Changes to the capital gains tax will lower productivity and make Australia less competitive, business groups argue, as the contentious budget measures go under the microscope.
A Senate inquiry into the tax changes will hold its first day of hearings on Monday.
Under the changes, the 50 per cent discount for capital gains tax will be replaced with a rate tied to inflation and a 30 per cent minimum, while negative gearing will be limited to new houses only from July 2027.
