‘A big focus’: Chalmers insists Labor’s budget will back startups and venture capital
After weeks of turbulence caused by the global energy crisis, and a local kerfuffle over capital gains tax reforms, the treasurer tells Capital Brief that Tuesday’s budget will balance exploiting opportunities with managing inflation.
As he puts the finishing touches on the most important budget since the Albanese government was elected, Treasurer Jim Chalmers insists supporting innovation is top of mind. But his words may do little to soothe fears in the startup and venture capital sectors, where the government is facing a firestorm of criticism over expected changes to capital gains tax.
In an interview with Capital Brief in his Canberra office ahead of Tuesday’s budget, Chalmers said the government does not want to constrain growth in the VC and startup sectors because they are important to other government priorities, such as revitalising Australian manufacturing.
“When you think about our biggest challenges — the energy transformation, technological revolution, all of the fragmentation in the world, the way that we think about the future economy, obviously VC and startups are central to that,” Chalmers said.
“Innovation is going to be a big focus in the budget and that is because we recognise that there are opportunities everywhere for Australia, and in Australia, because the economy is changing.
