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It’s Simple Finance founder Joseph Daoud won the chance to play a tennis match against Prime Minister Anthony Albanese at the Press Gallery Midwinter Ball charity auction in July – and now plans to use the one-on-one showdown to serve up his grievances over the federal government’s tax reforms.
Daoud has been an outspoken critic of the government’s changes to capital gains tax (CGT) since they were confirmed in the federal budget.
Branding the legislation as an “ambition tax”, Daoud has said that the removal of the 50 per cent CGT discount in favour of a minimum 30 per cent tax, as well as the expansion of CGT to further asset classes, will curb entrepreneurship and business ambition.
The bid – which was placed in the closing few minutes of the auction – was for $16,500, with the proceeds to be donated to charities and community organisations.
The showdown will take place in Canberra this spring, although the exact date has not been disclosed.
Following the one-on-one game, Daoud said he plans to discuss the changes with Albanese over post-match refreshments – and wants to bring three “everyday Australians” along to ask their own questions.
“This match was never about me,” Daoud said.
“It’s about the thousands of everyday Australians who’ve backed this campaign because they’re worried about what changes to CGT mean for their future. The tennis will be one-on-one, but the conversation afterwards won’t be.
“I’m looking for three people with real ambition to join us once the match is done. Whether you’re a start-up founder, a business owner, a young investor or a first home owner, this is your chance to bring your question directly to the Prime Minister.”
For Daoud, the match marks the latest chapter in a sustained campaign against the reforms. Following a $17,000 billboard campaign at Canberra Airport, Daoud also secured a meeting with Opposition Leader Angus Taylor in June.
What are the concerns?
The Treasury Laws Amendment (Tax Reform No. 1) Bill 2026 passed the Senate in June, with the last-minute changes subsequently passing the lower house 98 to 39.
The legislation introduces changes to CGT and negative gearing, including limiting negative gearing on residential property investments to new builds and replacing the 50 per cent CGT discount with a cost base indexation model and a 30 per cent minimum tax rate on future capital gains from 1 July 2027.
Following a last-minute concession to the Greens, the changes also include a ban on new limited recourse borrowing arrangements (LRBAs) for residential property within self-managed super funds.
The government said the changes would “level the playing field” for first home buyers and owner-occupiers by narrowing what it described as overly favourable tax arrangements for property investors.
In announcing the changes, federal Treasurer Jim Chalmers MP said: “We’re delivering a fairer tax system for workers, first home buyers and future generations.
“This will help rebalance a system which is more generous to assets than it is to labour. And help rebalance a system where house prices have decoupled from incomes.
“These changes will level the playing field for workers and first home buyers, and support investment in productive assets, including new housing supply.”
Alongside other brokers, Daoud disagreed.
Speaking to Broker Daily, Daoud outlined what he saw as the consequences: “In the short term, the proposed changes have already created confusion and hesitation among clients and peers.
“Many people are reconsidering investments in start-ups or delaying decisions to hire because they’re unsure how their eventual exit or profit-sharing will be taxed.
“In the long term, my concern is that Australia could lose its reputation as a place where entrepreneurs are encouraged to innovate. If capital gains are treated punitively, we risk pushing talent and investment offshore and discouraging everyday Australians, from young ETF investors to employees with employee share schemes, from building wealth.”
Game on
Daoud said he was taking more than just the discussion seriously, looking for wins both on and off the court.
“Three sessions a week, a very patient coach, and a backhand that’s a genuine work in progress,” Daoud said.
“The PM might have the home court advantage at The Lodge, but I’ve got thousands of Australians in my corner. I’m not planning on wasting a single point, or a single question.”
Daoud added that he was grateful the Prime Minister had honoured the auction commitment.
“Full credit to the PM for having the conversation. That’s democracy working. We’ll keep it friendly, we’ll keep it respectful, and we’ll make sure the highest office in the country hears exactly what the Ambition Tax means for people who are trying to get ahead,” Daoud said.
[Related: Brokers must accept ‘a new world’ has arrived: FBAA]
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