Wednesday, 11 March 2015

Has Australian Prime Minister Tony Abbott re-mortgaged the family home yet again?

Most of Tony Abbott's official declarations of pecuniary and non-pecuniary interest are lost in the mists of time.

Hansard reveals that in 1995 he admitted to Parliament that he was the beneficiary of one, possibly two, family trusts - with Etonwest Pty Ltd as trustee for one at least of these trusts. 

This company, owned by his parents, was registered in 1970 when he was twelve years old and deregistered in 2004 when he was the Federal Minister for Health and Ageing.

Media reports inform us that his 1998 declaration showed his involvement as one of three trustees for the Australians for Honest Politics Trust (created on 24 August 1998).

However, little else is now readily available before 2008, when the details of his home finance becomes of interest.

In his official Statement of Registerable Interests (22 February 2008) then Shadow Minister for Families, Housing, Community Services and Indigenous Affairs Tony Abbott listed an unspecified joint mortgage with his wife with what is probably the Commonwealth Bank of Australia.

In 2010 it came to the attention of Australian voters that as then Opposition Leader Tony Abbott had failed to declare a $710,000 mortgage on his Forestville NSW home entered into sometime in 2008 or 2009.

This mortgage was added to his official declaration of interests sometime in June 2010 and appeared to be a shared equity arrangement with the Adelaide Bank and Rismark:

On 9 December 2013 as Australian Prime Minister Tony Abbott once more declared a joint mortgage with his wife on the family home, this time with the National Australia Banking Group:

For a man who earns an est. $539,338 in combined salary and allowances and who virtually lives for free as Prime Minister of Australia, with a wife who is a paid company director/manager and no dependent children, this continuous level of debt on a house purchased in 1994 is rather curious to say the least.

One has to wonder what the Prime Minister does with his money? Do they burn $100 bills just for fun in the Abbott household with little thought for tomorrow?

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