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Australian businessman Adrian Portelli has warned that young, wealthy entrepreneurs are 'fleeing' the country to escape recent capital gains tax (CGT) changes.
The federal government attracted backlash recently after major CGT and negative gearing reforms were passed following a political agreement with the Greens.
Portelli, 37, who has a net worth of $1.41billion and recently moved to Dubai with his family, told Karl Stefanovic the tax overhaul will cause a mass exodus.
Appearing on the former Today host's first podcast episode in three weeks, the LMCT+ founder accused the Labor government of 'chasing away success'.
'I don't trust the government. They've really come down on me,' he began to tell the controversial podcaster.
'Like, I think once you start making a bit of noise... you'll find the system cracks down and they don't like it.'
Australian businessman Adrian Portelli, 37, has warned that young, wealthy entrepreneurs are 'fleeing' the country to escape recent capital gains tax (CGT) changes
'I've had regulatory issues to ATO issues, and I just can't handle it. I'm just like, I just don't feel comfortable having all my eggs in one basket in Australia.
'And it's unfortunate, because I love the country we live in.
'You know, I'm a big believer that it's the best country in the world, but it's unfortunate when they're chasing away success.
'They're frowning upon ambition, when we should be celebrating it.'
Stefanovic, 52, agreed, saying: 'Yeah, I think it's a real problem. There's no doubt.'
'Everyone is saying there are a few people in Australia who are on the bus and they're moving forward, and the rest are getting left behind, and it kind of looks like socialism,' he added.
Portelli, who has a net worth of $1.41billion and recently moved to Dubai with his family, told Karl Stefanovic the tax overhaul will cause a mass exodus. Pictured with girlfriend Karlie Butler
'It's onerous, the government intervention and the tentacles of government.'
Stefanovic then went on to address the recent housing tax reforms.
'So in the CGT changes, my worry is we're going to, and we have featured on the show already, so many young people are just going to leave,' he said.
'Young entrepreneurs are going to pick up and leave the country, which is exactly what you're doing.'
Portelli agreed, saying thousands of entrepreneurs had already left Australia and fled to the Middle East as a result of the reforms.
'These aren't average people. These are people of wealth and success. They're moving, they're fleeing,' he said.
Appearing on the former Today host's first podcast episode in three weeks, the LMCT+ founder accused the Labor government of 'chasing away success'
'And then we're replacing them with people that are dependent on the government and taking resources away from Australians that need it. So it's quite sad.'
The interview was Stefanovic's first upload after returning to his YouTube podcast following three weeks of unexplained absence.
The ousted Today show host, who is locked in a legal battle with his former business partner, dropped a new episode of The Karl Stefanovic Show on Wednesday with minimal fanfare.
Stefanovic launched into the video without addressing his break, sitting down for a chat with billionaire Portelli.
In the 35-minute interview, the LMCT+ founder, who often goes by the moniker 'Lambo Guy', was drawn on a wide range of topics, which included Portelli's criticism of government policies that have affected his business.
Portelli said he was 'packing up and moving' and had relocated much of his life and business to Dubai to circumvent issues he is facing in Australia.
Stefanovic's fans were delighted to see him back behind the wheel of the beleaguered podcast venture, with many sharing their support in the comments section on YouTube.
'Good to see you back, Karl,' read the top comment, while another person said: 'Where have you been, Karl?'
'Forget the noise and focus on the show. Build your audience, do what you do best and let the lawyers deal with everything else,' wrote one fan.
Someone else commented: 'Does this mean @thekarlstefanovicshow drought is over?'
'Didn't believe I would miss this so much! You've really grown on me mate!' said another listener.
It comes after Stefanovic's podcast business partner launched urgent Supreme Court action to stop the former TV star from forcing her out of the venture they built together.
Keshnee Ibrahim filed an application in the Supreme Court on Monday seeking to prevent Stefanovic from removing her as a director of 123 Podcast Pty Ltd, the parent company of The Karl Stefanovic Show, at a meeting scheduled for Friday.
Ibrahim is also asking the court to order Stefanovic to buy out her 45 per cent stake in the business at a reasonable market price.
The legal action marks a dramatic escalation in the breakdown between the pair, who launched The Karl Stefanovic Show podcast earlier this year.
The pair are joint major shareholders in the company, which was registered in February, with each holding an equal 45 per cent.
Anthony Bell, Stefanovic's accountant and business adviser, holds the remaining 10 per cent.
Sources say Ibrahim had repeatedly proposed an independent valuation of the business ahead of a potential buyout, but negotiations stalled about a month ago.
Stefanovic's wife Jasmine and his former business partner Ibrahim are childhood friends – but the relationship has fractured beyond repair.
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