Prime Minister Anthony Albanese is facing a proper roasting from the Coalition after fresh analysis revealed he raked in more than $200,000 using the exact same capital gains tax (CGT) loopholes his government is trying to scrap for future generations.
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Talk about a golden handshake. While Labor is busy telling everyday Aussies that the current tax system is “unfair” and needs an overhaul, the PM has been quietly laughing all the way to the bank, saving a cool $209,427 thanks to the Howard-era 50% CGT discount. Under Labor’s proposed new rules, that discount is getting the chop and being replaced by a complex indexed model.
Albo’s Property Goldmine
The Coalition crunched the numbers on the PM’s personal property portfolio between 2012 and 2022, and it turns out Albo knows exactly how to play the Great Australian Dream:
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The Marrickville smash hit: Bought for $1.12 million in 2012, sold in 2021 for $2.35 million. That’s a tidy $1.2 million capital gain.
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The Dulwich Hill earner: An investment property copped for $1.18 million in 2015 and flipped in 2024 for $1.75 million—pocketing $575,000.
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The Canberra unit: Snagged way back in 1996 for just $162,000 and sold in 2022 for $662,500. A cool $500,500 profit.
“Denying younger Aussies a fair go” Opposition Leader Angus Taylor didn’t hold back, calling the findings a textbook case of rank hypocrisy. “Many Australians, including those in Labor, got ahead because this country once rewarded aspiration, investment and hard work,” Taylor said. “Now Labor is pulling the ladder up behind them and denying younger Australians those same opportunities.”
