Notwithstanding the pandemic, Singaporean investment in Australia rose to $116.5 billion in 2020 from $100 billion in 2019 (representing 2.9% of the total stock of foreign investment). Singaporean investment has traditionally been concentrated in real estate, but has become somewhat more diversified. For instance, the Government of Singapore Investment Corporation recently increased its investment in e-commerce, logistics, data centres, fintech, and health-tech, and has also expressed an interest in infrastructure and energy.
Australian investment in Singapore softened to $63 billion in 2020 from $84 billion in 2019 (accounting for 2.1% of Australia’s foreign investment portfolio). Major businesses invested in Singapore include the four major banks; engineering design and construction firms including Lend Lease Asia Holding and CIMIC Group and logistics groups such as Toll Holdings. BHP Billiton and Rio Tinto are among other Australian corporates that have some business functions based in Singapore.