The latest statistics from Australian universities showed that the number of Singaporeans starting their tertiary studies in Australia this year had fallen to 2,477, a 17 percent decrease from 2,988 in 2010.
This brings the total number of students to 7,280, which is approximately a decline of 13% as compared to the total of 8,383 in 2011.

Based on the numbers reported for 2012, Australia still has the largest market share of Singaporeans studying overseas at 8,064. The UK is second in place with 6,510 (HESA), after increasing significantly over the last few years. The US is in the third place, with 4,558 (for 2012, Open Doors Data).

The loss of appeal is very likely due to the exchange rate which has made it a lot more expensive to study in Australia. The Australian dollar had strengthened considerably against the Singapore dollar – hitting highs of more than S$1.30 to one Australian dollar in 2011 and 2012. It weakened a little and the rate is currently around S$1.11. This shows that Singaporeans are quite price sensitive. They are looking for a high standard of quality and an equally high level of prestige. So when the exchange rate is right, he/she recognises good value for money. That is definitely one of the reasons why there has been an average of 20% annual increase for number of Singaporeans pursuing undergraduate studies in the UK, over the last four years.

Another possible cause for the drop in numbers heading to Australia is the increase in enrolment numbers for Australian qualifications offered here in Singapore. It nearly doubled from 15,000 in 2008 to 26,000 in 2013. This shows that students who are interested in Australia may be more affected prices (costs), as compared to those looking at other study destinations, such as the UK or the US.
On the other hand, our enrolment numbers for UK transnational education went from 40,360 in 2008 to 50,000 students over the last two years, even though the total number of Singaporeans has been on the rise. This suggests that the ones who are interested in UK transnational education are not quite the same as the ones considering studying abroad.