Anthony Albanese raking in $115k a year in rental income off property empire

Landlord Anthony Albanese is making a killing each year in rental income on top of his salary as Prime Minister as interest rates soar for struggling families.

Landlord Anthony Albanese is raking in $115,000 a year in rental income on top of his salary as Prime Minister as interest rates soar for struggling families.

After growing up in public housing, the Prime Minister is now renting out two Sydney homes including a mortgage-free federation bungalow with a pool while he lives rent-free at the Lodge.

Mr Albanese, who scored a huge pay bump after the election, now earns $564,356 a year.

He also earns $70,000 a year in rental income for one property and $45,000 for another.

That means Mr Albanese has a combined annual income of $679,356 before he pays tax on his income and two investment properties.

Anthony Albanese (with partner Jodie Haydon) is raking in $115,000 a year in rental income Picture: Darren Leigh Roberts. Picture: NCA NewsWire / Martin Ollman

The PM is now renting the Marrickville property for over $1300 a week. Picture: Domain

Last year, Mr Albanese quietly rented out his family home with a backyard swimming pool in Marrickville for $1350 a week delivering a handy income stream of $70,000 a year.

The house does not have a mortgage according to the parliamentary register of interests and Mr Albanese owns it outright.

The family home that is now being rented out is estimated to be worth over $2 million.

Asked last year by news.com.au whether the house would remain empty during his time living at his taxpayer-funded home in Canberra, Mr Albanese said in September that he had not decided.

He also rents out a second property in Dulwich Hill for $880 a week. That property does have a mortgage with the Commonwealth Bank.

Last year, Mr Albanese made a tidy $500,000 profit after offloading his two-bedroom Canberra ‘bachelor pad’ (bedroom above). He bought the property 23 years ago for $162,000

He also rents out a second property in Dulwich Hill for $880 a week. That property does have a mortgage with the Commonwealth Bank.

He purchased the investment rental property in Dulwich Hill for $1.175 million in 2015. It’s now worth between $1.6 and $1.9 million.

Before his divorce, Mr Albanese also owned a fourth property in Marrickville which he sold for $2.25 million in July 2021.

The Prime Minister amassed a property portfolio worth around $5 million before he offloaded several properties to take his holdings down to around $4 million last year.

He lives rent-free at the Prime Minister’s official residence The Lodge in Canberra where he has access to personal staff to clean and cook and can also sleep at Kirribilli House when in Sydney.

Mr Albanese also rents out a second property in Dulwich Hill (interior above) for $880 a week. That property does have a mortgage with the Commonwealth Bank.

Before his divorce, Mr Albanese also owned a fourth property in Marrickville (above) which he sold for $2.25 million in July 2021

The disclosure paperwork surrounding the Prime Minister’s financial affairs, which was lodged on August 23 last year, reveals that the only property that he has a mortgage for is an investment property in Dulwich Hill with the Commonwealth Bank.

Mr Albanese also owns the Federation bungalow in Sydney’s Marrickville worth up to $2.5 million, which he bought for $997,500 in 2006.

During a debate with Scott Morrison at the federal election, Mr Albanese backed the use of negative gearing to help property investors.

It followed Bill Shorten’s plan to tighten tax breaks to improve housing affordability. Mr Albanese promptly dumped the proposal when he took over the leadership in 2019.

“Negative gearing is a good thing. We had a policy that we took to the election where we were not successful,’’ he said.

Negative gearing allows investors such as Mr Albanese to reduce the tax they pay by deducting money lost to mortgage repayments

Last year, Mr Albanese made a tidy $500,000 profit after offloading his Canberra ‘bachelor pad’ and moving into the Lodge.

The property was sold at an auction with three registered bidders for $662,500 on August 20. He purchased the property 23 years ago for $162,000

Mr Albanese’s climb up the property ladder began in 1990 when he bought his first home in Marrickville for $146,000.

Mr Albanese is renting out his mortgage-free federation bungalow with a pool for over $1300 a week. Picture: Domain

Former Prime Minister Scott Morrison has previously had a dig at Mr Albanese’s property wealth in parliament.

“The leader of the Opposition has bought plenty of homes,’’ he said.

“He’s bought plenty more than I have. Good for him. Good luck to him. We celebrate success.”

News.com.au previously revealed Labor leader Mr Albanese claimed $17,169 in travel allowance from taxpayers to stay at his mortgage-free Canberra apartment for 59 nights during Sydney’s marathon lockdown while staging “guerrilla” campaign missions into Queensland and Tasmania.

He claimed a travel allowance for 74 nights in Canberra, Queensland and Tasmania, while parliament was only sitting for 19 days during the same period.

By basing himself in the nation’s capital during the lockdowns in NSW and Victoria, Mr Albanese was able to campaign in Queensland while the Prime Minister remained largely locked down in Sydney and unable to travel.

Now that he’s based in Canberra at the Lodge as his home base he can’t claim TA in the nation’s capital but can claim it when in Sydney or elsewhere.