I should be cheering the 2026 federal budget. The capital gains tax changes are a major benefit to fund management businesses, including mine. They make direct investment less attractive and, in my view, tilt the playing field towards pooled structures and income-producing investments over growth businesses.
That matters to millions of Australians who invest directly. The ASX estimates that 8.3 million Australians hold on-exchange investments. These changes risk steering capital away from Australian businesses that need long-term investment to grow.
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