May 28, 2026 – 7.11pmAnthony Albanese has dashed expectations of significant carve-outs for business from the new capital gains tax regime, saying the current system entrenches privilege, as Treasury boss Jenny Wilkinson said the top 1 per cent of income earners would have paid $400,000 extra tax over their lifetimes had the changes been in place for the past 25 years.Amid continuing hostility towards the application of the CGT changes to business and other non-housing assets, Wilkinson rejected criticism that replacing the 50 per cent discount on capital gains with an inflation indexation model would hurt productive investment and deter risk taking by businesses.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles