Every few months, Australia’s business press discovers a new emergency. Right now it’s the capital gains tax. According to the usual commentators — founders, VCs, and their aligned media — Labor’s move to replace the 50% CGT discount with inflation-adjusted indexation is an act of vandalism against Australian ingenuity. Entrepreneurs will flee. Talent will dry up. The unicorns won’t come.

I’ve been working in and around Australian agtech and startups for the better part of two decades. I’ve watched the same arguments recycled through every policy debate: the R&D tax credit, the ESVCLP scheme, the startup visa. The answer is always the same — give us more upside, or we’ll take our toys elsewhere.