The AFR View - “The government’s budget narrative about addressing intergenerational inequity and helping first home buyers break into an overheated property market has been reduced to a farce. As has Chalmers’ economic credibility. His bold claims that the tax changes are “the broadest productivity push in a budget since the 1990s” were directly contradicted by Treasury’s confirmation this week that they are more about equity and redistributing wealth than about growing the economic pie”.
I concur.
These tax hikes are economically damaging and won’t fix housing other than wipe off billions in market value for all home owners and see rents rise in inner and middle suburban house markets.
#auspol
‘Australia now has the highest CGT in real terms’. How embarrassing!Exactly why investors are fleeing. Taxing real gains at up to 47% (30% floor) after killing the 50% discount kills returns on shares, property & startups. This is an investment death sentence disguised as fairness. The new CGT must be stopped
These lunatics have to be stopped. It is extraordinary for Treasury to suggest that capital gains tax settings do not materially influence investment decisions. Every entrepreneur, investor and small business owner in Australia knows the after-tax return drives capital allocation. If higher taxes did not matter, governments would simply raise them indefinitely without consequence. Of course they matter.
What Treasury is effectively admitting is that these changes are not primarily about productivity, economic growth or increasing housing supply. They are about redistribution. That is a profound shift in Australia’s economic philosophy.
The danger is that Australia is sending a message that aspiration, risk-taking and long-term investment will be punished more heavily in the future. That weakens confidence, discourages capital formation and ultimately makes the country poorer.
When Treasury says ‘the revenue has to come from somewhere’, the real question is why the government believes higher taxes on investment and enterprise are preferable to controlling spending and growing the economy.
The claim that CGT concessions do not influence investment behaviour is disconnected from commercial reality. Venture capital, start-up investment, small business formation and long-term equity investing are all highly sensitive to after-tax returns. Capital is mobile. If Australia becomes less competitive, investment will simply flow elsewhere.
@jodie_cook Jodie you might find @Copilot_HQ story interesting…relatively new agency but helping us understand what’s possible c/w roadmap, and building out and deploying horizon one solutions - sales coach and AMA internal and external agents all trained on our data and in our domain
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@SullyOmarr Just needs a “wow” use case to get it…a business having a team member that knows as much as anyone in the team and can assist with coaching staff, 3x the marketing team, AMA instant chat with everyone internally and with customers, all that is wow @Copilot_HQ
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Alarm bells should be ringing everywhere. We seem to have underestimated the chance of climate breakdown causing simultaneous harvest failure in the world's major breadbaskets. It's an issue I discuss in Regenesis, but it appears much worse than we thought https://t.co/hOwARCkhPg
With everyone all abuzz about AI, let's revisit a few concepts from my AI post 8 years ago.
Hard to say if we're witnessing the beginning of the long-predicted "intelligence explosion" or just a sporadic burst of new advances. Either way, an S-curve seems to be picking up steam
Lot of takes on ChatGPT but I can’t not see it as an absolute game changer … the conversational interface makes it the “everyday for everyone” productivity tool that will reshape teams and roles and businesses faster than maybe any other tech has in the past
ChatGPT saved me an hour of spreadsheet work today. It wrote a complex sorting script beyond my ability, explained how it works, and helped me deploy it.
The party tricks have been fun, but this was a whoa moment for me similar to the first time I used Google Search.
@peter_tulip True certainly for the last decade, but last 3 months, nothing we’ve seen since last century, and “official measures” to be fair are far from the lived reality…so the longer the wait the greater the pain #auspoI