Peter Dutton’s investments have been making headlines recently, with the opposition leader defending his shares and property dealings against heightened scrutiny. Much of the recent questioning has stemmed from his investments in Australia’s big banks — and whether he used insider information to make those investments.
As Labor attempts to paint the leader’s significant investments as ‘out of touch’ with ordinary Australians, Dutton insists this is a case of trying to kick up dirt ahead of the election.
There’s a lot of unpack here, so you best get seated.
Why the questions?
As reported by news.com.au on Tuesday, Dutton’s investment history was thrust in the spotlight after an analysis of his declarations found he notified parliament of a “share-buying” blitz in late 2008 and early 2009, buying shares in NAB, ANZ, and Commonwealth Bank.
The catch? The notification came one day before the then-Labor government announced a $4 billion stimulus package involving the banks in a bid to stimulate the economy following the Global Financial Crisis. It also resulted in soaring share prices.
The news quickly spurred discussion this week about whether the Opposition leader had access to confidential information which could have influenced his decision before the announcement and whether he might have made a profitable investment based on insider knowledge.
Dutton had not purchased shares in the previous three-year parliamentary term, per the publication.
Meanwhile, a Sydney Morning Herald report also detailed the opposition leader’s $30 million of property transactions over the past three decades. According to the report, Dutton has made property sales of $18.8 million in transactions “that he has frequently declared to parliament late, partially, or not at all”, including two instances where it said he failed to declare the property completely.
What has Labor said?
Prime Minister Anthony Albanese said it was a matter for the opposition leader to provide an explanation and Industrial Relations Minister Murray Watt further added there were “very serious questions” to answer, including whether he had access to sensitive information.
“This is a guy who had no real history of trading in bank shares, but he entered into an absolute frenzy of buying and selling bank shares over a very small period of time that just happened to coincide with the time that the Rudd government was planning and delivering multibillion-dollar bank bailouts,” he said, per the Australian Financial Review.
“In fact, Peter Dutton, the records show, bought a substantial number of shares in three of Australia’s leading four banks at a day when their share value was at a record low.”
Labor MP for Parramatta Andrew Charlton — who was serving as chief economic adviser to then PM Kevin Rudd during this time — told ABC’s 7.30 his jaw “fell to the floor” upon learning of Dutton’s share trades.
“I was there at that time, and I saw the Australian economy on fire. I saw the Australian share market fall by more than 60 per cent, destroying wealth for millions of Australians,” he said on Wednesday.
But there was one political leader who “was focused on his own financial interest”, Charlton said, referencing a statement made by Dutton in response to the trades.
How has Dutton addressed this?
Dutton has maintained he properly made the required disclosures about his investments to the parliament and said he’s unapologetic about the fact he’s been “successful in business”.
As reported by ABC News on Wednesday, he blamed “dirt sheets” from the PM’s office for the recent media reports.
“I’ve only ever acted with integrity,” Dutton told reporters.
“They’ve trawled through every transaction of my entire adult life and they’ve come up with the fact that we’ve bought and sold properties.
“I’ve been proud of what my family and I have been able to achieve and I think the Australian people want somebody who knows how to make money, who knows how to manage the economy. I’ve demonstrated that as assistant treasurer.”
Responding to claims he failed to declare two properties under federal disclosures rules — which requires disclosures within 28 days of any changes — Dutton conceded some paperwork had not been submitted on time although “there’s nothing consequential in that”.
Regarding the bank shares, he emphasised there’s “no information I’ve been privy to that influenced any decision about any share that I’ve bought”.
Dutton attributed the purchases to “astute” investing, explaining many would have seen value in picking up the shares at their then-low prices. He also said he does not have any “hidden assets” in a family trust account, per the Guardian.
What does this mean for the election?
An election has yet to be called — although it cannot be later than May 17 — but it’s already looking pretty heated as the race is underway.
Questions about politicians’ financial holdings are nothing new, given PM Albanese was also heavily criticised last year for his decision to buy a $4 million beach home at Copacabana, which was painted as his lux “retirement home”.
It’ll be interesting to see how all this lands with voters, particularly when there’s some pretty targeted efforts to manage perceptions amid a cost-of-living and housing crisis.
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