James Kirby

Doing fine.

Thank you.

Good to have you on the show as always.

It's a hell of a budget and I've been looking at all the various notes that people have put out and I looked at the notes you put out, of course.

And I suppose we need to stand back for a moment from the sort of headlines and the surprises, you know, what is real in here, what's concealed in here, but also what matters most.

Stand back for a moment and say what really matters.

And I think...

is capital gains tax is what really matters.

In that it affects everybody, every investor, whatever they do, almost.

It's inescapable.

And it's about to become a higher tax for everybody.

I think that's really the big one.

What's your view on that one, Liam, on CGT and what investors should know?

I don't want to roll down the political line too much, but there is an irony that the grandfathering of the negative gearing, for instance, creates a privileged class of older investors who can negatively gear forever, which I would have thought was the exact opposite of what they were trying to achieve.

However, what I want to concentrate on is what it means for everyone listening who is an investor.

So let's just talk then about the main, I imagine for most people, shares and ETFs and managed funds, which are folks, they're all the one thing, right?

They're investing in the share market regardless.

It's just a question of the vehicle you're using.

Are there types of shares that win here and are there types of shares that lose here?

And would you explain the difference?