The Readwriteweb has a good review of the scene Down Under. I found this remotely similar to Singapore.
Other than a few exceptions (such as TVP and NEO) Australian VCs are too conservative and have little knowledge of Web 2.0 and Internet business models. For this reason a number of Australian startups – like Omnidrive, Touchstone, PodCast Network and others – are actively looking for VC funds in the US.
The Aussie scene is notable for two Techcrunch-profiled startups I read about- OmniDrive and FwdItOn. I also found this new Aussie real estate search engine, Suburbview, particularly appealing for prospective Singaporean retirees once it has developed more features like integration with existing classified listings, land valuation data, amenities listing, close-up pics or relevant legislation guidelines. A model to follow will be Zillow or Trulia. A Singaporean equivalent will be tough, even Google Earth dun quite capture the 3D effect of our residential landsape. I wonder what other vertical cities like Tokyo has in terms of Web2.0 real estate search engines.. hmm..