In short:
Business groups have poured water on the government's claim its changes to capital gains tax will boost productivity over the longer term.
They say the tax increases will put a drag on productivity, hurting the chance for wage growth.
What's next?
Treasurer Jim Chalmers has been asked to release modelling showing the expected impacts of its CGT changes.
Source: Ardeet
1 Comment
Business groups have said a lot of things, it is worth noting that to be a business lobbyist you need extensive skills in..
(Checks notes)
.. oh, nothing beyond shilling for money and promoting greed above all else.
Trotting out “productivity” to justify some tax lurk or removing some regulation is as old as time. Besides, with all this AI slop they are jamming into every orifice they can, isn’t that supposed to be about productivity? (Spoiler: there has been near zero productvity gain measurable despite billions and a cult-like obsession to make it happen).
And wages? Who exactly is buying that this has anything to do with wages, it isn’t like the business lobby represents people keen to hike wages. They are not going to, they have not done so and do everything they can to suppress wages. So yeah, nah, no one is buying that. Wages didn’t track drastically upward with CGT discount kicking in, all that happened was housing diverged further from wages and everyone ends up poorer in real terms because shelter costs so many multiples of wages now.