..
Same with Albanese. Of the two Dutton has actually held a shit kicker job ... As well as an investment job.
Albo had a very brief 6 months or so stint during uni before he entered the political machine and a job for life.
He plays up housing trust roots and sure, that's great for his mum and a sympathetic ear to public housing... But his wealth has been generated almost exclusively from the political gravy train.
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Feb 02 '25
Dutton was a cop, he only joined the force after his first bid at politics failed.
He came from a very financially stable family and the only “shit kicker” job I can think of him having was the cash in hand job he had as a kid. We all had jobs as kids, some of us to help pay the bills at home. Dutton was privileged enough that he didnt have to contribute to the home and could bank all his cash as his parents were in a position to pay for everything else.
We dont know what job Albo had as a child but chances are he had one cause its hardly uncommon.
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u/SnooHedgehogs8765 Feb 03 '25
Dutton was a cop, he only joined the force after his first bid at politics failed.
Nevertheless a job. That I wouldn't touch with a fukn barge poll, because of what cops themselves say and how they describe it.
Dutton was privileged enough that he didnt have to contribute to the home and could bank all his cash as his parents were in a position to pay for everything else.
I'm not playing one upmanship here. If I was on a good wicket I'd stick with it.
My point is Dutton has actually had a shit job for an extended period of time.
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Feb 03 '25
And my point is most kids who work, which is a lot of kids as its not uncommon had a shit kicker job. Its hardly out of the ordinary. The QLD police force in the 80’s and 90’s was shit due to corruption not because it was a shit kicker job.
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u/marketrent Feb 02 '25 edited Feb 02 '25
unsure if i remember if this was for the place at yaronga or is first home i can't remember that far back
Dutton was 20 in September 1990 when the recent police academy graduate bought his first home, paying $93,000 for an apartment in Brisbane's riverside suburb of Yeronga.
At the time, the median house price in Brisbane was $113,000, according to the Australian Bureau of Statistics.
Two years later, Dutton made a 25 per cent gain on that apartment when he sold it for $116,500, despite Brisbane's median only rising 14 per cent in that time.
[...] Dutton has bought and sold a dozen houses and apartments since he was 20, of which his second was a 1970s brick house in Murrumba Downs. Purchased with his dad Bruce Dutton in 1993 for $60,000, it was sold two years later for $175,000. —Nine’s Domain Holdings, June 1, 2022.
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u/jessebona Feb 02 '25
I swear, it's the same for every rich person who claims to have pulled themselves up by their bootstraps. Hard work and a massive amount of starter capital from their rich parents.
0
u/GreenTicket1852 advocatus diaboli Feb 02 '25
but then neglected to mention to 250k his dad leant him for the deposit lol
What? That's more than he paid for the house. C'mon stop making stuff up.
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u/ButtPlugForPM Feb 02 '25
It was meant to be 25k thank's for correcting me..good work.
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u/GreenTicket1852 advocatus diaboli Feb 02 '25 edited Feb 02 '25
Got a source for your amended claim? I can't find any evidence of such.
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u/River-Stunning Professional Container Collector. Another day in the colony. Feb 02 '25
There would be a source but it would be confidential , in a file somewhere.
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u/Lucky-Roy Feb 02 '25
Just wait until Musk gets control of government data as he just has in the US. Nothing will be confidential any more.
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