Paul Keating urges Labor to stick with capital gains tax overhaul and avoid exemptions that would hurt economy

Exclusive: former PM says the changes to tax rates are ‘so marginal that no entrepreneurial initiative is likely to be thwarted’

Paul Keating has urged Labor to stick to its guns on controversial changes to capital gains tax, warning exempting commercial assets from the changes would further “distort” the economy.

Small business and the start-up sector are fighting the Albanese government over its plans to shift the 50% capital gains tax discount to an inflation-based model, part of a suite of tax reforms announced in this month’s federal budget.