'Every MP, every staffer, every politician flying in on your tax dollars will see exactly who this Australian budget affects'
MPs flying into Canberra this week will be met with the ire of one particularly peeved mortgage broker.
Joseph Daoud, founder of It's Simple Finance, has taken out more than $17,000 worth of billboard advertising inside and around Canberra Airport in a vain attempt to halt what he dubs "ambition taxes”.
Labor treasurer Jim Chalmers confirmed a major overhaul of capital gains tax (CGT) and negative gearing settings in his May Budget. The ruling party intends to remove negative gearing on established residential properties purchased after 12 May, while replacing the existing 50% CGT discount with a cost-base indexation model and a minimum 30% tax on net capital gains from 1 July 2027.
The reforms have gone down like a lead balloon in the broking industry, with some experts warning of an investor exodus that could negatively impact build rates. Small businesses, meanwhile, expect the reduction of the CGT discount to negatively impact investment into high-growth companies in favour of income-generating stocks.
Labor, however, contends that the reforms are necessary to tilt the housing market balance back in favour of owner-occupiers and a time when investors hold a record share of the mortgage market. But Daoud believes the Budget package will not have the desired effect – and he wants the politicians to know.
The billboards share the concerns of small-business owners, founders and entrepreneurs who expect to feel the brunt of Labor's historic tax shakeup. They will be shown on rotation throughout this parliament sitting week.
“Every MP, every staffer, every politician flying in on your tax dollars will see exactly who this Australian budget affects before they walk into Parliament,” said Daoud. Addressing the small-business community, he said: “You cannot fly to Canberra. You have a business to run, a degree to finish, a deposit to save. Fine. I will make sure you are still there.”
It will not be the first stunt from Daoud. Following the 12 May Budget announcement, he headed to set up shop on Pitt Street to press the public on their thoughts on the Budget.
Daoud was shocked at the level of attention this Budget has received.
"This is the first year that every individual I know around me followed the Budget,” he told MPA. “I'm talking to my wife who does not care about this stuff. My mother in law... friends of mine that work in marketing, none of them have ever cared. But this budget, they all cared.
"It's not just property. This is affecting people that are trying to build their house deposit through the share market, crypto, side hustles, Pokemon cards... I've had people say to me, what about my Pokemon card collection? These are people that have a side hustle that are now affected.”
Read more: Greens push harder on CGT reforms as Labor's Senate path narrows
Daoud has also launched up a petition calling on the government to scrap its CGT and negative gearing plans.
