A breakdown of the Prime Minister’s property portfolio reveals a comfortable buffer in the top job as interest rates soar across the country.
Anthony Abanese’s property portfolio is revealed to give the Prime Minister an impressive $115,000 salary top up annually, as interest rates soar across the nation.
After moving into the Lodge last year, Mr Albanese has decided to rent out his family home for a boost of $70,000 to his yearly income.
The home in Marrickville, estimated to be worth $2 million, has a backyard swimming pool and fetches $1,350 weekly rent, with no associated mortgage according to parliamentary records.
The rental stream is added to a yearly top job salary of $564,356, which was increased by $15,500 in last year’s politician salary bump.
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The Prime Minister now boasts a combined annual income of $679,356 before tax on his income and two properties.
After growing up in public housing, Mr Albanese is also landlord to a second property in Dulwich Hill.
The inner west Sydney property valued at $1.6 to $1.9 million is rented out for $880 a week, contributing to a mortgage held with Commonwealth Bank.
Mr Albanese currently resides in The Lodge in Canberra rent free, with the Prime Minister’s official residence including personal staff to cook and clean.
He also owns a Federation bungalow in Sydney’s Marrickville worth up to $2.5 million and had a fourth property in the area.
He sold the property for $2.25 million after his divorce with former NSW deputy premier Carmel Tebbutt.
In contrast, Australian households are under further mortgage strain after the Reserve Bank hiked the cash rate by 25 basis points on Tuesday for its ninth consecutive increase.
The Albanese Government is set to address the multifaceted issue of housing which as well as mortgage stress includes unaffordable rents, lack of social housing and homelessness.
The federal government is set to introduce legislation for its $10 billion social housing plan this week, which has been criticised for not doing much to address high rents and mortgages.
Later today I’ll give notice in Parliament that the Albanese Government will introduce its landmark housing legislative package this week.
This will include legislation to create the $10 billion Housing Australia Future Fund to build 30,000 new social and affordable homes. pic.twitter.com/QRlx8pxqp4
The Housing Future Fund focus will aim to build 30,000 new social and affordable housing units in its first five years.
There will be $200 million allocated to repairing and maintaining housing in remote Indigenous communities, while another $100 million will assist women and children impacted by domestic violence.
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