This budget is the final nail in the coffin for middle-class ambition.
The latest budget is just another step toward pulling the ladder up behind older generations.
There’s already been plenty of discussion around negative gearing and how the proposed changes only benefit people who were old enough, wealthy enough, or early enough to take advantage of it.
Now we have the proposed CGT changes as well.
Starting a business already involves enormous personal and financial risk. Running and keeping said business afloat requires you to manage debt, stress, wages, superannuation, PAYG withholding, company tax, GST, payroll tax, WorkCover, insurance, compliance, accounting, legal costs, and the constant risk that it all falls over anyway.
And after all that, if you actually build something valuable, the government wants a bigger slice of the upside.
Why would anyone bother anymore?
This government seeks to reward only those who already built wealth under far more favourable settings, while the rest of Australia is stifled and beaten down.
Simply put, we’re looking down the barrel of an Australia that is financially and entrepreneurially impoverished - a country that no longer innovates or rewards people for taking risks… or as Albo puts it, for ‘having a go’.