Pocock urges CGT changes as Albanese laughs off AI meme campaign

Key points

• Anthony Albanese has laughed off an AI-generated meme campaign against capital gains tax changes from startup founders, thanking them for “very flattering” doctored photos of him working in their businesses.
• But independent politicians representing some of Australia’s startup hotspots have raised alarm over the proposed increase to capital gains tax, warning the tax changes could see innovative companies and tech firms move overseas to chase higher rewards.
• “The government needs to do the deep consultation required to get this policy right so any changes don’t drive investment offshore.
• We need to retain maximum sovereign innovative capability and retain economic benefit here in Australia,” said ACT senator David Pocock.
• Last week’s federal budget proposed to change CGT – replacing the 50% tax discount on profits with “cost-base indexation”, meaning tax on profits after inflation, and a minimum 30% tax rate – which would affect profits on selling properties, shares and other...