[HappyTypist]

47% taxes above A$180k/yr (US$125k/yr). Very little loopholes like in the US that allow you to reduce your tax paid.

So considerably less monetary incentive to 'make it big'. For entrepreneurs who want to do that, why not move to the USA and come back to Australia when you want to settle down and have a family?

[entangledqubit]

Is the entrepreneurial equity tax picture the same? In the US, it's all about the capital gains rate. Australia appears to have a similar setup where gains from an asset held for more than a year are taxed at half the rate. That would bring it in line with the US rate.

Even for the raw income tax rate you cite, any place paying the really high salaries, historically, has been at a similar rate.