Real estate guru's brutal reality check after Jim Chalmers gloated about Australia's strong economy: 'Don't crack open the champagne yet'

Published: 02:02, 6 August 2026 | Updated: 02:15, 6 August 2026 Treasurer Jim Chalmers has drawn criticism for saying Australia is in a strong economic position after citing a high number of new company registrations.  There were 44,040 new companies registered in July, according to data from Australian Securities and Investments Commission (ASIC) published on Tuesday. This was a slight increase on the 43,393 companies registered in June, with both months recording the highest numbers since 1999.  Chalmers said he was encouraged by 'the record numbers of new businesses being created on the Labor Party's watch' and 'the strong growth in business investment'. 'We have a big agenda to boost productivity and investment and drive growth, and our policies are supporting businesses right around the country,' he said.  'We already saw before the Budget that average new company registrations were higher under this government than any previous government on record, and the data continues this trend. 'There have now been more than 1.3 million new companies registered under this Labor Government and more than 1.3 million jobs created under this Labor Government.'  But real estate veteran Tom Panos was significantly less optimistic, claiming that a business registration does not mean a company is successful. Jim Chalmers has been blasted for claiming Australia is in a strong position economically after highlighting figures showing companies are being registered in record numbers for a second consecutive month 'He's boasting about it but, before we crack out the champagne bro, I want to explain something to you,' Mr Panos said in a video on social media. 'Registering a company does not necessarily mean somebody has opened up a thriving new business.  'Someone might register a company for tax purposes. They might restructure something they already have.  'What you're probably seeing in these numbers is people restructuring their affairs because of your changes to family trusts – I know lots of people doing that.' Mr Panos also claimed Chalmers was using the figures to suggest an economic boom.  'That's economic stress, because there's a huge difference between someone registering a business and somebody saying, Australia, this is a fantastic environment for business,' he said. 'Registering a business is an event and restructuring a business is paperwork. Building a successful business that invests, employs people, survives, that's an achievement.'  Some Australians commented on Chalmers' social media, criticising his interpretation of the ASIC figures. Not all Australians shared Chalmers' optimism about the figures, including real estate veteran Tom Panos (pictured) Do new company registrations really show a healthy economy, or just creative tax strategies? What's your view?'And the award for the biggest piece of misinformation in Australian history goes to Jim,' one commenter said.   A second person said: 'Hahahaha, good one, Minister, good one.'  'It's called restructuring to avoid your rubbish tax changes. Don't confuse defensive paperwork with genuine business growth,' another user said. Jenny Wong, tax lead at financial group CPA Australia, said some businesses might be genuine.  'However, we're also seeing signs that some business owners are reviewing their structures in response to recent budget announcements and proposed tax changes,' she told Yahoo Finance. 'When there are significant changes to the tax system, it's not unusual for people to explore whether a company structure may be more suitable than their existing arrangements.' She added that 'the increase in company registrations is consistent with the type of behaviour we would expect to see when significant structural tax changes are proposed'. 'We've seen company incorporations increase much faster than GST registrations,' Ms Wong said. 'If that gap continues to widen, it may suggest a significant proportion of new companies are being established for structural or tax planning reasons rather than representing new trading businesses.' Ms Wong said business owners should not rush to restructure before all the final details about the tax changes are available.