Prime Minister Anthony Albanese appeared in a number of small business social posts in the days following the announcement of the federal budget, but not in the way you might expect.
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Over the weekend, businesses across the country began “introducing” their “silent partner” to the prime minister in posts on LinkedIn, Instagram and Facebook.
The photos, almost all AI-generated (and usually labeled as such), were accompanied by captions claiming that the country’s leader now holds a 47% stake in the company’s business, in relation to the federal government’s proposed changes to the capital gains tax (CGT) regime.
This trend was not limited to LinkedIn, where many founders and entrepreneurs were highly critical of the government’s CGT policy. By Friday, businesses of all shapes and sizes had jumped on the “silent partner” bandwagon, from national drinks brands to small cookie makers in regional Victoria.
While not everyone agrees with this sentiment, the meme caught the attention of Shadow Treasurer Tim Wilson, who referenced Loanoptions.ai founder and CEO Julian Fayad’s post in his Instagram video.
talk to smart companyMr Fayad said the government’s planned changes to CGT sent a message to business owners like him: “If we succeed, we want almost half of our hard-earned compensation.”
“This is like a penalty for anyone who dares to support me,” he says.
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“Like many business owners, I put in my blood, sweat, and tears to do my life’s work. I refinanced my home, sold investment properties, and worked seven days a week for five and a half years to build something from nothing.”
“I currently employ over 30 people and together we have saved Australians millions of dollars by helping them compare loans. If we take the incentive away from the business owners who build this technology, we will ultimately take it away from all Australians.”
Mr Fayad said he chose to operate in Australia because of his personal belief in Australia’s potential, but the proposed tax changes risked making Australia “uncompetitive at the worst possible time”.
“When you look at what countries like Singapore and the United Arab Emirates are doing to attract and retain founders, the incentives, the structures, the real support, and then look at what Canberra is doing, you can’t help but feel abandoned and held back,” he says.
“The people the government is targeting with this tax are not the very rich. They are the founders who took risks, foregone paychecks and bet on themselves. They are the people who are building AI platforms, fintech tools and businesses that will employ the next generation of Australians.”
“If you tax them for ambition, they will simply choose to build elsewhere.”
