Prime Minister Anthony Albanese has been mercilessly mocked across his affluent beachside suburb of Copacabana, where he owns a $4.3 million mansion. Signs aimed at Mr Albanese popped up in the neighbourhood on Wednesday, poking fun at the 50 times he promised not to touch negative gearing or capital gains tax.
Prior to the 2025 federal election, Mr Albanese was asked if he would rule out changes to both policies, to which he responded: “Yes. How hard is it? For the 50th time.” But after securing a parliamentary supermajority, he betrayed the promise, scrapping negative gearing on existing properties and winding back the capital gains discount. In response, signs have been erected around the Central Coast enclave where he owns a $4.3 million oceanside property.
Signs of Discontent
The signs were plastered over 50km/h speed limit signs, displaying a picture of Mr Albanese above the “50” number, saying “50 lies, not one truth”. The speed limit signs also carried the message: “Zero integrity” and “#LowBlowAlbo”. The political prank in the Prime Minister’s neighbourhood comes as anger continues to simmer over his broken election promises.
Treasurer Jim Chalmers confirmed in the federal budget that negative gearing would be restricted to newly built homes from July 2027. However, the changes will be grandfathered, meaning existing investors – including politicians with investment properties – will retain access to the benefits. Asked directly by Sky News, Mr Albanese was recently forced to admit he had used negative gearing on the way to buying his multimillion-dollar home.
Coalition Analysis on Tax Breaks
Coalition analysis also claimed Mr Albanese pocketed more than $200,000 from capital gains tax breaks his government plans to abolish for future generations. The analysis estimated Mr Albanese saved $209,427 by benefitting from the Howard-era capital gains tax discount, which will be replaced by his new indexed CGT model. Mr Albanese’s $200,000 in tax savings were made across a series of property transactions between 2012 and 2022.
He made a capital gain of about $1.2 million from a Marrickville property bought for $1.12 million in 2012 and sold for $2.35 million in 2021. Mr Albanese made $575,000 on a Dulwich Hill investment property bought for $1.18 million in 2015 and sold for $1.75 million in 2024. And he made another $500,500 from a Canberra unit bought for $162,000 in 1996 and sold for $662,500 in 2022.
The Coalition analysis compared property sales with how those transactions would be treated under Labor’s proposed replacement of the 50 per cent CGT discount. The findings come amid political debate over Labor’s tax and housing reforms, which have triggered scrutiny of Mr Albanese’s personal financial decisions.
Broader Campaign Against Tax Changes
The signs around Copacabana come weeks after more than a dozen billboards at Canberra Airport attacked the government’s tax changes as politicians arrived. Around the airport, signs carrying the message “Stop the ambition tax” were timed to greet MPs, staffers and media arriving for parliament.
Leading the campaign was mortgage broker Joseph Daoud, founder of It’s Simple Finance, who spent $17,500 of his own money to turn politicians’ weary heads. “Yes I did spend $17.5k on billboards. Yes I am sick of politicians not listening to us. Yes I am over people believing this budget ‘levels the playing field’,” he said on LinkedIn. “I don’t have to make long winded videos, explain bank policy or purchase billboards, I could’ve sat on the sidelines. But I love this country, I love it so much that I dipped into my own bank account to do what is right.”
Mr Daoud said he wanted every politician arriving in Canberra to confront the real-world consequences of Labor’s tax changes. “So when every staffer, politician and media member lands in our capital today they know exactly who these changes affect,” he said. Mr Daoud has purchased 18 billboards, including 16 digital displays inside the terminal showing rotating stories and images of Australians who will be hurt by the reforms.
