Singapore deal a boost for services

Share

Share

Singapore, with a population of around 5½ million, has become one of Australia’s most important export markets.

This reflects the island State’s high average incomes and importance as a regional hub as well as the complementarities between the Australian and Singaporean economies. The outcome has been an exceptionally wide range of our exports to Singapore.

Almost 6500 Australian businesses shipped goods worth over $8 billion in 2014/15. Our services exports exceeded $4 billion in 2015 and they were spread across a wide range of business services, tourism and transport services.

Singapore is a strong, business friendly and dynamic economy that offers plenty of scope for further expansion in trade. It is also the fifth biggest foreign investor in Australia, worth almost $100 billion at the end of 2015.

The diversity of Australian exports to Singapore stands out- the trade is not dominated by a few big ticket commodity items. This means that a large numbers of Australian businesses across a wide range of industries stand to benefit.

As tariffs and quotas have already been removed for trade in goods, the focus has been on improving access for Australian services businesses into the Singaporean market.

The rise of Australia’s service economy has been an important development in our national economic story.

Education, legal and financial services all benefit from either improved or more secure access into the Singaporean market as do certain types of professional people who will have a clear and secure ability to reside and work in each other’s country.

A wide range of qualifications issued by Australian higher education institutions will be recognised in Singapore and work is to be undertaken to increase the extent to which professional bodies recognise each other’s certification, making it easier to for residents of each country to work in the other.

For our service suppliers, the ability to establish themselves in Singapore, have their employees work in Singapore, and have their qualifications recognised by Singaporean Authorities are a key facet of this revised agreement.

Topics

SEE ALL TOPICS

Related Articles

  • Corporate & institutional

Australia’s biggest companies back NAB corporate and institutional bank

The largest businesses in Australia say they are most satisfied with NAB’s corporate and institutional products and services above all other banks, according to the 2024 Peter Lee Associates Large Corporate and Institutional Relationship Banking Survey.

  • 17.06.2024
  • Time to read 2 min read
  • Disaster relief

NAB offers Disaster Relief Grants after NSW storms and floods

NAB is providing $1,000 grants and additional financial relief to eligible customers impacted by storms and flooding across areas along the NSW south coast, Southern Highlands, Macarthur and Illawarra regions.

  • 14.06.2024
  • Time to read 1 min read
  • Scams

Banker’s instinct thwarts a scammer’s demand for fast payment

When an elderly customer walked into a South Australian branch shaking, with the words ‘fast payment’ written on a piece of paper, NAB customer advisor Tania Oxenham knew something wasn’t right.

  • 14.06.2024
  • Time to read 4 min read

Quick links

National Australia Bank — NAB

Sometimes When The Unexpected Happens, We Realise What We Truly Value. Whether A Home, Farm, Business Or Your Passion, NAB Is Here To Support You.

Business Research and Insights

For more business news and analysis, visit NAB’s Business Research and Insights.