Tech Entrepreneur Relocates to Singapore, Citing Australian Economic Climate and Tax Policies

Fred Schebesta, the wealthy founder of the comparison website Finder, has announced his relocation from Australia to Singapore, citing the country's economic climate and proposed tax reforms under the Albanese government as primary motivators.

Schebesta, who co-founded Finder in 2006 and was estimated to be worth approximately $340 million in 2021 with the company valued at over $650 million, described the proposed change to the capital gains tax discount as a "nail in the coffin" for entrepreneurs in Australia.

"So the innovators are leaving. We're done," Schebesta told Yahoo! Finance. He elaborated that the "trauma of building a company is insane. The suffering, the risk taking, the cost to your life, your health, your family, your friends… it's just wild, and it's undervalued."

He highlighted Singapore's advantages, including its zero capital gains tax, proximity to China, and a business-friendly environment with government support and grants for international businesses and foreign entrepreneurs. "The Singapore government has an initiative to welcome businesses in. They are actively bringing companies into the country," he stated.

Schebesta also voiced concerns about other Australian government policies, including the Reserve Bank of Australia's interest rate hikes and four percent inflation during the current government's tenure. He further criticized planned regulations that would ban businesses from charging customers credit card surcharges, suggesting this would lead to increased prices for consumers.

Additional criticisms included the Australian climate being a "workplace hazard" and a perceived complex three-layer payment system for healthcare. Schebesta encouraged young Australians to consider working overseas to build wealth, suggesting they could return to Australia later to purchase property.

"If you're a young person and you want to go and buy a house, go overseas and work hard somewhere you get paid for it, and the government doesn't take all of your money," he advised. "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."

Schebesta noted that he had encountered other Australians in Singapore who had recently made similar moves, describing Singapore as "a place of prosperity, not of more regulation."