The government has inadvertently underwritten a tobacco crime wave and is now trying to plug the revenue hole by increasing taxes on capital income.

The government has inadvertently underwritten a tobacco crime wave and is now trying to plug the revenue hole by increasing taxes on capital income.

The government’s tax carve outs are welcome, but they don’t get to the heart of the problem: Australia needs more people to take more risk.

Leading investors and entrepreneurs say proposed changes to the government’s capital gains tax reforms have failed to solve some of the main problems.