Labor's capital gains tax uncertainty prompts biotech talent concerns in Australia
By
Clare Armstrong
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Summary
Labor's proposed capital gains tax changes, without clear carve-outs for startups, are causing concern in Australia's biotechnology sector. Top medical scientists are reconsidering moving to Australia, and some experts have already rescinded interest in joining Australian companies. Pressure is mounting on the government to settle concessions or exemptions, though Treasurer Jim Chalmers has indicated he will take time to deliberate.
Key quotes
· 3 pulledLabor's decision to push ahead with capital gains tax changes without settling critical details around carve-outs for start-ups has top-tier medical scientists reconsidering bringing their talents to Australia.
The uncertainty around CGT changes flagged in the federal budget has rattled the biotechnology sector, with one entrepreneur revealing experts have rescinded their interest in joining his Australian company in the past fortnight.
Pressure is mounting on Labor to quickly settle concessions or exemptions for homegrown start-ups, as Treasurer Jim Chalmers said he would 'take as much time as' needed.
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