Pocock calls for CGT changes while Albanese laughs at AI meme campaign

Anthony Albanese has mocked an AI-generated meme campaign against capital gains tax changes by start-up founders, thanking them for “very flattering” doctored photos of him working at their companies.

But independent politicians representing some of Australia’s start-up hotspots have sounded the alarm over the proposed capital gains tax increase, warning the tax changes could lead to innovative companies and technology firms moving overseas to make higher profits.

“The government must carry out the thorough consultation required to get this policy right so that any changes do not drive offshore investment. We must preserve the greatest possible sovereign innovation capacity and economic benefit here in Australia,” ACT Senator David Pocock said.

Last week’s federal budget proposed changing CGT – replacing the 50% tax rebate on profits with “cost base indexation”, i.e.