The CBA boss said he did not want to see further taxes on future generations but that the nation ad to get the “balance right”.<\/p>\n
Mr Comyn said he would speak to Mr Chalmers about the changes in the near future but he thought the government had done the right thing amid rising spending demands and as a bulwark against\u00a0ever increasing frequency of economic shocks.<\/p>\n
“These are hard changes,” he said.<\/p>\n
“Changes around tax were never going to be popular.<\/p>\n
“We’ve got much higher sort of costs around defence, resilience,” he said.<\/p>\n
“We’ve got some structural issues as well in terms of demographic and aging population. We are in a structural deficit, which means our expenses exceed our revenue”<\/p>\n
“It used to be a ballpark, every ten years there’d be a shock. Now they’re much more frequent. And I think we should plan for that”<\/p>\n
Mr Comyn also indicated that CGT should only be applied to passive assets, adding that the broader application risks stifling those willing to take risks with a new business.\u00a0<\/p>\n
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Mr Comyn is the CEO of the Commonwealth Bank. (ABC News: Margaret Burin)<\/p>\n
“There’s a lot of focus and a big difference in my mind between passive asset accumulation, versus productive capital or risk-taking,” he said.<\/p>\n
“This is clearly something the government are looking at closely.<\/p>\n
“If I’m accumulating an asset and passively holding that, versus I’m investing in a start-up, a founder business, a junior explorer, I think that’s quite different.\u00a0<\/p>\n
“I don’t think we want to change the incentives towards risk and enterprise and innovation.”<\/p>\n
Watch 7.30<\/a>, Mondays to Thursdays 7:30pm on ABC iview<\/a> and ABC TV<\/p>\n Contact 7.30<\/p>\n