Loud voices in the debate over Labor's capital gains tax reforms include a range of individuals with direct financial stakes in the changes. From real estate and mortgage industry figures to venture capitalists and former Labor insiders, the opposition is varied and vocal.
Real Estate and Mortgage Industry
Among the loudest critics are those whose income depends on property and mortgages. Billboards reading 'Stop the Ambition Tax' appeared in Canberra, paid for by Sydney mortgage broker Joseph Daoud. He hired Patrick Blacker, a former communications staffer for New South Wales Liberal frontbenchers, to run the campaign. Blacker stated the campaign idea and content were entirely Daoud's, with no coordination with politicians. Property industry associations, including the Property Investment Professionals, Housing Industry Association, Master Builders Association, and Real Estate Institute of Australia, have all opposed the reforms. Ray White, the largest real estate agency in the country, warned the policy would worsen the housing crisis and hurt renters.
The 47% Equity Meme's Creators
An AI-generated meme depicting Anthony Albanese taking over 47% of a business went viral. The meme was created by Julian Fayad, founder of LoanOptions.ai and a former candidate for Clive Palmer's United Australia Party. Fayad said the reaction was organic and not coordinated with politicians. Frank Greeff, founder of Realbase, promoted a similar meme but acknowledged its message was inaccurate, noting that not all businesses face a 47% tax rate. Greeff argued the reforms would hurt young Australians with side hustles or employee equity schemes. However, it was reported that when he sold Realbase for $180 million in 2022, only 10 of up to 400 employees owned shares, meaning most missed out on the payout. Greeff now owns a calendar AI app and claims 10 of its 11 employees are shareholders.
Venture Capitalists
Venture capital partners are particularly exposed to the reforms, as their bonuses are taxed as capital gains rather than income. Under the current system, they receive a 50% tax discount on 'carried interest' bonuses. Paul Bassat of Square Peg has been vocal in opposition before the budget was even announced. Ben Grabiner of Side Stage reportedly led a group of 20 tech founders against the changes. Leigh Jasper of Glitch Capital cheered online criticism from members of his community, including fellow partner Sam Kroonenburg and Thomas Kelly, founder of AI health app Heidi. Kelly said he engaged directly with the offices of Andrew Charlton and Treasurer Jim Chalmers, hoping to prevent startups from being unintended casualties of the reform.
An Ex-Labor Adviser and Friends
Lachlan Harris, a former adviser to Kevin Rudd, has been urging business to resist the reforms and lobbying government ministers. He told Guardian Australia he spoke to several MPs and ministers privately, stating the reforms are bad for young entrepreneurs. His parents founded Harris Farm, and he founded and sold Budgy Smuggler swimwear. He now owns RevTech Media. An open letter from 40 founders under 40 and a joint statement from 10 female founders followed his initial commentary. On May 22, Labor frontbencher Andrew Charlton echoed startups' concerns, noting the new regime doesn't interact well with low capital bases. Harris and Charlton became friends while working in Rudd's office. Charlton declined to comment on whether they discussed the reforms. David Liston, who organized the under-40 letter, said he spoke to Harris but his campaign stemmed from small business concerns. Genevieve Taubman, who led the female founders letter, said it was her own initiative.
Longtime Opponents of Labor Tax Reform
Well-funded opponents have also mobilized. Geoff Wilson, founder of Wilson Asset Management, led public criticism before the reforms were announced and sought his fund's 130,000 investors' support for a petition. He is worth an estimated $891 million and is a distant relative of shadow treasurer Tim Wilson. Both were vocal opponents of Labor's 2019 franking credits reform and 2025 superannuation tax proposals. Wilson described his opposition as bipartisan. Mining billionaire Gina Rinehart has also spoken out, warning the changes would discourage mining and job creation and force investment overseas. She has previously campaigned against tax reform and donated to One Nation. Rinehart's spokesperson said her focus was on the negative impact on everyday Australians. Labor has stood firm, arguing the old CGT system pushed money into housing rather than productive business. Even some critics, like venture capital partner David Petre, have called the blowback excessive, saying rich people complaining about tax rates is tiresome. Former Prime Minister Paul Keating backed the reforms, calling the changes marginal and unlikely to thwart entrepreneurial initiative.
