It’s a big day for TDA, with the release of our interview with Federal Treasurer Jim Chalmers. Billi sat down with the author of the budget to discuss the key measures, from what’s included (like new negative gearing and CGT changes) to what’s not (like new gas taxes).

For the Treasurer to spend some time at TDA HQ answering your questions in the week of the budget is not something we take for granted. Neither did he, evidently - in a moment that surprised even the most experienced members of TDA, Chalmers put his own cup in the dishwasher after leaving the studio. That’s not something we see every day.

As we explore in today’s edition, it might take more than healthy cleaning habits to redeem the approval of Australia’s start-up sector, who are reeling from last Tuesday’s announcements. Keep reading to understand why.

Listen to the full interview on Spotify here, or watch it on Apple here or YouTube here.

Honda has recorded its first annual loss as a publicly traded company after taking a massive hit from its electric vehicle (EV) strategy amid slowing demand and rising competition.

Honda recorded an operating loss of JP¥414 billion ($A3.65 billion) for the year ending 31 March, according to its latest earnings report.

It marks the company’s first annual loss since listing on the Tokyo Stock Exchange in 1957.

The result was largely driven by more than JP¥1.45 trillion ($A12.76 billion) in EV-related restructuring costs tied to a major rethink of its electric vehicle plans.

Honda has also struggled against growing competition in China from domestic EV giants such as BYD.

Overall global automobile sales fell nearly 9% over the year.

In 2021, Honda announced plans to phase out petrol-powered vehicles entirely by 2040, instead shifting to electric and hydrogen-powered cars.

The strategy was more ambitious than Japanese rival Toyota, which continued backing hybrid vehicles alongside petrol models.

But slowing EV demand, particularly in the United States, alongside the rollback of government support for electric vehicles, has forced Honda to reconsider its plans.

“A year ago, there was a drastic change. We have seen a shift from a focus on the environment to the opposite,” Honda CEO Toshihiro Mibe said recently, adding the company’s previous targets were “now not realistic.”

Honda is cancelling three EV models planned for the North American market, including the 0 Series Saloon, 0 Series SUV and Acura RSX.

The company instead plans to invest heavily in hybrid and petrol-powered vehicles, including restructuring North American factories to increase hybrid production.

Honda also plans to launch 15 new hybrid models by 2030, with a particular focus on larger SUV-style vehicles in North America.

Reporting by Lachlan Keller.

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In the week since the Budget was handed down, one issue that keeps coming up is how the Government’s changes to the capital gains tax (CGT) could impact Australia’s start-up sector.

The Opposition has labelled the reforms “an assault on aspiration”, while social media has been flooded with AI-generated memes depicting Prime Minister Anthony Albanese as a business partner taking a cut of Australian companies.

So, what’s going on?

Last week, the Government revealed changes to how the capital gains tax (CGT) will be calculated after 1 July 2027.

CGT applies to profits made from selling an investment asset, such as property, shares, cryptocurrency, or business equity.

Under the current system, Australians who hold an asset for more than 12 months receive a 50% discount which means only half of the profit is taxed.

But under the proposed changes, that flat discount would be removed.

Instead, from July next year, the original purchase price of an asset would be adjusted for inflation, before tax is calculated. Investors would then only pay tax on profits made above inflation.

But there’s another change: no matter what, you'll always pay a minimum tax rate of 30% (on gains made after 1 July 2027).

The Government says the changes are designed to improve housing affordability and reduce speculation in the property market.

So, how does all of this impact the start-up sector? CGT doesn’t only apply to property – it also applies to all investment assets, including shares in start-ups and stakes in private companies.

Start-ups often rely on early-stage investors willing to take high risks in exchange for the possibility of future returns.

Critics argue higher taxes on capital gains could reduce the incentive for investors to back young Australian companies, particularly where businesses can operate at a loss for years before becoming profitable.

In his Budget reply speech, Opposition Leader Angus Taylor described the changes as “intergenerational fraud”. He also hosted a roundtable discussion on Sunday with concerned business leaders and entrepreneurs.

The backlash has played out online, where some tech founders shared AI-generated parody photos and videos depicting Albanese as a start-up co-founder demanding nearly half the company’s equity.

Treasurer Jim Chalmers has acknowledged the concerns raised by the sector, particularly around how the changes could affect venture capital and tech start-ups.

In an interview with The Daily Aus published today, Chalmers said the Government had already begun privately consulting with industry groups before the Budget was released.

He also said the Budget included a $3.5 billion business tax package aimed at “supporting innovation”, including changes to venture capital thresholds, the treatment of losses, and making the instant asset write-off for small businesses permanent.

“We were doing a bunch of consultations privately before Tuesday night and now publicly to make sure that we get that right,” he said.

“I don't want to preempt there being further changes, but certainly we're engaging with them in good faith.”

The Government is expected to continue consultations with the tech and investment sectors over how the reforms would apply to start-ups and venture capital.

According to Capital Brief, a parliamentary committee examining possible carve-outs for the tech sector could soon be established.

The legislation will still need to pass the Senate, meaning the Government will need support from either the Coalition, the Greens, or cross-bench senators to get the changes through.

Reporting by Lachlan Keller.

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One of Sydney’s biggest entertainment venues is about to get a new name – and a major facelift.

Qudos Bank Arena will be renamed Afterpay Arena under a new partnership announced on Wednesday, with the deal set to run until 2031.

The 21,000-seat venue, which has hosted everyone from Taylor Swift to the Olympics gymnastics events, is also set for a significant refurbishment as part of the agreement. Billboard has previously ranked it among the world’s top 10 arenas.

The partnership will also make the venue one of the first major entertainment arenas in Australia to offer flexible payment options across the entire business, including tickets, food, drinks and merchandise.

It comes as live entertainment costs continue to climb, with Afterpay-commissioned research finding 94% of Aussies are skipping concerts and events because of the upfront expense.

Reporting by Lachlan Keller.