Lachlan Harris warns Labor's budget isolates voters amid One Nation rise | Insiders on Background

The Albanese government passed the first tranche of its tax legislation through the lower house this week but is still facing backlash from investors and businesses. Entrepreneur and former Labor advisor Lachlan Harris warns the government is at risk of isolating voters amid the rise in populism. 00:00 Welcome 00:45 Lachlan Harris, entrepreneur and former Labor advisor 01:16 Discussion on the negative reaction to Labor's budget 02:32 Using Harris' first start up business, Budgie Smugglers discussion on impact of indexation of capital gains tax 05:40 By shifting from discount to indexation system, it will reward large businesses which grow slowly over small businesses which grow rapidly. 08:00 How will 'carve outs' work for small businesses? 14:00 Harris thinks 2026-27 budget didn't fully consider small business 16:45 Discussion on the politics of the budget 20:00 Rise of One Nation and other populist parties threaten major parties 22:10 Redbridge poll showing One Nation overtaking Labor 24:30 Discussion on whether the government is doing enough to foster innovation and productivity 26:00 Labor's budget is in danger of isolating voters and narrowing its base 27:00 Goodbye Subscribe: https://ab.co/3yqPOZ5 Read more here: https://www.abc.net.au/news/2026-06-05/albanese-one-nation-influence-tax-cgt/106765436 Welcome to ABC News In-depth, where you'll find our long-form journalism and other videos to help you understand what's going on in the world around you. Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1 For more from ABC News, click here: https://ab.co/2kxYCZY Get breaking news and livestreams from our ABC News channel: https://www.youtube.com/user/NewsOnABC Like ABC News on Facebook: http://facebook.com/abcnews.au Follow ABC News on Instagram: http://instagram.com/abcnews_au Follow ABC News on Twitter: http://twitter.com/abcnews Note: In most cases, our captions are auto-generated. #ABCNewsIndepth #ABCNewsAustralia