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Leading doctors’ impassioned plea after budget hits small businesses

Trendiny

Published on

May 19, 2026

Last week’s controversial issue budget presented by treasurer Jim Chalmers saw the 50 percent rebate on capital gains taxes abolished, meaning business owners could pay up to 47 percent in taxes when they sell their businesses.

It has been met with condemnation from small business owners across the country, who have resorted to a AI trend to mock Chalmers and Prime Minister Anthony Albaneseand dr. Nick Coatsworth has warned the changes could destroy the “psyche of the country”.

Dr. Nick Coatsworth suspected the damage to Australia could be long-lasting. (Facebook/Dr. Nick Coatsworth)

“We are becoming a weaker nation, there is absolutely no doubt in my mind,” Coatsworth, who appears as a host on the Today Show, said in a social media post.

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

Coatsworth claims that even if the majority of Australians are not directly affected by the changes, it would have a ripple effect across countries, harming millions.

He claimed the government was hoping Aussies would see it through as many are not involved in businesses or startups.

Opposition Leader Angus Taylor. (Sitthixay Ditthavong)

“[It] It makes us less of a destination for business, it makes us less of a strong economy, that’s the problem,” he said.

“That’s going to affect us all, it’s going to hit us hard.”

Leader of the Opposition Angus Taylor continued his strong criticism of the budget, chastising the Prime Minister for allegedly ‘laughing off’ criticism and concerns about its impact on Australians.

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

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