Show Notes
Labor’s federal budget is one of the most significant in years regarding tax reform. The government is betting big on housing affordability by proposing an overhaul to negative gearing and capital gains tax — a decision that’s faced heavy criticism from the startup and VC sector.
We discuss: The core elements of the federal budget. The surprising attention given to startups in the budget announcement. Why founders and venture capitalists are concerned about the 50% capital gains tax discount being axed across asset classes. The threat of founders relocating to lower-tax jurisdictions. How Labor’s broken promise on tax reform is a calculated gamble on young voters. The focus of the Opposition’s budget response.
On The Call is a weekly live conversation with the Capital Brief newsroom on the stories driving the agenda in Australia's centres of power.
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More from On The Call
Firmus’ collapsed IPO has spread from financial markets to becoming a national story in Australia. Now it’s found itself at the centre of global investor fears on the strength of the AI industry.
Firmus's ASX IPO hangs in the balance as institutional investors grow increasingly sceptic before the book build was due to close. Meanwhile, the Joint Select Committee on AI wraps a big week of hearings, with tech giants including OpenAI, Anthropic, Microsoft and Google facing questions on their responsibilities and the AI opportunity in Australia. We discuss: Firmus' IPO unravelling in real time - a possible repricing or second pull, and why offshore funds are raising their eyebrows. The high debt load bearing down on Firmus. Mass Group's exposure as both an equity holder and construction partner, and why its stock cratered this morning. Why Australian VCs are watching the Firmus float nervously, and the fear of "vaporware" contagion spreading to local tech sector espectations. OpenAI chief strategy officer Jason Kwon fronting the Joint Select Committee on AI and responding to the Services Australia breach Anthropic's Jeff Bleich, Microsoft, Google and the big banks all appearing before the committee Matt Comyn's pitch for Australia as a "high capability AI nation" — and what that means in practice Heidi Health's compute-for-equity deal as a blueprint for Australian AI businesses that don't build foundation models
Goodman Group has abandoned its $1.2 billion Lane Cove data centre after a fierce community and political backlash, raising questions on if Australia's AI infrastructure boom is hitting its first real bump. Meanwhile, Firmus confirms its long-rumoured deal with Meta — worth up to USD750 million in annual earnings. Plus Wall Street heavyweight Millennium emerges as a surprise appearance at Firmus’ IPO presentation, as the hedge fund expands its Australian presence.
Prime Minister Anthony Albanese arrived in the United States earlier this week pushing for global guardrails on AI — signing a 22-nation statement on frontier AI regulation, launching Australia's bid for a UN Security Council seat and meeting with Apple chair Tim Cook on child safety. Then, an OpenAI breach into government portals is announced, which may give Albanese some ammunition for his AI regulation push.
Australia's AI copyright fight reignites as leaked documents reveal the Albanese government's reform plans. Meanwhile, just hours later, Anthropic signs its first Australian data centre lease: a $32 billion project in regional Queensland. We discuss: The two copyright reform proposals in the leaked documents, and the creative sector's response. Why the AI labs want copyright reform, and the risk of Australia becoming a venue for international legal action. The difference between training and inference, and why training is the bigger economic prize. Anthropic's $32 billion Queensland data centre lease. How the data centre build-out will be powered, and Labor's retreat on renewables. The Coalition's mixed messaging on copyright and AI. Firmus' Tasmanian sports sponsorships and the social licence playbook. The AI existential risk debate.