As part of the ongoing series of Demystifying Chinese Investment in Australia by KPMG and The University of Sydney, the April 2024 report analyses Chinese Overseas Direct Investment (ODI) into Australia in calendar year 2023.

In 2023, Chinese investment in Australia decreased by 37 percent, from US$1,420 million in 2022 to US$892 million. In Australian dollar terms, the decrease is 36 percent from AU$2,103 million in 2022 to AU$1,337 million. Eleven completed transactions were recorded in 2023.

Highlights of Chinese investment into Australia in 2023

Key findings


is the second lowest year in investment value and the joint-lowest year in number of investment transactions (the same as 2021) since 2007.

In Australian dollar terms, the decrease is


from AU$2,103 million in 2022 to AU$1,337 million.

Between 2006 and 2023, an accumulated total of

US$113,452 million

was invested by Chinese companies in Australia.

By industry

Healthcare accounted for


of the total Chinese investment inflows through two transactions totalling AU$562 million.

Food and agribusiness represented


from AU$2,103 million in 2022 to AU$1,337 million.

One energy (oil & gas) investment contributed


or AU$247 million, and one renewable energy investment comprised 15% or AU$197 million of the overall value.

The global context

In 2023, overall worldwide Foreign Direct Investment (FDI) flows showed a slight recovery, increasing by 3 percent to reach US$1,365 billion, following a 12 percent decline in the previous year.

The 2024 UNCTAD Global Investment Trends Monitor showed a strong recovery of flows into developed countries and a further decline for developing countries. Notably, developed countries experienced a significant rebound of 29 percent, with FDI reaching US$524 billion, up from US$406 billion in 2022. Despite a 3 percent decrease, the United States continued to be the largest recipient country of global FDI.

Conversely, FDI into developing countries decreased by 9 percent to US$841 billion. Specific regions faced notable declines, including a 47 percent reduction in India, a 16 percent drop in the ASEAN region, and a 22 percent decrease in Brazil. China experienced a 6 percent fall in inbound FDI, according to UNCTAD's data. UNCTAD's forecast suggests a cautiously optimistic outlook for FDI in developing countries in 2024, underpinned by a surge in announced greenfield projects across India, ASEAN, China, West Asia, and Latin America, particularly in sectors closely linked to Global Value Chains.

Some major destinations for Chinese ODI such as the United States have seen Chinese investment fall to levels last seen more than a decade ago.