By Valerina Changarathil
Prominent fund manager Geoff Wilson has taken to X to slam the latest budget, particularly the capital gains tax and negative gearing changes, saying it will “destroy young Australians aspirations and ambition”.
“Budget 2026 is a direct tax on aspiration and risk-taking,” the founder of Wilson Asset Management said across multiple posts on X. “It kills the incentive for young Australians to invest in shares, startups and productive businesses. This is intergenerational betrayal dressed up as fairness. Stop punishing success.@AlboMP @JEChalmers,” he said.
The reaction to Tuesday night’s budget follows Anthony Albanese’s labelling of Mr Wilson as a “political participant” in heated comments last week.
“Geoff Wilson has been a political participant for some period of time. Everyone knows that that’s the case,” the Prime Minister said in response to Mr Wilson’s comments on X last week. “The hypocrisy is breathtaking. Boomers and Gen X built wealth under the 50 per cent discount for decades,” Mr Wilson said at the time. “Now the government is pulling up the ladder and calling it progress. This is intergenerational betrayal, not equity.”
In February, The Australian reported the architect of a campaign against Labor’s failed 2019 franking credits policy and the Albanese government’s super tax had backed a reduction of the capital gains tax discount for existing housing, provided any changes are revenue neutral with incentives to be lifted for investments in Australian businesses.
Licensed by Copyright Agency. You must not copy this work without permission.