A peak body for private capital has warned some of Australia's most successful companies would not have survived without the current tax policy settings.
Australian Investment Council chief executive Navleen Prasad told the two-day parliamentary inquiry into Labor's planned tax changes, the policy architecture for venture and growth investment has been based on the existing capital gains tax discount.
"Through policy settings that have been supported by parliament over the last 20 years, we now have a sector in which, at least through the venture capital and the early stage venture capital, limited partnerships have channelled $36 billion of capital into the venture and growth sectors," she told Tuesday's public hearing.
"I would argue that if we didn't have that list of support, we wouldn't have companies like Canva or Employment Hero with us today."
