This budget punishes young Australians trying to build something
Young Australians need a credible path to wealth. Instead, this budget protects existing property owners and taxes risk-taking harder.
On Tuesday night, Treasurer Jim Chalmers stood in the House of Representatives to deliver the federal budget. Imagine, for a moment, that this is what he said.
“We are acutely aware of the wealth gap opening up between older and younger Australians, and we understand that young Australians need a credible pathway to build wealth in their lifetime, not just inherit it.
“We are also living through one of the most transformative technological shifts in modern history. We want to enable young Australians to go out and build, to be aspirational and to create the lives they want to live.
“That is why this government has decided to meet the world where it is heading. From 1 July, we will be increasing the capital gains tax discount on productive assets, including shares, business equity and qualifying startup investment, from 50% to 75%.”
