Fred Schebesta, the founder of comparison website Finder worth $650 million, is moving his family to Singapore due to concerns over proposed tax reforms by Australia’s Labor government. He cites plans to replace the current 50% capital gains tax discount with an inflation-based model as a significant factor in his decision, stating it would drive entrepreneurs overseas. Schebesta also criticizes other policies like banning credit card surcharges and increasing interest rates, emphasizing Singapore's favorable business environment including zero capital gains tax.
Written locally by qwen2.5:14b on 2026-10-09,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Fred Schebesta, founder of Finder, a comparison website with an estimated worth of $650 million, is relocating his family from Sydney, Australia, to Singapore. He attributes this move to the economic climate in Australia and the proposed capital gains tax changes by Labor Prime Minister Anthony Albanese's government. Schebesta criticizes the plan to replace the 50% capital gains tax discount with an inflation-based model, arguing it drives entrepreneurs overseas. He emphasizes that Singapore offers a business-friendly environment, zero capital gains tax, and is strategically located near China, making it more attractive for investment. Schebesta urges young Australians who wish to buy houses to consider working abroad where they can earn more without significant government taxation.
Written for “Founder Fleeing Australia” on 2026-10-09,
grounded in this article and the 0 other(s) covering the same event.
A successful tech entrepreneur is leaving Australia for Singapore, blaming the country's economic climate and Labor's proposed tax changes for his move overseas.
asserted
entrepreneur → leave → move
Fred Schebesta, who founded comparison website Finder in 2006, has criticised the Albanese government's proposed tax reforms.
asserted
who → found → reforms
He said the proposal to replace the current 50 per cent capital gains tax discount with an inflation-based model was the 'nail in the coffin' that he believed was driving entrepreneurs overseas.
asserted
he → say → entrepreneurs
'So the innovators are leaving.
asserted
innovators → leave → ?
We're done,' he told Yahoo! Finance on Thursday.
asserted
he → do → Thursday
'The trauma of building a company is insane.
asserted
trauma → build → company
The suffering, the risk taking, the cost to your life, your health, your family, your friends… it's just wild, and it's undervalued.
asserted
it → undervalue → life
It's not like you just pop up and suddenly you've got this magical thing.
asserted
you → pop → thing
Then you get a capital gain and half of it gets taken away.
asserted
half → get → it
Mr Schebesta said he is relocating his family, including his four children, from Sydney to Singapore.
asserted
he → say → Singapore
He highlighted that the country has zero capital gains tax, proximity to China and a business-friendly environment, and pointed to tax support and grants available to international businesses and foreign entrepreneurs.
asserted
country → highlight → businesses
Tech entrepreneur Fred Schebesta said he is relocating his family, including his four children, from Sydney to Singapore
Mr Schebesta has relocated to Singapore, where he says the government is actively working to attract businesses (stock image)
asserted
government → say → businesses
Mr Schebesta founded comparison website Finder in 2006
'The Singapore government has an initiative to welcome businesses in.
asserted
government → found → businesses
They are actively bringing companies into the country,' he said.
asserted
he → bring → country
Mr Schebesta shared a list of reasons why he was leaving Australia on social media.
asserted
he → share → media
'In this government's tenure, they have upped interest rates and we have four per cent inflation,' he said, although it is the Reserve Bank of Australia that sets the rate.
asserted
that → up → rate
He also criticised planned changes that would ban businesses from charging customers card payment surcharges.
asserted
that → criticise → surcharges
'Banned credit card surcharges so companies have to charge you more,' he said.
asserted
he → ban → more
The businessman said Australia's hot temperatures are a 'workplace hazard' and took issue with what he called a 'three-layer payment system' for healthcare involving government taxes, insurance and doctors' fees.
asserted
he → say → taxes
Mr Schebesta encouraged other founders and young Australians to consider also making a move, even if there are logistical hurdles.
asserted
Schebesta → encourage → move
'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 said.
Mr Schebesta has criticised Labor's proposed capital gains tax changes, arguing they would make Australia less attractive to investors
'
asserted
Australia → want → investors
Then you can actually build your wealth, and then come back and buy your house in Australia.
asserted
you → build → Australia
'That's what I think young people should do.
asserted
people → think → ?
Mr Schebesta said he had met other Australians in Singapore who had recently made the move overseas.
asserted
who → say → move
'Everyone here is excited,' he said, describing Singapore as 'a place of prosperity, not of more regulation'.
asserted
he → say → regulation
Mr Schebesta made his fortune at just 26 years old when he founded Finder alongside Frank Restuccia and Jeremy Cabral.
asserted
he → make → Restuccia
In 2021, the AFR Rich List estimated his personal fortune at approximately $340million.
asserted
List → estimate → 340million
At the time, Finder was valued between $650million and $770million.
asserted
Finder → value → 650million
The Aporia
