Can We Fix Housing Without Killing Wealth Creation?

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 Highlights01:40 – 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?