'We're becoming a weaker nation': Leading doctors' impassioned plea after budget

Wednesday, 20 May 2026 08:53

"That's going to affect us badly."

One of Australia's leading doctors has warned Labor's removal of discounts to capital gains tax will damage the country due to the impacts it will have on small businesses and start-ups.

Last week's controversial budget handed down by Treasurer Jim Chalmers saw the 50 per cent discount to the capital gains tax axed, meaning business owners could face paying up to 47 per cent in taxes if they sell their company.

It has been met with condemnation by small business owners across the country, who have resorted to an AI trend to mock Chalmers and Prime Minister Anthony Albanese, and Dr Nick Coatsworth has warned the changes could shatter the "psyche of the country".

Dr Nick Coatsworth wanred the damage to Australia could be long lasting.

"We're becoming a weaker nation, of that I have absolutely no doubt," Coatsworth, who appears as a host on the Today Show, said in a post on social media.

"This is a risky world, and all of our competitors in the region and around the globe are taking more risks, and here we are with a budget that encourages us as a nation to take less risks."

Coatsworth claims even if the majority of Australians won't be directly impacted by the changes, he said it would have a ripple effect across the nations that would hurt millions.

He claimed the government was hoping Aussies would wave it through, given many are not involved in business or startups.

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"[It] makes us less of a destination for business, makes us a less strong economy, that's the problem with it," he said.

"That is going to affect us all, that's going to affect us badly."

Opposition leader Angus Taylor continued his robust criticism of the budget, chastising the prime minister for supposedly "laughing off" criticisms and concerns over its impacts on Australians.

"This is an absolute disaster for our country. This budget was a stinker," Taylor told the Today Show.

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