Jim Chalmers announces negative gearing, capital gains tax changes; $250 tax cuts confirmed

One Nation MP Barnaby Joyce says entrepreneurs would be wise to leave the country due to changes to capital gains taxation in the federal budget.

“I think they destroy the passion of entrepreneurial people,” Joyce told the ABC.

Joyce said business owners rely on the assumption that they can realize a significant capital gain when they sell and that the budget measures represent an overtaxation of that gain.

“The smartest thing [entrepreneurs] “The thing to do is to leave Australia,” he said.

In response to the property tax changes, Joyce said it was based on the “misconception” that “there are a lot of people out there renting just because they want to.” “And now that we’ve introduced this change, they’re all going to be first home buyers.”

“No, they won’t. They’ll keep renting and they’ll be pushed out of the rental market and onto the street. Paul Keating had a problem with that and two years later he had to turn it around because you end up with homelessness.”