I tend to think the complete opposite. The changes seem nonsensical and economically ruinous because you're looking at it from the old political paradigm. A decade ago, politicians loved investment because capital was ideologically aligned with their values.
Investment, especially foreign investment into Australia, was the chief vector for the globalized homogenization that has raked its claws across western culture. But that is changing. Look at the values espoused today by the world's wealthiest and most powerful people. Albanese and Chalmers do not want Elon Musk sinking cash into Australia. They don't want the incoming generation of AI investors, weaned on Alex Karp's books and Moldbug blogs investing in Australia. All investment comes with strings attached, and the regime tolerates it when the strings are growth and shareholder value at any cost, liked it when those strings were ESG metrics, diversity and inclusion - but what if those investors are trying to fund a technological future which requires less imported manpower, closer adherence to Western values and the stability it brings?
I talk a lot about how the New Right in this country needs to speed run through the epistemic thresholds the UK and American reactionaries already have, so we can bring on the same political revolution here. But have you considered our opponents are doing the same thing? The Australian Labor Party is the most politically privileged managerial regime in the world, because they have something Labour, the Democrats, and the Nordic technocrats didn't - hindsight. We like to think the global reactionary shift was brought on by shit posting, memes and Honesty In Videogames Journalism but that's not even half the story - always follow the money. The money started shifting a decade ago. To the point it's noticeable now.
The biggest threat to Albanese's Modern Australia project isn't One Nation, or podcasts, or protest marches. It's money. This is why they've picked fights with the social media corps, why there's a go slow on AI, why crypto and emerging financial tech is so heavily regulated and taxed.
Modern Australia is a reactionary movement of its own. These people are trying to keep Australia locked in a 2006-2012 stasis. Where money is progressive, growth is people, media is old and state power is absolute.
The concerning thing is so far, it's working.
The CGT changes are Albo's WorkChoices moment, politically untenable. If anything we should move the other way with a flat 20% CGT to encourage investment, encourage entrepreneurs from around the world to build businesses here, and encourage capital to flow into Australia.
theaustralian.com.au/busines…