Japan-Australia Investment Report 2024: Record-Breaking Investment

Herbert Smith Freehills and The Australian National University are pleased to present the eighth annual report on Japan-Australia Investment.

We have conducted an in-depth analysis of Japan-Australia M&A transactions and partnerships throughout 2024. This report encapsulates our findings and insights derived from a thorough examination of the deal trends that defined 2024 and identifies key drivers for the future that will influence the trajectory of the Japan-Australia relationship in 2025 and beyond.

Inbound Japanese M&A saw a record-breaking 72 transactions and 55 partnerships during 2024, with total Japanese direct investment into Australia increasing to a record $141.1 billion. These investments spanned many sectors including real estate, LNG, renewable energy and decarbonisation, technology, financial services, consumer goods, infrastructure, housing and services. The trends observed in 2024 demonstrate that Japanese capital and know-how remain crucial drivers of Australian economic growth and prosperity.

The work of HSF and the ANU recognised that the Japan-Australia relationship has significantly deepened over the past 12 months against the backdrop of growing international uncertainty.  Changes in the global geopolitical environment have brought the two countries closer together as essential economic partners, particularly in their shared commitment to achieving energy transition to net zero by 2050.

It is an exciting time for the resilient Japan-Australia investment relationship. The depth and complementary nature of this partnership is more evident than ever before and is bolstered by expanded government support, bilateral cooperation, and business collaboration.

The report is available in English and Japanese here: 
https://www.herbertsmithfreehills.com/insights/2025-04/japan-australia-investment-report-2024-record-breaking-japanese-investment