[joonix]

Yes, just take a look at Australia's capital gains taxation to see where their priorities are.

In fact, there is no capital gains tax. It's all taxed as income. There is no incentive to sweat it out for years building equity because once you exit, you will give an enormous chunk to the government because you are suddenly in a $1M+ tax bracket for that year only.

Their bankruptcy laws also don't reward risk taking as well as the US either.