Australians deserve better. Wake up
@AlboMP and
@JEChalmers . Reverse this madness before the damage is permanent.
Spot on
@leighjasper.
Doubling CGT to a world-high 47% isn’t ‘closing loopholes’ it’s economic vandalism that smashes aspiration, kills startups, and exports our best talent and future companies to the US and Asia.
Every founder now rethinking Australia. Every high-skilled job at risk. The innovation machine is being deliberately broken.
This isn’t a budget. It’s a declaration of war on mobile capital and the next Atlassian, Afterpay, Aconex or Canva
#AussieDreamKiller #ScrapTheCGTHeist #LaborTaxRaid
I also highlighted the insanity of the federal government doubling of capital gains tax to 47%, the highest in the world. Through LaunchVic we have worked hard to develop a thriving startup ecosystem. The CGT change undermines all our hard work, taking a sledgehammer to this innovation machine.
I highlighted six Australian startup founders that I met with last week in San Francisco, all building their companies into the US. Before this budget they had mostly planned to come back to Australia. Every single one of them has now reconsidered. Not one is coming home.
These six companies are the tip of the iceberg and this is not just a few founders. This is dozens of high-skilled jobs now, potentially thousands of jobs lost in the future, and one of them might just be the next Aconex, Atlassian or Afterpay.
And just like that, one disastrous budget later, the innovation machine breaks and we all lose the future…