Australia’s millionaire factory is closed for business

July 14, 2026 — 3:00pm

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For most of the past decade, the surest way to get rich in Australian technology was not founding a startup. It was getting a job at Atlassian.

The company’s 2015 Nasdaq float, and the stock’s subsequent 20-fold run to a 2021 peak above $US450 ($650), minted more everyday millionaires than any business in the country’s tech history. Engineers, designers and marketers who joined for the beanbags and the “don’t #@!% the customer” values walked away with life-changing sums, all delivered through annual grants of stock.

That era formally ended this week. Atlassian has told staff that from the compensation cycle beginning July 1, its equity-only “refresh” grants are finished. Employees rated as meeting expectations will receive their entire top-up in cash, vesting over four years. Only those who exceed expectations will get shares at all, and even then, only half their grant. Those who fall short get nothing. Some roles are moving to 100 per cent cash permanently.

The company says the shift is about protecting shareholders and staying competitive, noting that a mid-career Australian........

© The Age