Carrington Clarke

But also very helpful, I think, as people were trying to make sense of exactly what the documents were saying to make sure we're all on the same page.

Because this is quite complicated, isn't it?

Yesterday when I spoke to Patricia Carvellis, when we actually still were in the lockup period just before we were able to communicate with the outside world, obviously we went to the headline, which was about the major changes to the taxation arrangements when it comes to property.

This is negative gearing, capital gains tax discount.

But also, of course, the trust changes were also fascinating.

That was kind of the headline stuff, which I'm interested in your view on.

But I'm also really fascinated about the changes that the government is making to taxation arrangements for businesses.

And there was a lot of commentary around how these changes, particularly the capital gains tax discount,

speculation that that would be changed, how it might affect business decisions, particularly amongst startups.

Do you want to start with a big picture and then take me through where you really zeroed in on the business changes?

Yeah, you're right.

I mean, there were so many leaks ahead of this budget.

We basically knew all the headline changes.

And yet I did find once I actually looked at it all, I was still shocked by how far the government was going, given the political risks involved.

And yes, the government is talking about this as being the most ambitious budget in a couple of decades.

But that is backed up by a lot of experts I spoke to, economists who'd been watching different budgets for a long period of time, said this is the government taking a big swing.

We'll see how it plays out when these changes are implemented.

There is a lot of political risk here, but they are making substantial changes.

Looking at what changes for business, and it does appear that the government was aware of the criticism of particularly start-ups, that any changes to the capital gains, tax discount,

that made it less attractive to invest in high growth stocks, you know, stocks or businesses that you're expecting will grow into the future and therefore you're trying to get that big capital gain at some point.