Labor's CGT challenge deepens as biotech sector raises alarm
Labor's proposed changes to the capital gains tax (CGT) are causing concern in Australia's biotechnology sector. The uncertainty surrounding these changes is making it difficult for companies to attract top talent and investment. Labor plans to introduce the CGT legislation while negotiating potential exemptions for startups and biotech firms.
- ▪The biotechnology sector warns that unresolved CGT changes are hindering recruitment of medical talent.
- ▪Labor will introduce CGT legislation while discussing potential concessions for startups.
- ▪Prominent biotech leaders argue that the CGT proposal could drive talent and investment away from Australia.
Opening excerpt (first ~120 words) tap to expand
Labor's capital gains tax challenge deepens as biotech sector raises alarmBy chief digital political correspondent Clare ArmstrongTopic:TaxThu 28 May 2026 at 5:09amThu 28 May 2026 at 5:09amThu 28 May 2026 at 5:09amTreasurer Jim Chalmers maintains that amending legislation after it has been introduced is "not unusual". (ABC News: Matt Roberts)In short:Australia's biotechnology sector says Labor's unresolved capital gains tax changes are already making it harder to recruit world-leading medical talent and attract long-term investment.The government insists consultation on startup carve-outs is ongoing, but founders warn that uncertainty alone is damaging confidence and could push companies offshore.What's next?Labor will introduce the CGT legislation to parliament on Thursday while…
Excerpt limited to ~120 words for fair-use compliance. The full article is at ABC News (Australia).