The Albanese government needs to set up a replacement for the 10% OBU regime for traders, lest we lose all Australia will lose all of the progress we have made to be an APAC algo trading hub.
All of these high paying and skilled jobs will move to Singapore or Hong Kong instead.
It should be a no brainer for a government, you either collect 30% on $0 or 17% of hundreds of millions in trading profits + tax on trader salaries (at top marginal tax rate)...
Unfortunately I think the current government will not be so pragmatic. If Chalmers really wants to follow in the footsteps of his hero, Paul Keating, he would be wise to follow his example and engage in genuine reforms to spur internal and external market based competition.
