Dutton Rejects ‘Dirt Sheet’ Tactics as Around Stocks, Property Mount

Leader of the Opposition Peter Dutton speaks to media, Brisbane, Australia on Dec. 13, 2024. AAP Image/Russell Freeman

Federal Opposition Leader Peter Dutton has defended his financial dealings after a day of intense media scrutiny over his share purchases and property transactions.

“I’ve only ever acted with integrity,” responding to allegations regarding his investments during the global financial crisis.

Reports emerged that Dutton bought shares in major Australian banks in early 2009, just days before the Rudd government announced a $4 billion stimulus package to stabilise the banking sector.

According to his parliamentary register of interests, Dutton made a series of share trades between October 2008 and March 2009.

On Jan. 23, 2009, he declared purchases of shares in Westpac, NAB, and Commonwealth Bank. The following day, the Rudd government unveiled the Australian Business Investment Partnership, aimed at reinforcing confidence in the banking system.

Labor has accused Dutton of having prior knowledge of the bailout plans. The revelation has drawn further scrutiny, given that Malcolm Turnbull, then-opposition leader, had been briefed on the government’s policy before its public announcement.

Dutton rejected suggestions of impropriety, stating, “There’s no information I’ve been privy to that influenced any decision about any share that I’ve bought.”

He also criticised Prime Minister Anthony Albanese’s office, accusing them of “shopping around dirt sheets” concerning his financial history.

“They’ve trawled through every transaction of my entire adult life and come up with the fact that we’ve bought and sold properties,” he said.

Property Transactions Under Spotlight

In addition to the share purchases, a separate report in Nine newspapers alleged that Dutton had failed to declare the sale of two properties under federal parliament’s disclosure rules more than 20 years ago.

While he acknowledged that some paperwork had not been submitted on time, he dismissed the claims as inconsequential.

“There’s nothing consequential in that,” he said.

Dutton defended his financial history, saying that he had been investing since his teenage years.

“I remember as an 18- or 19-year-old buying shares, so I’ve invested, and I think a lot of astute investors would have been buying bank shares at that time because they saw value in them,” he said.

He added that he purchased his first property with his father after finishing school and was unapologetic about his business success.

“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,” he stated.

He also pointed to Prime Minister Albanese’s financial success, stating, “The Prime Minister is a person of integrity, as I am, and he’s done well. He tells a story of growing up in Housing Commission. He’s now a multimillionaire with property—good luck to him. And I just think we live in a country where there’s aspiration.”

Dutton clarified that he now owns just one house, which he has declared, and that his family trust contains “no assets.” He did not disclose whether the trust holds any cash.

Political Fallout: Heated Senate Clash

The controversy also spilled into Senate Estimates, where tensions flared after Finance Minister Katy Gallagher raised questions about Dutton’s share trades.

During the hearing, Labor Senator Jana Stewart asked Department of Finance officials about rules governing public servants’ investments.

When an official confirmed that using insider information for personal gain was strictly prohibited, Gallagher said, “If a public servant knew hypothetically that the banks were to be bailed out during the GFC and sought to buy up shares of all those major banks on the eve of that announcement, I imagine there would be very, very serious consequences.”

“We are now reading about how Mr. Dutton behaved on the eve of that bank bailout ... I think there are genuine questions to answer,” she continued.

“It’s just a coincidence, was it, that there were a lot of shares purchased the day before a bank bailout? What a coincidence, a happy coincidence no doubt for Mr. Dutton.”

Her remarks provoked backlash from Liberal senators, including Jane Hume and James McGrath, who accused Gallagher of using parliamentary privilege to make accusations without consequence.

The heated exchange ultimately led to the suspension of the hearing.

As Dutton continues to maintain that his financial dealings have been conducted with integrity, it’s for Australians to weigh the claims and draw their own conclusions.