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Home / New Zealand

Perks and properties

By Stephen Cook
Herald on Sunday·
12 Apr, 2008 05:00 PM5 mins to read

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Helen Clark. Photo / Paul Estcourt
Helen Clark. Photo / Paul Estcourt

Helen Clark. Photo / Paul Estcourt

KEY POINTS:

Colourful National MP Bob "The Builder" Clarkson has nine houses. So does exiled Labour MP Taito Phillip Field. Helen Clark, is a wee way behind with five while Winston Peters has only two - neither in the electorate where he hopes to be the next sitting MP.

The Register of Pecuniary Interests for MPs was tabled in Parliament last week and gives an intriguing insight into how the country's 121 MPs choose to invest their money.

Despite the volatility of the housing market, the numbers still show property remains the investment choice of many MPs - but when it comes to things such as superannuation and banking for many it's a case of "do as I say and not as I do".

While all 121 MPs have listed some form of superannuation savings, only five have signed up for KiwiSaver, the Government's flagship retirement savings scheme - and Finance Minister Michael Cullen isn't one of them.

Gifts from the private sector, including tickets to premier sporting events like the Rugby World Cup, have also become a regular perk for MPs who, under parliamentary rules, must declare all gifts worth more than $500.

The register gives no hint as to personal worth, but does set out politicians' assets. But what MPs have invested in property is the standout feature.

Clark has houses in Auckland and Wellington, as well as an investment property in the Rodney district which it appears is mortgaged through the Bank of New Zealand. Added recently to her growing property portfolio is a house in the United Kingdom she and husband Peter Davis inherited after Davis' father died earlier this year.

She also has funds in the Government super scheme and lists an interest in two trusts.

Key does not list any properties, although he owns a multimillion-dollar mansion in Parnell.

The National Party leader does, however, have shares and bonds with investment banking firm Merrill Lynch, property investment company Little Nell and gold mining company Jackson Mining.

Like most MPs, Key has shunned KiwiSaver, keeping his retirement savings tied up in two super schemes.

Peters - who is trying to win back the Tauranga seat this election - has a family trust in his name as well as land in the remote Northland settlements of Whananaki and Rawhiti.

If Peters is in the market for a new place in Tauranga, he could ask for some property advice from Clarkson, who, with Field, is Parliament's biggest landlord. The Tauranga millionaire has two family homes as well as land and buildings - some of which are leased - all around the city.

Not to be outdone, Field boasts a substantial property portfolio, with three rental properties and a family home in Mangere plus a Wellington apartment. On top of that, Field also has property holdings in Samoa.

Other players in the property market are National's Sandra Goudie, with six properties, Mita Ririnui and Lindsay Tisch, with five, and Tim Groser, David Parker, Anne Tolley and Winnie Laban with four.

Maori Party co-leader Pita Sharples has a family home, a Wellington apartment, land at Waipukurau and two mortgages, while Tariana Turia has a jointly owned home in Wanganui and a house in Wellington.

Greens' co-leader Jeanette Fitzsimons only owns one property, the family home in the Kauaeranga Valley, but she has two directorships, interests in five companies and funds with two super schemes.

Act's Rodney Hide, who has a home in Auckland, lists a suit from Kirkcaldie and Stains and a jacket from Icebreaker as the only gifts he received over the past year.

United Future leader Peter Dunne has a jointly owned family home in Wellington, interests in three companies and one super scheme.

CLARK'S EMPIRE

Assets
* Townhouse: Wellington
* House: Auckland
* Apartment: Christchurch
* Investment property: Rodney district
* House: United Kingdom
* Beneficial interest in Burke Trust and FG Clark Family Trust
* Funds in Government Superannuation scheme
* Bank of New Zealand bank deposits

Liabilities
* Bank of New Zealand mortgage

KEY'S EMPIRE

Assets
* Interests (such as shares and bonds) in Little Nell, Merrill Lynch, Jackson Mining
* Beneficial interests in JP and BI Key Family Trust
* Individual retirement plan and superannuation scheme with IS and PL Singapore

THE OTHERS

Michael Cullen isn't the only MP to champion a scheme he doesn't support personally.

Progressive Party leader Jim Anderton helped set up KiwiBank, but puts his money into the foreign-owned Commonwealth Bank of Australia.

The registry also provides interesting insights such as:

* Labour MP Steve Chadwick has a family trust called the Gonzo Family Trust.
* Former Cabinet Minister and school teacher David Benson Pope is involved with the Norman Kirk Memorial Trust which provides educational opportunities for young people.
* John Key received free tickets to the semi-finals of the Rugby World Cup.
* Labour list MP Ashraf Choudhary has land in Pakistan.
* Helen Clark received a gift of computer equipment from the Taiwan Economic Office.
* National's Bill English accepted two nights' free accommodation from the Hugo Group, an organisation which forecasts economic and policy trends.

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