Prime Minister Anthony Albanese personally benefited from more than $200,000 in capital gains tax breaks that his government is now abolishing for future generations, according to new Coalition analysis.
Albanese's property gains under scrutiny
The analysis, reported by the Sunday Telegraph, estimates that Mr Albanese saved $209,427 by utilising the Howard-era 50 per cent capital gains tax (CGT) discount across a series of property transactions between 2012 and 2022. Labor plans to replace this discount with a new indexed CGT model.
Key property sales contributing to the savings include:
- A Marrickville property purchased for $1.12 million in 2012 and sold for $2.35 million in 2021, generating a capital gain of approximately $1.2 million.
- A Dulwich Hill investment property bought for $1.18 million in 2015 and sold for $1.75 million in 2024, yielding a $575,000 gain.
- A Canberra unit acquired for $162,000 in 1996 and sold for $662,500 in 2022, resulting in a $500,500 gain.
Opposition cries hypocrisy
Opposition Leader Angus Taylor slammed the findings as evidence of deep hypocrisy within the government's tax agenda. “Many Australians, including those in Labor, got ahead because this country once rewarded aspiration, investment and hard work,” Mr Taylor said. “Now Labor is pulling the ladder up behind them and denying younger Australians those same opportunities.”
SkyNews.com.au approached the Prime Minister's office for comment. The office referred to comments made by Mr Albanese during Question Time the day after the federal budget.
Political firestorm over tax reforms
The revelations come amid heated debate over Labor's tax and housing reforms, which have drawn scrutiny of Mr Albanese's personal financial decisions. During a fiery post-budget Question Time exchange, Mr Albanese became visibly agitated when challenged over his use of negative gearing and his property portfolio.
When asked why he was preventing a generation from benefiting from a tax arrangement he had used, the Prime Minister responded that he achieved home ownership in his twenties because his mother strongly encouraged him to buy his own home. Liberal MP Simon Kennedy pressed Mr Albanese on scrapping negative gearing, asking, “Why are younger Australians being denied these very same opportunities the Prime Minister and his Cabinet colleagues continue to benefit from?”
Mr Albanese defended his actions, stating he bought a house in Marrickville and lived in it, and that he and his partner Jodie have chosen to buy a home for themselves down the track.
Cabinet ministers and property investments
Sky News recently found that 15 cabinet ministers hold investment properties, while 10 have declared rental income, making them eligible to negatively gear. Mr Albanese rejected suggestions it was unfair for politicians to retain grandfathered negative gearing benefits while future generations lose access.
The opposition has confirmed it will repeal the negative gearing and capital gains changes if elected, accusing the government of misleading the public. Shadow treasurer Tim Wilson told Sky News, “The Treasurer has been caught out basically lying to the Australian community with the Prime Minister. Australians are angry, and more importantly, there's been a clear record of broken trust, and it's not even going to deliver the claimed benefits that they say.”
