Uproar over Adrian Portelli’s Formula One car stunt in Melbourne: stage three tax cut furor

A millionaire real estate investor who was filmed dragging a flashy sports car into his 57th floor penthouse has sparked a political backlash.

Adrian Portelli, who is known as ‘Mr Lambo’ for his love of expensive vehicles, shared photos on Instagram Tuesday of the $2 million car that was taken to the $39 million penthouse at the Sapphire by the Gardens tower in East Melbourne.

Mr Portelli made headlines after an appearance on Channel Nine’s The Block last year, where he made a record-breaking offer on the house renovated by contestants Omar and Oz.

A post describing the car being transported to his home as a ‘rich flex’ sparked a wave of criticism with Greens leader Adam Bandt leading the backlash.

“Workers are giving this guy a $9,000 tax break while people are starving on $52 a day,” Bandt wrote on Twitter.

Bandt was referring to the Stage Three tax cuts that will take effect in the 2024-25 fiscal year, which were introduced by the Scott Morrison government and which the Albanian government has so far supported.

Melbourne property developer Adrian Portelli’s audacious stunt of hoisting a $2 million racing car off his luxury 57th-floor apartment has created a storm of outrage.

The cuts will eliminate the 37 percent marginal tax bracket, lower the tax rate from 32.5 percent to 30 percent, and create a new top marginal tax rate of 45 percent for those earning more than $200,000.

It means that everyone who makes between $45,000 and $200,000 will pay the same marginal tax rate. Voters with $60,000 will be eligible for a $375 tax cut, while those making more than $200,000 will be eligible for $9,075.

Richard Denniss, chief executive of left-leaning think tank The Australia Institute, tweeted: “The cost of living crisis is really hitting the rich…follow the $250bn Stage 3 tax cuts so more Australians can afford to put their racing car collection in their penthouse.’

Rachel Withers, a contributing editor for The Monthly, tweeted a similar comment about the flashy spectacle.

‘People on JobSeeker get an extra $2.86 per day!’ she wrote.

The Albanian government published the federal budget on Tuesday and revealed that JobSeeker’s pay would increase by $2.85 per day, or $40 per fortnight.

ANU professor and former political correspondent Mark Kenny also weighed in. “Typically tacky,” he wrote.

‘Why does the media keep implicitly praising such obscene displays of wealth and ego?

Portelli, who is worth an estimated $350 million, posted photos of himself posing next to the McLaren Senna GTR in his high-rise apartment.

‘A first look at the McLaren Senna GTR 57 floors up. A huge thank you to everyone involved for making this absolutely surreal moment happen,” he wrote.

The 34-year-old bought the luxury penthouse last month in a sale that broke the record for the most expensive apartment in the city by netting a whopping $39 million.

Mr. Portelli is known as ‘Mr Lambo’ and is seen posing with a hypercar.

Greens leader Adam Bandt expressed outrage after Portelli’s garish display of wealth.

However, he only intends to use it as a weekend.

The businessman, known as ‘Mr Lambo’ for his love of sports cars, told realestate.com.au that he decided to buy the apartment the same day he saw it for ‘security’ and because it was a ‘blank canvas’. .

He also admitted that one selling point was the penthouse’s direct link to the second tower, which will house a five-star Shangri-La hotel.

Portelli made headlines last year for raising the price of Omar and Oz’s house during The Block finale.

He opened bidding at $4.5 million, well above the reserve of $4.08 million, and his aggressive style meant that eventual buyer Danny Wallis ended up paying $5,666,666.66 for the five-bedroom, 10-acre Gisborne estate.

In a private sale after the auction, he paid $4.25 million for the home of Sharon Johal and Ankur Dogra.

In addition to real estate investing, Mr. Portelli also runs his own promotional and gift business, focusing on luxury vehicles and prestigious homes.

He has established a charity The Little Legends Foundation, which provides urgent medical care and offers experiences for vulnerable children.

Stage Three Tax Cuts

The removal of the stage three cuts that are planned to take effect in the 2024-25 fiscal year will see the marginal 37 percent tax bracket abolished, while lowering the tax rate from 32.5 percent to 30 percent. for everyone making between $45,000 and $200,000.

A new top marginal tax rate of 45 percent would apply for those making more than $200,000.

Below, Daily Mail Australia has compiled a list of how much residents will receive based on their salaries:

Annual salary Tax reduction

45,000 0

60,000 375

80,000 875

120,000 1,875

150,000 3,975

200,000 9,075

250,000 9,075

300,000 9,075

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