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Treasurer Chalmers and Prime Minister Albanese defend capital gains tax changes amid statistical dispute

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Capital Gains Tax Debate: Scrutiny Intensifies Over Share Ownership Data for Young Australians

"About one in every 10 people under 35 [own] shares."

The Context
In the second week of defending proposed changes to capital gains tax on non-property assets, Treasurer Jim Chalmers and Prime Minister Anthony Albanese continue to face scrutiny over their rationale. During a recent interview, Albanese was questioned by financial influencer Natasha Etschmann.

The Core Dispute
The central conflict hinges on the accuracy of share ownership statistics for younger Australians.

Treasurer Jim Chalmers, when challenged by Billi FitzSimons of The Daily Aus, cited a specific statistic. He stated that "about one in every 10 people under 35 [own] shares," based on Australian Taxation Office (ATO) data for the financial year 2024.

FitzSimons countered with alternative data. A YouGov survey conducted for the Australian Securities and Investments Commission (ASIC) in December 2025 found that 18% of respondents aged 18-28 owned shares.

The Evidence

Treasurer's Defense

  • Source: ATO income data for FY2024.
  • Methodology: The statistic captures taxpayers who declared capital gains or losses on shares, or dividend income, in that year.
  • Critique: The ATO data may not capture all share ownership in the under-35 cohort, as it excludes those who did not receive dividends or sell shares in that year.

Critic's Counter-Data

  • Source: YouGov survey for ASIC (December 2025).
  • Sample: 1,000 people aged 18-28.
  • Findings: 18% own shares, 23% own crypto, and 8% own commodities like gold.

Background
The government has proposed changes to capital gains tax on non-property assets but has faced persistent questions about the evidence base for the policy.

Key Takeaway
The dispute centers on which data set—ATO tax return filings or direct survey responses—more accurately reflects the true rate of share ownership among young Australians. The Treasury relies on declared income data, while critics point to survey data that suggests a much higher rate of participation in the market.