Prime Minister Anthony Albanese has been mocked with memes made by small business owners across the country, who are slamming changes to the Capital Gains Tax in the Federal Budget.

Mr Albanese has been widely re-imagined in AI-generated posts as a “new business partner” in Australian businesses, a jab at Labor’s controversial changes to capital gains tax (CGT), despite earlier assurances no such reforms were planned.

Under the new policy, a revised indexation method and the removal of the longstanding 50 per cent CGT discount could see high-performing business owners taxed up to 47 per cent when selling their companies, fuelling anger across the sector.

When asked about the viral memes and tax changes on Wednesday, Opposition Leader Angus Taylor said small businesses were “under attack...the Labor Party clearly doesn’t like small business... they want small business to help to fund their rapid growth in spending.”

“These people are working harder than ever for less... The Government’s going to slug them with a whole lot more small business tax.”

Treasurer Jim Chalmers hit back at the criticism, insisting small businesses would not lose existing tax concessions under the changes.

“First of all, the existing generous concessions and carve-outs for small business in the capital gains tax system are not being

changed,” he said on Tuesday morning.

“What they typically mean is that small businesses receive somewhere between half and a full concession… so they’re not being changed. I’ve seen some misinformation about that.”

Dr Chalmers argued the reforms were designed to rebalance investment across the economy, claiming the current system overly favours housing.

“Over the last quarter of a century, the distortion in the capital gains tax system has massively overcompensated investing in housing,” he said.

“By introducing a more neutral treatment of different kinds of assets, people will invest looking for the best economic outcomes, not just the best tax outcomes.”

The posts, often humorous but pointed, reflect a growing frustration among small business owners who say they are being squeezed from all sides, and now fear the latest tax changes could take an even bigger bite.

Albanese AI memes

One post from Narellan Pools Ipswich joked: “Introducing our new business partner. Gave him 47 per cent equity and couldn’t be happier.”

“He won’t be helping us build the pools… but we are very happy to have this partnership,” the post read, adding many other business owners appeared to have “the same business partner”.

A Sydney skin clinic owner took a sharper tone, writing: “Shoutout to my silent investor Albo… gets 47% without lifting a single treatment bed.”

“POV: you build the business… survive interest rates… cry in the car park twice a week — and your silent investor still clocks in for 47%,” Skin and Laser Haus Greenfield Park wrote.

Queensland hair accessories brand Poppet Locks also joined the trend, posting: “Meet our new business partner,” alongside a tongue-in-cheek jab at the tax burden.

“Import tax, GST, business tax, personal tax… then if you ever sell your business one day, old mate wants nearly half of that too.”

Meanwhile, a Pilates studio owner on Bribie Island wrote: “You build a studio from the ground up… and your silent business partner still clocks in for their cut without ever teaching a single class.”

“Never opened at 4.30am. Never dealt with a last-minute cancel… but always there for GST, tax, and every dollar in between,” Body Strong Bribie Island wrote.

Bose Creative’s Founder jumped on the trend, saying “he now owns 47% of my business without liftinga finger... well maybe the middle one”.

Luke Hawkins, who owns a life coaching school, said: “I never thought of selling my Life Coaching Training School but I know if I continue to choose to build in Australia, I’ve now just been gifted a new business partner, Anthony Albanese our PM, who is going to take up to 47% Of my business growth.

“But you know what the good news is? If I start a gambling addiction and become successful at that…or if I start buying lottery tickets and win…I don’t have to pay any tax on any of those things.“Don’t worry about building a business that helps people… instead get incentivised by the Australian government to do what really adds value to the world…gambling!”