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How pollies, privileged use loopholes to build wealth

10 0
saturday

Not so long ago, former Liberal prime minister Malcolm Turnbull was branded “Mr Harbourside Mansion”, a moniker bestowed upon him by his own side of politics.

Turnbull’s estimated $200 million in wealth when he entered politics was well known. So too was the estimated $56 million in riches accrued outside of politics by Labor prime minister Kevin Rudd and his family.

Not all politicians are multimillionaires like Turnbull and Rudd. But generally, they are wealthier than their constituents. They are also more likely to own more than one home.

A recent ABC analysis of the parliamentary public interests register found 215 of Australia’s 227 members and senators own at least one property. 77 of them recorded interest in three or more properties.

Australians know their politicians tend to be richer than they are and sometimes it makes waves.

Anthony Albanese’s purchase of a $4 million home on the NSW central coast dominated headlines for weeks, and it’s still being raised in focus and research groups as an issue with voters.

Crucially, like Turnbull and Rudd’s wealth, Albanese’s cash splash on his coastal dream home has always been publicly available information.

But Opposition........

© InDaily