He said in a fast-changing world, nothing can be ruled out forever.

The Australian economy is doing well and the country is more integrated into the region. But like other developed countries, the outflow of talent remains a challenge.

When it comes to a global search for talent, Australia, New Zealand and Singapore have the same problem.

But there is one difference – Australia and New Zealand have wide, open spaces and are able to have a more generous immigration policy whilst Singapore, as a compact city, has to hold out for the very best of the skilled lot.

Mr Lee said Singapore has been putting it off for security reasons because it needs its male citizens to do national service.

But it is up to Singapore's current and future leaders to make the call to change the policy.

He said: "I cannot predict what the future will force us to do. I was against casinos all my life but come to the end of the 1990s and in the 21st century, I can see casinos in London, Paris, Geneva and Zurich. When I was a student in Britain in the 1940s, there was only one casino in Europe and that was in Monaco but today it is commonplace."

In response to a question, Mr Lee said it was stereotypical to perceive Singapore as a country that curtails individual rights.

He pointed out that Singapore has attracted businessmen and other talented people who know the real Singapore.

They would have the wit to understand and know what they were in for before coming over. - CNA/so
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