will make young founders \u201cless willing\u201d to set up shop in Australia<\/a>.<\/p>\n\u201cIt’ll affect the rate of formation (of start-ups),\u201d Mr Baxter told Sky News Business Now.<\/p>\n
\u201cThe formation won’t stop … there will be less though.\u201d<\/p>\n
Mr Gilmour stressed he had already noticed many entrepreneurs halting operations before there is more clarity about what the CGT changes mean for their operation.<\/p>\n
\u201cI’m in the founder universe and I’m talking to other founders that were looking at starting other start-ups and have just put everything on ice and they want to see what the changes are,\u201d he said.<\/p>\n
\u201cI think it’s going to be a massive impact on so many things that’s unimaginable.\u201d<\/p>\n
He also warned that up-and-coming companies in the space sector would struggle to get a leg up in Australia under the new tax settings, pushing them towards overseas investors.<\/p>\n
\u201cIf you’re a smaller space company that’s getting going, you’re going to be offered better value investors from overseas than local investors because they don’t have the same tax treatment,\u201d Mr Gilmour said.<\/p>\n
\u201cWe’re going to see more and more Australian space and defence companies become more foreign owned because of these changes.\u201d<\/p>\n
Mr Gilmour\u2019s Queensland-headquartered company, founded in 2012, is in the process of another funding round after investors flocked to Elon Musk\u2019s SpaceX.<\/p>\n
He said the company has been \u201cinundated\u201d with interest from potential investors after SpaceX raised US$75 billion for its public launch in June.<\/p>\n
Gilmour Space is looking to make a rocket that can fly at seven times the speed of sound and plans on launching its second orbital rocket by the end of 2026.<\/p>\n","protected":false},"excerpt":{"rendered":"Labor\u2019s tax changes are already weighing on Australian entrepreneurs, as the boss of a space company cites 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