NSW Nationals leader Paul Toole in hot water over non-disclosure

NSW Deputy Premier Paul Toole failed to declare more than $125,000 in rental income that he obtained from investment properties, prompting an investigation into his conduct.

NSW Deputy Premier Paul Toole. Picture: Dominic Lorrimer

NSW Deputy Premier Paul Toole failed to declare more than $125,000 in rental income that he obtained from investment properties, prompting an investigation into his conduct and claims he breached disclosure requirements as a member of parliament.

Mr Toole conceded the error on Thursday after the matter was raised at a parliamentary budget estimates hearing with Premier Dominic Perrottet, who said he was unaware of the matter and would raise it with his deputy for clarification.

The newly elected Nationals leader owns several investment properties in the regional city of Bathurst, including an apartment on Lambert Street, purchased in 2014 and sold last year, a second apartment on William Street, owned since 2020, and a third on Prince Edward Street.

At least two of the properties are known to have been rented for more than $300 a week, according to information obtained through RP Data research.

The proceeds of sales of further properties on Havannah Street and a second apartment on Prince Edward Street - disposed of in 2013 and 2018 - were allegedly not accounted for in subsequent disclosures, NSW Labor said.

Members of parliament are required to disclose all sources of income above $500, twice yearly, including any funds derived from trusts, contracts, agreements, shareholdings, gifts and travel contributions.

Mr Toole’s disclosures have included the ownership of various properties but he has never declared the rental income received.

He told The Australian in a statement that he moved to correct the matter once it was brought to his attention during Thursday’s hearings.

“I have always sought to be transparent with my pecuniary interests and disclosed the ownership of all properties as required,” he said. “As soon as the issue was raised, I sought clarification and have already made moves to ­rectify the matter.”

The Australian understands Mr Toole has since made a subsequent disclosure for the rental income. However NSW Labor is likely to pursue the matter further, framing it as a test of Mr Perrottet’s leadership.

In response to questions, Mr Perrottet said the matter had been clarified by Mr Toole; his office did not provide further comment on what action, if any, would be taken against the Deputy Premier.

The revelations emerged in the wake of a corruption inquiry examining former premier Gladys Berejiklian, which ended on Monday and turned heavily on her application and adherence to the NSW ministerial code of conduct.

Labor’s leader in the Legislative Council, Penny Sharpe, said Mr Toole, who was elected in 2011, had “wilfully failed” to declare the rental income across his entire parliamentary career.

“This is a gross breach of his disclosure requirements as an MP, as a minister and as the Deputy Premier,” she said.

“The corruption watchdog is currently investigating potential breaches of the ministerial code by the former premier.

“The new Premier is now responsible for oversight of the ministerial code.

“The incoming Premier’s first response when faced with clear evidence of a wilful breach by his Deputy Premier of the same ministerial code is to simply shrug his shoulders. This is not good enough.”

Ms Sharpe said NSW Labor would “consider all options” about taking further action in ­relation to the matter.

During the budget estimates hearing, Ms Sharpe put the matter to Mr Perrottet, who said he would need to seek advice from the Department of Premier and Cabinet before concluding the matter was a breach of the ministerial code.