Anthony Albanese’s mammoth $120,000 rental income revealed

The PM has started renting out the multimillion-dollar home he bought with his fiancee last year, and he’s raking in some serious money.

Landlord Anthony Albanese has quietly rented out his $4 million Copacabana retirement home and is tipped to be able to ask for about $1000 a week for the luxury property.

The Prime Minister updated his official register of interests in January to list for the first time unspecified “rental income” for the clifftop NSW Central Coast property.

His real estate agent declined to reveal how much rent he is charging. However, online estimators suggested he could ask for $1000 a week or about $52,000 a year.

After growing up in public housing, Mr Albanese is now also renting out his Sydney home, a mortgage-free federation bungalow with a pool for $1350 a week while he lives rent-free at the Lodge.

The new disclosure made in January. Picture: Supplied

Australian Prime Minister Anthony Albanese’s rental income has been revealed. Picture: NewsWire / David Geraghty

MORE:Another blow for Albo in rip-off rental bid

That means that Mr Albanese’s rental income is around $2350 a week or $9400 a month. His annual rental income on top of his salary is an estimated $122,200 and his salary is $564,356 a year.

News.com.au has contacted the Prime Minister’s office for comment.

Greens housing spokesman Max Chandler-Mather has previously taken aim at Mr Albanese for owning investment properties as he stepped up his campaign to scrap negative gearing laws.

“Let’s be real, if Labor wants to deal with housing affordability then it’s time to phase out the billions of dollars in tax concessions property investors get every year in the form of negative gearing and capital gains tax concessions,” Mr Chandler-Mather said.

“We could be investing that money in building public housing but instead it is going to people like the Prime Minister with his three investment properties.”

Anthony Albanese bought the multi-story house coastal retreat with his fiancee Jodie Haydon. Picture: Realestate.com.au

He went on to question why Australia has a “property investor as a prime minister” during the “worst housing crisis we’ve seen in a generation”, accusing Mr Albanese of fighting to protect negative gearing and capital gains tax concessions.

“And I think what they’ve got to realise on the politics of this in the course of this year a lot of renters are going to start asking the question,” he explained.

How the PM earns $564,356 a year

Mr Albanese, who scored a huge pay bump after the 2022 federal election, now earns $564,356 a year.

He rented out his family home with a backyard swimming pool in Marrickville for $1350 a week after moving into the Lodge, delivering a handy income stream of $70,000-a-year.

Mr Albanese previously earned $45,000 for another at Dulwich Hill that he sold last year before renting out Copacabana for an estimated $1000 a week.

That means he likely has a combined annual income of $686,556 before he pays tax on his income and two investment properties.

Anthony Albanese is now earning rental income from two investment properties. Picture: NewsWire / Martin Ollman

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.

In recent years, Mr Albanese made a tidy $500,000 profit after offloading his two-bedroom Canberra “bachelor pad”. He bought the property 23 years ago for $162,000.

Albo’s climb of the property ladder

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 about $5 million before he offloaded several properties to take his holdings down to around $4 million last year before selling Dulwich Hill and buying the $4 million Copacabana property.

Inside the cliff top home on NSW’s Central Coast. Picture: Realestate.com.au

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.

During a debate with Scott Morrison at the 2022 federal election, Mr Albanese backed the use of negative gearing to help property investors.

It followed former Labor leader 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,’’ Mr Albanese said.

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

The Dulwich Hill townhouse previously owned by the Prime Minister. Picture: NewsWire / Max Mason-Hubers

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

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 (known as TA) 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 doesn’t claim TA in the nation’s capital or in Sydney but can claim it elsewhere when travelling.

“As always everything has been appropriately declared,” a spokeswoman said.

Originally published as Anthony Albanese’s mammoth $120,000 rental income revealed