Wealthy founder of $650million business empire calls it quits on Australia and flees to Singapore as he delivers a parting shot to Anthony Albanese
Fred Schebesta, co-founder of comparison website Finder, is moving with his family from Sydney to Singapore, citing Australia’s economic conditions and proposed tax changes. He argues that replacing the 50 per cent capital gains tax discount with an inflation-based model would make Australia less attractive to entrepreneurs and investors.
Schebesta points to Singapore’s lack of capital gains tax, business incentives and location near China as reasons for the move. He also criticised Australia’s inflation, planned restrictions on card surcharges and healthcare costs, and urged young people to consider working overseas. Finder was valued at between $650 million and $770 million in 2021, when Schebesta’s personal fortune was estimated at about $340 million.
- Fred Schebesta is relocating his family from Sydney to Singapore.
- He says proposed capital gains tax changes influenced his decision.
- Finder was valued at up to $770 million in 2021.
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Fred Schebesta is a wealthy entrepreneur and co-founder of Finder, a comparison website that helps consumers find financial products and services. Finder has become a significant business success, valued at between $650 million and $770 million, and Schebesta's personal wealth is estimated at around $340 million.
Schebesta has publicly criticised various aspects of Australian economic policy, including proposed changes to capital gains tax treatment and rising costs for healthcare and business operations. He contends that Singapore, by contrast, offers a more attractive environment due to lower taxes and proximity to Asian markets.
His move is significant because high-profile departures by wealthy entrepreneurs can influence broader conversations about Australia's competitiveness and economic policies. Such moves may also reflect concerns among business leaders about Australia's direction, whether or not they are shared widely.
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The case for
Australia's tax changes, particularly the move away from a 50 per cent capital gains discount towards an inflation-indexed model, risk making the country uncompetitive for entrepreneurs and investors. When successful business creators relocate to jurisdictions like Singapore—which has no capital gains tax and other business-friendly incentives—it signals that Australia may be pricing itself out of attracting and retaining the talent and capital needed for future economic growth and innovation. The concern is that such policies could ultimately harm Australia's prosperity by discouraging wealth creation.
The case against
Progressive taxation ensures that those who have benefited from Australia's infrastructure, education, and stable institutions contribute fairly to maintaining them. A 50 per cent capital gains discount already provides substantial tax relief compared to many developed nations; reducing it further would disproportionately favour wealthy investors whilst eroding public funding for essential services. The departure of some wealthy individuals is not evidence the policy is flawed—it may indicate the policy is working as intended to reduce inequality and prioritise social cohesion over individual tax minimisation.