This article analyzes the growth of Australia-based multinational enterprises (MNEs) in the Asian economies of China, Indonesia and India. Data on the foreign direct investment (FDI) decision, and the operation and performance of subsidiaries, were drawn from mail surveys of Australia-based MNEs. The internationalization of Australian companies has attracted little attention from researchers. In part, this stems from data problems. Official statistics for outward investment date from 1948, and are available only as broad aggregates of portfolio, direct equity, retained earnings and offshore borrowing by domestic corporations. The Australian Bureau of Statistics does not publish or collect firm-level data on the international activities of firms domiciled in Australia. The paucity of research on Australian MNEs also reflects the small scale of offshore investment. Although Australian firms have engaged in FDI since the mid-1850s when colonial banks established London, England offices to facilitate the flow of bullion from the newly discovered Australian gold fields, the levels of outward investment remained miniscule until the 1980s.