May 27, 2026 – 11.32amOne of Australia’s top scientists says the country’s biotech sector will be decimated by Labor’s capital gains tax changes, with up to 20 per cent of the country’s top medical minds expected to move offshore to countries with friendlier tax environments and better access to funding.Andrew Wilks, who won the Prime Minister’s Prize for Innovation in 2024 after developing a molecule to treat a rare form of blood cancer, said the Albanese government was blowing up its track record of supporting life sciences and keeping the country’s brightest scientists onshore.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles