The company MPs keep
Our new analysis, based on automatically updated data, shows which public companies and industries federal parliamentarians and their families have shares in, and identifies the big shareholders.
Sean Johnson15 July 2024, updated 25 July and 30 July 2024
Mining and energy producers, the big four banks, telcos, supermarket duopolists, and gambling and alcohol stocks are popular investments with federal parliamentarians and their families, a new analysis of the federal interest registers reveals.
Pollies have declared at least 430 shareholdings in over 230 listed companies since the start of the 47th parliament, though this understates the extent of holdings because, for reasons unknown, the Senate doesn't disclose senators' family interests.
Coalition MPs currently have 231 holdings (54% of all holdings), despite Peter Dutton’s troops only comprising 38% of the parliament, while Labor MPs have 171 holdings (40%), though the disparity between the parties would be narrower if not for the ban on ministers owning shares.
Popular shares | Popular industries | Biggest shareholders
Companies that belch out greenhouse gases and price gouge their customers are not the only popular stocks, with the wages of sin feature prominently in the registers too: gambling and pubs giant Endeavour Group, Australia’s largest pokies operator with over 12,500 one-armed bandits, is the 12th most popular stock with eight holdings. Five of the Endeavour holdings are owned by government MPs or their families.
The crown for the most gambling stocks goes to Coalition shadow minister Ted O’Brien, who owns shares in Endeavour, Tabcorp, and The Lottery Corporation; he previously held shares in The Star Entertainment. Not far behind him is Coalition senator Paul Scarr, whose trust owns shares in Endeavour, The Lottery Corporation, and Tabcorp. Meanwhile Warren Entsch's partner Yolonde recently divested from Pointsbet.
Apart from Endeavour, other alcohol-related holdings declared to the registers by Labor, Coalition and Greens MPs include Treasury Wine Estates, Coles (owner of Liquorland), Metcash, and the recently delisted United Malt Group.
Our political class is invested in the energy transition, with holdings declared in at least five rare earths and five critical minerals companies. The standout is Lynas Rare Earths, only 96th by market cap on the ASX but equal 9th place in our league table with eight holdings – it's very popular with government MPs (five holdings) and Barnaby Joyce’s two young sons.
Other rare earth or critical minerals stocks held by MPs and their loved ones include Iluka Resources, Arafura Rare Earths, Liontown Resources, Northern Minerals, Vulcan Energy, RareX, Galan Lithium, Lake Resources, Pilbara Minerals, Lithium Australia, Arizona Lithium, Piedmont Lithium, and Latrobe Magnesium.
The Morrison and Albanese governments have provided massive subsidies to several of these companies, all in the name of 'sovereign capacity' (the latest excuse rent seekers use), including Iluka ($1.25bn from Morrison government), Arafura ($840m), Liontown ($230m), Pilbara Minerals ($250m), Lynas ($20m from Morrison government) and Northern Minerals ($5.9m and Treasurer Jim Chalmers ordering Chinese investors to reduce their stake). And Vulcan Energy has reportedly been offered $200m by Export Finance Australia.
These companies are, of course, hardly the only ones in our table that receive government support. Look at the top 20 holdings. Mining companies and CSL receive billions in public subsidies, the big banks enjoy an implied government guarantee, Qantas is protected from international competition, and health insurers wouldn't survive without public subsidies and tax benefits. And the supermarket duopoly and gambling and alcohol companies can thank successive governments for doing precisely nothing to protect their customers from being ripped off or becoming addicted.
Moving on from our rant, over 30 companies have been removed from the registers over the past two years - see pages 11 and 12 of the table above. While many are due to divestments, some are because of MPs retiring from parliament or separating from their partners.
A further seven companies have been delisted due to takeovers, mergers and collapses. To view, type 'delisted' into the table search box.
Popular industries
Investments have been declared across 24 industry groups, though the materials shareholdings, which are mostly in mining companies, amount to nearly a quarter of all holdings.
The top four industries – materials, banks, telecommunication services and consumer staples distribution & retail – represent over half of all holdings.
Materials holdings are spread across 67 companies, while those in the concentrated banking sector are, you guessed it, concentrated with the big four banks (82% of stocks).
MPs have sold out of the Health Care Equipment & Services industry in a major way, with sales in Sonic Healthcare, Resmed, Cochlear, Alcidion, Polynova, and Respiri, however most were forced divestments by ministers.
We've also seen the sell off of nine bank holdings (CBA, NAB, ANZ), though the majority of these were by choice. There have been five divestments in insurance stocks (IAG, Suncorp, and Medibank) and the same number in food and beverage (Treasury Wines, A2 Milk, and Bega Cheese).
Biggest shareholders
Since the last election 83 MPs (37% of parliament) have declared shareholdings for themselves or their families, however following various divestments and retirements there are presently 67 (30%) with holdings.
Assistant Minister Ged Kearney's husband Leigh Hubbard is the standout shareholder with 8% of all holdings declared to the registers.
Liberal Rick Wilson and Labor's Michelle Ananda-Rajah have substantial holdings as well, however these are joint holdings with their partners.
Leigh Hubbard also distinguishes himself with his trading activity. He's purchased shares in 27 new companies since the last election.
The next biggest buyer is Labor MP Dr Mike Freelander’s wife Sharon, who’s owns shares in 11 companies including Endeavour Group, Woodside, and BHP, and Metcash.
Ged Kearney divested from 18 companies following her appointment to the ministry in June 2022, while her colleague Kristy McBain was forced to sell off her eight holdings for the same reason.
Another major divestor is Nationals leader David Littleproud and his family, who stopped investing in listed companies altogether after offloading their eight holdings in January last year.
Teal independent Kylea Tink's stocks have fallen by that amount too, though in her case the change is partly due to her marital separation.
