Australia’s top ten fintech startups will be spirited away on an all expenses paid recce to Fintech Week London, courtesy of the UK Government, in an attempt to tempt more promising companies to London’s flourishing startup hub.
And well they might go. The Australian Government has done nothing concrete to foster an Australian fintech community. Despite some lip service and the emergence of incubators like Stone & Chalk, the Australian business and tax environment remains relatively hostile for startups. Not only does this drain away promising Australian talent, it also robs the economy of future tax revenue, potential IPOs and all the positive flow-on effects of these. While Australia’s leadership remains myopically focused on the dying resources industry, London and others will continue to call, and the brain drain will continue.