Chris Brycki

If the reform meant to level the playing field ends up punishing one workaround that was helping people climb onto the property ladder, it begs the question whether anyone modelling it understood this behaviour.

Chris Brycki runs the country's largest robo-advisor, which means he isn't speculating about this shift, He's been watching it happen in real client accounts, tens of millions of dollars moving out of shares and into deposits every year.

And that gives him a level of granularity on investor behaviour that the Treasury modelling doesn't appear to have.

We'll get into where the budget reform falls short, what the debate keeps missing about who these changes hurt the hardest, and where relying on ETFs as a deposit strategy carries its own risks that rarely make it into the pitch.