Women face greater confusion over proposed CGT

Female investors are more than twice as likely as men to be unclear about how the federal government’s proposed capital gains tax (CGT) changes will affect them, according to research from Global X ETFs. The survey of more than 2,000 current and prospective investors found 18 per cent of women investing outside superannuation did not understand the changes, compared with 8 per cent of men. The findings have prompted calls for clearer policy communication, with Global X warning that complexity could deepen the existing gender gap in investment knowledge. Global X ETFs Australia portfolio manager, Jessica Leung, said the changes announced in the May federal budget created an additional barrier for women. “The tax changes announced in the Federal Budget back in May are having a more significant impact on women than they are on men. The CGT changes in particular are difficult to understand, and only create an additional barrier,” Leung said. “The policy matters particularly for women, who make up a greater share of lower-income earners. From July 2027, some Australians could face a 14 per cent marginal tax rate on their employment income but a minimum 30 per cent tax rate on their real capital gains, that’s more than twice the rate,” she said. While women reported greater confusion, the survey found the potential deterrent effect on investment extended across both genders. One in four women said they would be less likely to invest in shares or ETFs when the changes take effect on 1 July 2027, compared with 28 per cent of men. Just 9 per cent of each group said they would be more likely to invest. The policy findings accompanied a broader knowledge gap identified in the GXIQ Investor Scorecard 2026 report, with women accounting for 65 per cent of investors in the Beginner category, which represented the lowest level of investment knowledge among those assessed. A lack of knowledge was also the leading reason prospective female investors had not started investing. “The problem is not a lack of ambition or interest. Too many women are not being given clear, accessible information that helps them understand what policy changes mean for their financial decisions,” Leung said. “Investors should not need a tax degree to work out whether a change affects them. Government and the financial services industry need to explain complex policies in plain language, without removing the detail people need to make informed choices,” she said. Across Australian investors, the report recorded an average GXIQ score of 63 out of 100, with only 15 per cent reaching the Advanced category. Advanced investors were almost three times as likely as Beginner investors to diversify across asset classes, at 64 per cent compared with 22 per cent. They were also less likely to invest without a strategy, at 6 per cent compared with 34 per cent. “Investment knowledge does not remove risk, but it helps people understand and manage it,” Leung said. “Australia has a significant opportunity to support more women to become confident investors. Clearer policy communication and accessible education will be critical to helping them move from uncertainty to informed action.” Featured Video