Is Australia a society that favours property speculation over invention and innovation?
The linked article by Paul Wallbank explores the career path of Bill Gates if he had been born in Australia.
Australia’s tax system penalises entrepreneurs for taking risks, while permitting negative gearing and capital gains exemptions on homes.
Wallbank imagines that this could have produced an Australian Bill Gates who when hit by funding restrictions and conservatism would have given up his technology dreams to become a partner in a safe law firm – with a string of investment properties to signal his ‘success’.
Australia’s continued economic growth and development requires innovation. But with bank loans prioritising equity and the tax system favouring homeowners, people are putting all their investment eggs into the property basket and there isn’t a lot left to fund new ideas.
Should we be reforming our tax system to enable and encourage the next generation to think big and follow their dreams?