Australia news live: Labor promises ‘generous’ exemptions to small businesses and some trusts after backlash against capital gains tax reforms

Anthony Albanese has lifted the threshold for small businesses to get an exemption from CGT to $10m, five times the previous level as the government responds to criticism about its tax reforms. Ahead of a consultation paper to be released later this morning, the prime minster said “we’re also proposing to introduce a new innovative business tax concession for start-ups”, addressing another concern that entrepreneurs could be treated too punitively under the proposed change from a flat 50% CGT discount to an inflation-linked model. “Genuine” testamentary discretionary trusts – used to manage estates and wills – would also get an exemption from the proposed 30% minimum tax, Albanese said. Anthony Albanese and Jim Chalmers hold a press conference in Sydney on Thursday morning. Photograph: Dean Lewins/AAP