An Aussie small business owner has offered praise for Anthony Albanese over the Federal Budget’s tax reforms, despite the changes sparking backlash from investors.

The Prime Minister and Treasurer Jim Chalmers have come under heavy fire over claims they broke election promises by restricting negative gearing to new investment properties and introducing a minimum 30 per cent capital gains tax.

The longstanding 50 per cent capital gains tax discount has also been scrapped, potentially leaving some business owners facing tax rates of up to 47 per cent if they sell their company.

The changes will not apply to businesses with an annual turnover of less than $2 million.

Business owners have since launched a viral AI meme campaign, sharing images depicting Anthony Albanese as an unwanted ‘co-founder’ or ‘silent partner’ amid claims the changes would give the government a larger share of their success. 

But instead of joining the growing online backlash, Glenorie Coaches founder Alan Ng argued wealthier Australians should pay more tax and said many of the viral posts spreading online were misleading. 

‘The changes affect the wealthy – not the average Australians, whom the government is trying to help – it’s doing something for my children and future generations.’

He said many small business owners were not building companies to become wealthy, but simply to earn a living and employ others. 

Glenorie Coaches founder Alan Ng (pictured with his family) 

The longstanding 50 per cent capital gains tax discount has also been scrapped, potentially leaving some business owners facing tax rates of up to 47 per cent if they sell their company leading to a series of viral posts 

‘A business like ours will never make me rich – it’s created me a job,’ he said.

‘It also employs a significant number of people and is a crucial part of keeping the economy moving.’

Mr Ng was also quick to criticise what he sees as Australia’s growing obsession with property investment, arguing businesses contribute far more to the broader economy than property speculation.

‘Business creates employment, economic activity, funds the majority of taxes and drives innovation,’ he said.

‘Owning 20 investment properties does not. We celebrate ridiculous property prices when all it does is squash our kids’ opportunities and futures.’

‘I’m glad that Albanese is actually trying to do something about the housing crisis.’

Mr Ng said soaring housing costs were making it increasingly difficult for employers to attract and retain workers, as many struggled to afford living close to where they worked.

He said his own company had felt the impact of rising property costs, saying Glenorie Coaches had never been able to afford to purchase its own depots. 

Alan Ng told Daily Mail he was not a supporter of Anthony Albanese or Labor, but was frustrated by what he saw as misinformation spreading on social media 

Some of the AI posts depict business owners handing cash to Anthony Albanese, suggesting the government will take a larger share of their profits

‘We’d make more out of property ownership, but you need to have the money first,’ he said.

‘Every time a landlord trades their properties and celebrates, as tenants we’re the suckers who pay the increased land tax whilst they sit at home counting their coins.’

While Mr Ng said he could not say whether the government’s reforms would ultimately succeed, he believed policymakers deserved credit for at least attempting to tackle the issue.

‘Whether or not the current changes are right, wrong or even going to work, I have no idea, but at least someone had the balls to do something,’ he said.

‘Otherwise, our next option was to lead the next French Revolution. Who’s in with me? Grab your pitchforks and torches.’

Mr Ng was 27 when he founded Glenorie Coaches in Sydney’s north-west with a single bus.

Sixteen years later, the charter-only business operates a fleet of 20 coaches.

‘I’d be proud to be taxed at 47 per cent, because it’d mean I’d be doing pretty damn well,’ Mr Ng said.

‘I saw everyone making ridiculous posts with information that wasn’t true, which p***ed me off,’ he told Daily Mail.

‘I’m not pro-Albo or pro-Labor, but I was sick of people being misled on social media.’