David Coleman (Banks, Liberal Party) Share this | Link to this | Hansard source

I want to address the House today about a very important issue in the area of innovation. Start-ups are an incredibly important part of our economy but there is an opportunity for them to become even more important. Start-up businesses are critical because many of the great innovations and developments in the world economy are driven by start-ups, by companies that take a risk, that come up with new ideas and that point the way to the future.

I believe one way that the government can assist more start-ups getting off the ground is by making changes to our laws in relation to capital gains tax. Specifically, I believe that investment in early stage company start-ups should be free of capital gains tax on exit. What it means is that we will make start-ups a very attractive investment option for people looking for somewhere to put their money and that in turn will help more start-ups to get off the ground. This means more jobs in that sector and more Australian companies shooting for the stars, which can only be a good thing. It is a very important matter and very consistent with our goal of driving an innovative economy, and it is certainly something which I believe is of the utmost importance.