For a government trying to sell a budget, it’s generally not a great sign when the treasurer complains that he is the subject of an “unhinged” scare campaign.
But that is where Jim Chalmers ended up today — on the back foot as his government’s attempts to extract political advantage from its 2026 budget continued to be confounded by concern over broken promises and the budget’s impact on the startup and venture capital sectors.
The government had hoped its budget measure to reduce capital gains tax discounts on property transactions would win political favour by giving young people greater access to the housing market and addressing intergenerational inequity.
But because it failed to carve out startups and the VC sector from the change, the government has been accused of embracing a policy that will snuff innovation and drive founders offshore.
