The propertied federal political class

The 150 members in the House of Representatives also have substantial property interests. In total, they own 361 properties – 2.41 properties per member – estimated to be worth around $191 million.

Moreover, 95 per cent of all Representatives own real estate (54 per cent investment/commercial property/vacant land, 43 per cent owner-occupied and 3 per cent recreational), 86 per cent have a mortgage, and the top ten own an astonishing 92 properties. Double-digit property holdings are maintained by David Gillespie (NP, 18 properties), Clive Palmer (PUP, 13 properties), Natasha Griggs (CLP, 12 properties) and Karen Andrews (LIB, 10 properties) (see Table 2).

The trends in the data suggest a sizeable majority of federal politicians have a vested interest in maintaining high housing prices, particularly since most have mortgages over their own investments. A fall in housing prices may cause many politicians to fall into negative equity, providing a strong incentive for politicians to enact legislation which has helped fuel a housing bubble, enriching owners.

When the top twenty members of the landed gentry in federal parliament own 191 properties, it is difficult to believe that politicians will address the real causes of housing unaffordability, despite the recommendations from government reports.

If federal senators like Xenophon are looking for solutions, the focus should be on negative gearing, capital gains tax concessions and exemptions, liberalised SMSF and foreign property investment, first home owner grants and boosts, deregulated bank lending, land-banking, town planning, local infrastructure and development levies and the absence of a uniform land value tax.

The property-rich Senate and House of Representatives cannot be trusted to act in good faith on matters concerning real estate. Aversion to evidence-based housing policy has a long and tortured history, owing to federal politicians' interest in maintaining the value of their collective real estate bounty, and also fearing a voter backlash following any substantive reforms that reduces prices, let alone the corrosive lobbying (legalised bribery) by the FIRE sector.

Politicians regularly demonstrate flagrant ignorance of policies which lead to more affordable housing, having consistently implemented flawed reforms that actually increase prices. Negligence and indifference has become par for the political course, suggesting the direction of housing policy must be freed from the vested interests of an unrepresentative parliament.