When it first emerged this week that the government had tasked Treasury with looking into changes to negative gearing and the capital gains tax discount, the logical conclusion was that they wanted to do something. But what if Anthony Albanese and Jim Chalmers approached Treasury for cover to do nothing? Read more in today's Political Capital newsletter: https://lnkd.in/gtKNeE6D
Capital Brief
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Intelligence for the new Australian economy. Visit us at capitalbrief.com
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Capital Brief is a business and politics focused publication that views the world through a new economy lens. It is targeted at the people who will power the next generation of commerce in Australia: founders and executives who need capital to grow their businesses, the people who help them get it, investors who allocate it, and decision makers in the federal capital, Canberra.
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The birth of Australian unicorn Culture Amp is one of Melbourne startup lore. The initial idea took place when Didier Elzinga collaborated with Rod Hamilton, Doug English, and Jon Williams, after they worked together in Richmond co-working space Inspire9 coworking. It has became one of Australia's most successful software companies, serving over 6,500 clients globally, including at various points in its history the likes of Airbnb, Adobe and Slack. CTO and co-founder English spoke to Capital Brief's Bronwen Clune, who was part of the founding team at Culture Amp, about the pressures on early stage companies to service big name customers, as well as the high expectations that come with being a culture-first company. Read the full interview 👉 https://lnkd.in/g_83dHcF
Culture Amp's co-founder on the HR software unicorn's Adobe breakthrough moment
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Labor is framing its proposed overhaul of Australia's election system as a way to curb billionaires' influence. But Teal MPs fear its will rush through unfair changes designed to protect the major parties' ‘cosy duopoly’ from a rising independent wave. This week's developments could have major impacts on independents' chances at the ballot box and a plan to ban lies in political ads. Here's the full story by Finn McHugh 👉 https://lnkd.in/gZJMUUKX
Teals raise alarm as Labor looks to cut them out of ‘billionaires’ electoral reforms
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Some of Australia's most established VC funds are increasingly encouraging their founders to consider exiting via mergers and acquisitions. Capital Brief has spoken to several funds who are relying on M&A to boost their Distributed to Paid-In capital (DPI), a key metric measuring the ratio of cash returned to investors relative to invested capital. Among them is Charlie Ill, the CEO of Investible, who cautions founders against "selling the farm" in the current market, but says the fund is open to exits that make sense and offer good returns. "It's paramount that we are returning capital to our investors," he said. "Otherwise, everything's just paper." Read the full story by Bronwen Clune: https://lnkd.in/eVHGKiHx
VCs line up M&A for 'low hanging fruit' in major shift on exits
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US film studio and HBO parent Warner Bros. Discovery has confirmed it will launch its direct-to-consumer streaming service Max in Australia in early 2025, in a potentially damaging blow for News Corp's local pay TV business Foxtel Group. Warner Bros president of the APAC region, James Gibbons told attendees of the APOS media and telecommunications conference in Bali of the plans on Wednesday morning. “We can also confirm we’ll be launching our direct service in Australia in the first half of next year; that’s definitely happening,” Gibbons told the conference in remarks confirmed by a Warner Bros spokesperson. Read more: https://lnkd.in/gQckF6yw
HBO parent Warner Bros to launch Max service in 2025
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Venture capital is broken, according to Scalare Partners CEO Carolyn Breeze GAICD — and she has a proposal to fix it. "I think that people don't have the opportunity to invest in early tech and access it via the VC model, because there are barriers to investing, and it locks away your money for five to 10 years until there's liquidity events," Breeze told Capital Brief. Scalare is set to enter the ASX through a reverse listing of a defunct confectionery company, becoming Australia’s first publicly listed early-stage tech accelerator. It has already invested in 27 companies across six countries, with a current portfolio valued at $10.23 million. "We want to break the mould," Breeze said. "We think it's outdated for tech scale-ups and startups, and we want to make it available and accessible to all sorts of investors, like retail investors." Read the full story by Bronwen Clune 👉 https://lnkd.in/gKtXGhHt
'Venture capital is broken': Scalare pitches backdoor IPO as VCs question model
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The visa application process is often confusing, something that startups relying on offshore talent or entrepreneurs trying to operate across borders are all too aware of. So perhaps its not surprising that a growing crop of startups are themselves trying to fix it. Matilda Migration is among them. The Sydney-based startup, founded by Niamh Mooney and Damian Png, is developing a platform that combines AI with human interaction to streamline the migration process in Australia. The company recently raised $1 million in a pre-seed funding round led by AfterWork Ventures with participation from Robyn Denholm's Wollemi Capital Group, Everywhere Ventures, Co Ventures and Startmate. Here's the full story from Bronwen Clune: https://lnkd.in/gyD3Frxh
'Incredibly confusing': Migration tech startup Matilda closes pre-seed round
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Eucalyptus has paused Compound, its ambitious longevity play for men that cost users nearly $1000 a month as it looks to rebuild. The Blackbird and Airtree backed startup, which is best known for its weight loss business, launched the Compound brand in January. It was designed to help Australian men live longer, healthier more productive lives, and saw Eucalyptus jump on a health trend popularised by the likes of neuroscientist Andrew Huberman. In a message to current and past members on Friday program architect Dan Cable said Compound was in need of an overhaul and would be temporarily frozen as a result. Here's the full story: https://lnkd.in/g6V9pUWj
Eucalyptus pauses Compound, its $1000-a-month men's longevity program
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Peter Dutton has always thought he could defy history and win the next election. In recent weeks, some of his colleagues have begun to believe him. Previously, the consensus was that Dutton didn’t actually have a strategy to win in one term. The plan was to win back a few seats from Labor, push it into minority government, and create enough chaos over three years to set up a win in 2028 — just like Tony Abbott’s approach from 2010 to 2013. But there is now a genuine belief in the Liberal camp that it could get close enough to form a minority government in its own right. Read more in today's Political Capital newsletter from Anthony Galloway 👇
Dutton's narrow path
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"It's an interesting play and we're assessing it." Veteran fund manager Geoff Wilson is pondering a possible play for Platinum Asset Management in the wake of Regal Partners opportunistic bid for the Kerr Neilson-founded global equities manager. As market expectations mount that Phil King's Regal could face competition in its pursuit of Platinum, the chief investment officer and chair of Wilson Asset Management confirmed to Capital Brief he was eyeing a potential move of his own. Here's the story from Jack Derwin 👇
Geoff Wilson eyes Platinum play in wake of Regal bid
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