Clearly Journos are struggling to make a wage. Big tech pulled the rug out and the industry is dying. But if the Federal Govt is now funding them it needs to be known. That attacks the very heart of independence in journalism. I can say what I like because I’m not financially obligated to anyone right now. I don’t have to worry about offending anyone. Apart from my wife. And that is a concern.
Another reason some Australians are building their futures elsewhere: 🇦🇺
In 2008, Australia’s top 45% marginal tax rate kicked in above A$180,000.
In 2026, it starts at just A$190,000.
Adjusted for inflation, the 2008 threshold would be A$290,000 today.
That’s nearly A$100,000 of silent bracket creep.
Insane.
The Treasurer @JEChalmers mocking hairdressers in Parliament, sneering ‘turning over more than $10M mate?’ while laughing behind parliamentary privilege.
Pathetic. Grow up @JEChalmers. Major Aussie hairdressing businesses like Just Cuts, Hairhouse and Frank Provost have built serious enterprises with turnovers many times that through grit, innovation and pure aspiration.
His insane CGT grab is an attack on exactly this kind of success.
Disgraceful. The Australian dream deserves better than this. #auspol #CGT #AussieDreamKiller
So much for these clowns justifying the CGT grab to be about 'distortions'
Not good enough, the whole thing needs to be wound back!
https://t.co/L9BMFxkpwP
Miranda Stewart’s career is limited to working for the University of Melbourne and the Australian Taxation Office.
She’s never run a startup, raised venture capital or had to risk her own money to pay a workforce.
Miranda claims “founders won’t leave” despite evidence to the contrary:
• California just recorded $1.5t of capital loss as wealthy founders anticipated the introduction of a wealth tax – forcing the government to cancel its plans for it
• Norway lost $84b in private assets after the introduction of a wealth tax – the government expected it to raise over $200m per year, instead losing over $900m per year
• The United Kingdom hiked its capital gains tax on shares by 4% - resulting in capital gains tax revenue plummeting from $33b in 2023 to $26b by 2025
When countries treat founders, investors and builders as tax cattle, many do leave – you’re talking about the most ambitious and action-oriented people in society.
Not all, not always, and not just because of tax.
But when social cohesion is fraying, the system feels unfair and government isn’t holding up its end of the bargain, punitive taxes are just another reason to consider your options.
So as our country continues to get poorer because people like Albo and Chalmers sit in echo chambers filled with people like Miranda – remember who to blame.
If you’re still here.
Small business owner, builder and investor here 🙋♂️
Taxation absolutely influences my investment decisions.
So much so that I’ve defaulted to storing my cash in my home offset account for the foreseeable future.
Because nothing is currently better than saving 6-7% p.a. interest tax-free, risk-free and effort-free.
This equates to a 12-14% p.a. risk-and-effort-free equivalent return – good luck finding that in Australia.
For it to be worth me building homes, I’d need to make 20-30% on an annualised basis before applicable taxes – and that isn't happening anytime soon.
And apparently, our government wants more housing to be built...
Singapore has no CGT. It was poorer than Australia per capita and now it is almost twice as rich. They didn't do it by taxing everyone harder. Jim Chalmers and Albo take note.
This is the strongest initial uptake we have had to a petition, a clear demonstration of how many Australians are against these changes. Sign 👇https://t.co/obcCvaj9hY