Australian tech entrepreneur Fred Schebesta is moving his family to Singapore, saying the country’s economic conditions and Labor’s proposed tax reforms have made Australia a less attractive place to build a business.
Schebesta, who established the comparison platform Finder in 2006, has become an outspoken critic of the Albanese government’s planned changes to the tax system.
He described the proposal to replace Australia’s existing 50 per cent capital gains tax discount with an inflation-linked arrangement as the “nail in the coffin”, claiming it would encourage more entrepreneurs to take their businesses offshore.
“The innovators are leaving. We’re done,” he told Yahoo! Finance on Thursday.
Schebesta said the personal cost of creating a company was often underestimated, pointing to the pressure, sacrifice and uncertainty involved for entrepreneurs and their families.
He questioned why founders should see a large portion of their eventual capital gain taken in tax after enduring years of risk and hardship, arguing that such an approach reflected the wrong attitude towards innovation.
The Finder co-founder is relocating from Sydney to Singapore with his wife and their four children.
Among Singapore’s advantages, he cited its zero capital gains tax, access to the wider Asian region — including its proximity to China — and its reputation as a business-friendly hub. He also pointed to government grants and tax incentives available to international companies and overseas entrepreneurs.
Tech entrepreneur Fred Schebesta said he is moving his family, including his four children, from Sydney to Singapore
Schebesta has moved to Singapore, saying its government is actively seeking to attract new businesses (stock image)
Schebesta founded the comparison website Finder in 2006
“The Singapore government has an initiative to bring businesses into the country. They are actively encouraging companies to relocate there,” he said.
Schebesta also posted a list of complaints about Australia and his reasons for leaving on social media.
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He referred to higher interest rates and inflation of about four per cent during the Albanese government’s term, although interest rates are set by the Reserve Bank of Australia rather than the federal government.
He further objected to proposed rules that would prevent businesses from adding credit card payment surcharges to customers’ bills.
Schebesta argued that removing the surcharge option could ultimately lead companies to increase their prices instead.
He also described Australia’s hot climate as a “workplace hazard” and criticised what he called a three-tier healthcare payment model involving taxes, insurance and out-of-pocket medical fees.
The businessman urged other startup founders and younger Australians to consider opportunities abroad, despite the practical difficulties involved in moving countries.
He said young people hoping to buy a home should consider working overseas if they could find a market where their earnings were higher and they retained more of their income after tax.
Schebesta has criticised Labor’s proposed capital gains tax reforms, saying they could reduce Australia’s appeal to investors
‘Then you can actually build your wealth, and then come back and buy your house in Australia.
‘That’s what I think young people should do. Leave.’
Mr Schebesta said he had met other Australians in Singapore who had recently made the move overseas.
‘Everyone here is excited,’ he said, describing Singapore as ‘a place of prosperity, not of more regulation’.
Mr Schebesta made his fortune at just 26 years old when he founded Finder alongside Frank Restuccia and Jeremy Cabral.
In 2021, the AFR Rich List estimated his personal fortune at approximately $340million. At the time, Finder was valued between $650million and $770million.