James Thomson

There's none of that.

And I think that's what business people are frankly pissed off about.

High taxes and sacrifices are okay if there's something else coming through to grow the economy.

But instead, we've sort of kicked over this housing leg of the stool.

And it's not really clear to me, and I think a lot to business people, what comes next.

We had Ryan Stokes, CEO of SGH, the big conglomerate.

He's now saying the cost of capital has changed as a result of this budget.

I'm going to look at investing in the US.

I think that's a bit of a warning sign.

It's a hot topic.

There's a great irony that as always in Australia, everything comes back to housing at some point, doesn't it?

Yeah, I think we had an extension on that question from Nick, who's a millennial listener.

They're the 30 to 45-year-olds who made the similar point.

His generation was locked out of property, so they turned to ETFs and startups.

And now ETFs and startups are going to cop a higher tax rate.

I think it's a reasonable point, Anthony.

I think there's relatively broad agreement that changing the dynamics of the housing market is a good thing.

The question is, do we also need to change the dynamics of other asset classes?

Do we need to make it harder for small businesses to attract capital?

Do we need to change the dynamics in the share market where you want to invest less in growth companies and more in mature dividend producing companies?