When the AMP and NRMA were demutualised, the mangers did not steal the money private investors paid to managers. The managers distributed the money to former asset owners: AMP and NRMA members.
When Howard and Costello sold the Commonwealth Bank, Telecom Australia, Qantas and other publically-owned assets, mangers Howard and Costello pocketed billions from selling Aussies assets we already mutually owned.
Taxpayers got nothing. To regain our assets, we had to pay swindlers Howard and Costello. And what did the two swindlers do with their ill-gotten billions? They cut federal taxes to induce us to vote Liberal.
The two swindlers also sold Commonwealth buildings (pocketed billions for vote buying) and leased back the same buildings at market rates. THIS is where Graham and Maureen made a motza from Liberal larceny and stupidity over and over and got rich.
Below is our first big coup. Via a property syndicate we bought this Canberra office block - and got a 10% yield plus (as ACT 99 year leases are costs not capital expenditure) we got all the legal and stamp duty expenses returned to us in the first year. So we got another 11% The 10% +11% income is Tax-Deferred.
Meanwhile, for that building and for other buildings Howard and Costello sold across Australia, the sale cash (at rents of 10%) was gone in ten years and rents (that taxpayers had to find) had doubled.
The Liberals are selling the farm bit by bit. Graham and Maureen use the rents we get to buy more 10% yield office blocks via a property trust and its syndicates.
Our latest purchase gives us insane delight.
This office block in Box Hill is under construction. But we get paid 9.5% pa in monthly distributions that become 10% upon 'practical completion' all of which is Tax-Deferred. Out tenant, who has signed a 20-year lease with rents increasing in line with market trends is (wait for it) the Australian Taxation Office. There is a God.
