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ISCOVER
By: Staff Reporter
Making headlines today, The Daily Telegraph has reported that Opposition Leader Tony Abbott failed to declare a $710,000 home loan to Parliament for two years.
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According to the paper, Mr Abbott took out the mortgage on his family home shortly after going into opposition.
Mr Abbott, who claimed in 2008 that politicians do not get paid enough, took out the loan in April 2008 – four months after losing the election and halving his salary.
However, in what appears to be a breach of the parliamentary rules covering MPs’ pecuniary interests he failed to declare the loan until two weeks ago when inquiries were first made into the loans.
Parliament requires all MPs to register any changes to interests, benefits or liabilities within 28 days.
Meanwhile, The Australian has reported that the era of 'super profits' on the back of mortgages is over for Australia’s two major lenders.
NAB chief financial officer Mark Joiner told the paper that CBA and Westpac took advantage of the 2008 global accord known as Basel II, which effectively boosted the return on equity for a home loan from about 22 per cent to 45 per cent.
