Resilient and resourceful
Among the developed economies, Australia has performed consistently well in the past two decades and was largely unscathed by the global financial crisis of 2008/2009. With a stable, open and democratic political and regulatory environment, as well as an open, efficient and transparent legal system, Australia provides a high degree of confidence and certainty for investors.
Australia actively encourages direct foreign investment, with the regulatory environment being progressively liberalised since the mid-1980s. In 2016, Singapore was Australia’s fifth-largest foreign investor, with total investments amounting to A$80.2 billion (S$80.4 billion).
The country has a mature, established, safe and low-risk business environment which Singaporean companies will find relatively easy to navigate. In 2015, its FTA with China was the latest in a string of agreements with key Asian trading partners, opening up more business and investment opportunities, especially in the export sector.
Australia offers a highly-skilled, multilingual workforce, supported by strong tertiary education. Singapore companies entering the market can benefit from a high-quality workforce with entrenched cultural ties to the region. Over 40% of the working-age population have tertiary education.
Venture to Australia
The world’s smallest continent was Singapore’s 11th largest trading partner in 2016. The service sector, including tourism, education and financial services, accounts for about 70% of Australia’s GDP, although the country is also a major exporter of agricultural products, minerals and energy.