Janine Allis, the founder of Boost Juice, has broken her usual apolitical stance to criticise Labor's proposed capital gains tax and negative gearing reforms, warning they could deter young Australians from starting businesses. Allis, who built a global retail empire from a single juice bar, said the changes would make it harder for entrepreneurs to take risks.
In an Instagram post following the federal budget, Allis described the reforms as having 'horrific' unintended consequences. She argued that younger Australians face a steeper economic climb and that the tax changes would discourage risk-taking. 'If you're 22 or 30 and risk everything, only for the government to take half when you sell, that is unfair,' she said.
Allis launched Boost Juice in 2000 from her home in Melbourne's outer east, a time when Australia's investment environment was more favourable. She noted that Sydney's median house price was below $400,000 and capital gains tax concessions were central to wealth-building. Today, she said, the economic landscape is far more challenging.
The proposed reforms include replacing the 50 per cent capital gains tax discount with an inflation-indexation model and restricting negative gearing to newly built homes from 2027. Treasurer Jim Chalmers has argued the changes aim to improve housing affordability and encourage productive investment, while supporting start-ups through other incentives.
Allis warned that the tax-heavy environment could deter overseas businesses from investing in Australia. 'Overseas businesses will not come here. It's too tax-heavy,' she said. She also expressed concern that younger Australians feel locked out of home ownership and financial security, recalling her own struggles as a single mother saving $50 a month.
