The government has framed its proposed capital gains tax changes as a way to tackle intergenerational unfairness.
But what happens when the same reforms make it harder for younger Australians to build wealth, save a deposit, invest in businesses and diversify beyond property?
Chris Brycki, founder and CEO of Stockspot, joins Veronica and Chris to unpack what the Treasury modelling may be missing. With Stockspot clients collectively withdrawing $37 million last year to buy property, he explains how diversified ETFs have become a deposit-building strategy — and why the new tax treatment could make that pathway less attractive.
We also examine the hidden problem of taxing inflation-adjusted gains while failing to provide the same treatment for real losses, the potential impact on small-cap companies and startups, and why the changes could encourage businesses to pay out more dividends rather than reinvest in growth and innovation.
From first-home buyers and entrepreneurs to downsizers and long-term investors, this conversation explores the behavioural consequences of tax policy — and whether a reform designed to improve affordability could ultimately distort investment decisions in ways the government did not intend.
Episode Highlights
01:40 – Chris Brycki on the CGT Changes
05:16 – Should You Invest Your House Deposit?
07:53 – Where the Budget Got CGT Reform Wrong
10:14 – The CGT Trap: Gains Indexed, Losses Aren’t
15:08 – Why the New CGT Rules Could Crush Startups
21:25 – Should Capital Gains Be Taxed Like Income?
27:49 – Will CGT Changes Push Companies to Pay Dividends?
33:06 – How the New CGT Rules Affect ETFs
37:19 – When Tax Starts Driving Investment Decisions
43:08 – Could CGT Changes Push Money Back Into Property?
48:52 – Is Negative Gearing Really Only for the Wealthy?
51:44 – Why 1 July Valuations Could Cost You Thousands
55:06 – Could CGT Changes Discourage Downsizing?
58:18 – The Bigger Economic Consequences of CGT Reform
About the Guest
Chris Brycki is the founder and CEO of Stockspot, described as Australia’s first and largest digital investment adviser. Stockspot manages more than $1.5 billion for around 21,000 clients, many of whom are young professionals and families investing through diversified ETFs for goals including buying a home.
Chris brings a direct view of how Australians are actually using investment markets to build wealth. He has been particularly vocal about the proposed CGT changes and their potential impact on investors, entrepreneurs, housing affordability and Australia’s economy.
In this episode, he draws on his experience working with investors to challenge assumptions behind the proposed reforms, including Treasury’s modelling of share-market returns, the treatment of investment losses, and the incentives the new system could create for companies, investors and aspiring homeowners.
Connect with Chris
Resources
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Veronica & Chris
