Exactly. Just because certain airlines can make money in their own backyard (even if assisted by state-owned carriers such as Singapore and Emirates) doesn't necessarily translate into success overseas.
Singapore's (SIA) record overseas (not just in Australia) has been dismal overall, largely a trail of destruction and not much better than Etihad's string of bankruptcy failures.
The only exception to SIA's string of overseas failures is that the jury is still out on SIA's Vistara investment.
Many people say that VA should stick to their "bread and butter" domestic flying, and pull out of International/Tiger/Everything else.
The same view can be applied to SIA, they should stick to running their "own" airline group in their state and pull out of investing overseas because of their overall dismal record. SIA running their own airline group in their own backyard where they make consistent profits is their "Bread and Butter".