Australia is Singapore’s longest standing bilateral partner. Home to a pristine natural environment, it has a solid foundation for primary production across sectors such as horticulture, proteins, seafood and value-added edible. Australia has a strong regard for sustainable farming practices, and continues to pave the way for class-leading agricultural innovation.
Australia’s open economy, robust regulatory frameworks and transparent processes positions it as a safe and attractive place for business, investment and international trade.
Australia has entered its 28th year of consecutive annual economic growth, setting a new record among developed economies for uninterrupted expansion – growing around 3% each year since 1992. Australia’s economy is expected to be the 14th largest in the world and the fifth largest in the Asian region in 2019.
Australia possesses one of the least dense populations in the world, at about 25.4 million (expected to exceed 30 million by 2030) spread over 7.7 million km2. Australia ranks 11th in GDP per capita¹ and first in gross household income outside of the EU. Australia offers a powerful combination of plentiful natural resources and a sophisticated services sector backed by a highly educated labour force. It is renowned for its resources sector, upon which Asia continues to rely to help fuel its industrialisation. The nation’s agricultural commodities and premium food are in high demand by global consumers.
It is home to some of the world’s most liveable cities, helping to support the international education and tourism industries.
1 Knoema, 2019
Australia, whose R&D expenditure places it among the world’s leading innovative countries, is ranked fifth among its peers for global entrepreneurship. It is also the fourth smartest country in the world as ranked by INSEAD. Singapore companies can expect ample opportunities to collaborate on research institutions; invest in or incorporate Australian products or solutions into existing products; or enter into joint ventures to take products to the global market.
With domestic primary production outstripping consumption demand locally, Australia is a net exporter of top quality fresh produce. Leveraging the growth of Asia’s rising middle class, Australia is expected to continue cultivating their export trade, especially in the areas of food and agribusiness, fuels and commodities, and services, such as education and tourism.