Gabrielle de Vietri on landlord’s profits. Full transcript of her speech to parliament:
You might think from the way some real estate agents and landlords are carrying on right now that they are bleeding money to keep their tenants happy. There is this warning of a landlord exodus should the renter class be granted something that resembles a secure, affordable, non-mouldy roof over their heads, as though, when a property investor sells up, that property just ceases to exist.
So you would imagine if that were the case, if landlords were really under so much stress, that it would be reflected in the data. Well, new data released from the ATO shows that landlords nearly doubled their earnings in a year. Australian landlords made $6 billion in 2022, up from $3.2 billion the previous year. In the middle of the worst housing crisis in living memory, more landlords are turning a profit, which, think about it, means renters are covering not only any mortgage repayments but also real estate agent fees and the maintenance and repair costs. They are also forking out extra cash on top of that for their landlord’s pocket money while renters are struggling to keep their head above water, let alone afford to save for a deposit of their own.
When Labor fails to cap and freeze rents, this is who and what they are protecting.
