Media Transcript: Member Advocacy on the Capital Gains Tax Changes & Fuel Relief Extension

CHAMBER NT BUSINESS NEWS

23 June 2026

This week, Chamber CEO Glen Hingley joined Katie Woolf to discuss our national advocacy against the federal Capital Gains Tax reforms impacting medium-sized businesses. Read the full transcript below for his insights on protecting business growth and why the fuel excise extension is a critical win for Territory supply chains.

Media Interview: Mix 104.9 morning host Katie Woolf spoke with Chamber NT CEO Glen Hingley about the Capital Gains Tax changes and Fuel Relief Extension. 

Date: Monday 22 June 2026

Topics: Capital Gains Tax changes, fuel relief extension

Transcript:

Katie Woolf:
Now, after mounting pressure from the business sector and tech industries, and concerns that it would drive entrepreneurial Australians overseas, the Prime Minister and the Treasurer last week announced they were tweaking their capital gains tax reforms.

Business owners had criticised the policy as putting hurdles in place right from the start, but Anthony Albanese insists the tax reforms encourage aspiration and better align income from work with income from assets.
Joining us now for his take on this backflip is the CEO of the Chamber of Commerce, Glen Hingley.

Glen Hingley:
Good morning, Katie.

Katie Woolf:
We’ve seen the Commonwealth under some pretty relentless pressure over these reforms since they were announced. What’s your take on the Prime Minister and the Treasurer’s backflip last week?

Glen Hingley:
The move to shift the small business concessions from $2 million to $10 million in turnover will certainly ameliorate some of the harm for businesses. However, it doesn’t address the broader issue of why these measures, as you said, disincentivise business investment.

That’s critical to growing our economy. Taxing growth in this way simply doesn’t make sense. We’re expressing serious concerns about the Federal Government’s proposed changes to capital gains tax. In fact, today we’ve joined 30 other leading Australian business groups in urging all MPs and Senators to reject these proposed changes.

Katie Woolf:
Tell me a little more about joining with those other organisations and what you’re hoping to achieve.

Glen Hingley:
These are significant changes that affect businesses not just here in the Northern Territory, but right across the country. While the recent adjustment supports small business, medium sized businesses are now in the firing line across all sectors.

We’ve signed a joint letter with other state and territory Chambers of Commerce, along with national industry associations, including Accommodation Australia, the Dental Association, the Drilling Industry Association, the Hotel and Resources sectors, the Steel Institute, the Trucking Association, and the Boating Industry Association, just to name a few.

It’s a united message, leave capital gains tax alone. Taxing business growth is not how you improve productivity in this country.

Katie Woolf:
So it sounds like what businesses are saying is that the changes last week don’t go anywhere near far enough.

Glen Hingley:
That’s right. While it helps small businesses, the broader issue remains. Medium sized businesses, classified as having turnover between $10 million and $50 million or employing 20 to 199 people, are still heavily affected.

Think about how many Territory businesses employ around 20 people. These are businesses built through years of hard work. When they try to scale or bring in investors, this policy becomes a disincentive. If I’m investing in a business to help it grow, employ more people, and expand the economy, I’m now facing higher taxes at the end if turnover exceeds $10 million.

Katie Woolf:
That’s exactly what many people have been questioning. We even saw some pushback on social media, with people joking about it, but the reality is this has a serious impact.

In the Northern Territory, we’re trying to attract innovators and startups. Are you concerned this could discourage people?

Glen Hingley:
Absolutely. Why would someone leave secure employment, or encourage their kids to start a business, when the rewards are diminished?

There are investors here willing to back startups, but ultimately people start businesses with the goal of building value and eventually selling. That’s the end game.

And when we talk about turnover thresholds like $10 million, it’s important to remember that’s revenue, not profit. Many businesses operate on margins of just 5 to 15 percent, despite enormous time and effort.

Katie Woolf:
Someone messaged the show last week saying they’d sacrificed so much, missing family events and working constantly, to build their business, all with the hope of selling and securing a better future.
They said it feels like the rug’s been pulled out from under them.

Glen Hingley:
That’s a common story. Business owners work incredibly hard, take significant risks, and invest not just money, but time, energy, and their livelihoods.
They’re the job creators, the innovators, and the people driving our economy forward. When their businesses succeed, they employ more people and improve productivity.
This measure can’t be seen as anything other than a tax on productivity.

Katie Woolf:
Has there been genuine consultation with industry? Has anyone from the Federal Government reached out to understand the impact here in the Territory?

Glen Hingley:
As the Chamber of Commerce and Industry, we’ve written to local members, senators, the Treasurer, the Minister for Small Business, and others.
We’ve received responses from local representatives, which we appreciate, but these largely defend the government’s position. We’ve replied to them acknowledging the support measures in the budget, but the fact remains, capital gains tax changes are a significant hit to business growth and economic activity.

Katie Woolf:
It doesn’t seem like something the government can just set and forget, they really should have done more consultation beforehand.
Now, I also want to ask about the fuel excise extension announced over the weekend. Will this be welcome news for Northern Territory businesses?

Glen Hingley:
Absolutely. We fully support the extension and appreciate the Chief Minister’s role in advocating for it.

Everything that comes into the Territory arrives by road train, and fuel costs are embedded in every product, not just at the bowser but across the entire supply chain.

Without this relief, we would have faced a major shock, especially with inflation, interest rates, and wage increases already putting pressure on businesses.

On top of that, we’re seeing a reduced tourism season. Businesses in Katherine, for example, are reporting a 40 percent decline in forward bookings. Tourists simply aren’t driving here because fuel is too expensive, and that impacts multiple industries.

Katie Woolf:
So realistically, some businesses will have to change the way they operate, including increasing prices?

Glen Hingley:
Yes, just like households are adjusting their spending, businesses have to do the same. They need to reassess costs and, in many cases, pass them on.

Some businesses are absorbing fuel increases, hoping they’ll ease, but that’s turning them into unprofitable operations. That’s not sustainable.

Fuel costs affect every part of running a business, and we need to be realistic about that.

Katie Woolf:
Glen Hingley, CEO of the Chamber of Commerce, really appreciate your time this morning. Thanks for joining us.

Glen Hingley:
Thank you, Katie.