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I think I have a theory as to why SQ is at the top of the list of international flights out of AU. SQ provides services to a variety of Asian destinations, including India. Majority of the IT companies based in India & Asia prefer to book tickets on SQ. When I first arrived in AU, my company booked me on SQ. And every year when I travelled for work, always SQ, not MH, not QF, not CX. Always SQ.Certainly interesting that SQ tops the list though.
This is because of the consistency of the service SQ provides. Majority of the travel agents who act on behalf of the IT companies have got strong ties with SQ. There is also the fare component that plays a major role. If I had to fly ex-IN to AU, Air India would have been expensive because of the direct DEL-MEL/SYD route. MH could have been an option, not sure why it was never explored. However, SQ, hits the spot. You depart MAA/BLR/DEL/BOM around 11:30 PM IST on a Saturday and you are in SYD/MEL around 6 PM AEST. Ready to get into a hotel, rest, bright & ready to go to the client's office on Monday morning.
Similarly, travelling ex-AU to IN, depart SYD/MEL around 11 am, you are home by 12 am same day. QF/UL combo couldn't do that. CX did it, but any flights via HKG were expensive, so no organisation looked into this.
SQ also services more ports directly (with a one stop in SIN) in Asia/India. As an example, I could fly SYD-SIN-MAA on SQ. The same trip on QF/OW would be SYD-SIN-CMB-MAA or SYD-DXB-MAA or SYD-DEL-MAA (with random PCR tests, when enforced in India, it is a risk I don't want to take. Test positive and quarantine in DEL for 14 days, I rather fly into MAA and quarantine there, I need to)
When I raise a travel request, out of the 4 options I received, 3 are from SQ, varying departure & transit times. Even when I travelled ex-AU to India for work, I was booked on SQ, not QF, CX or QR
The majority of the migrant workers, travellers, who frequent between AU and Asian countries have dwindled down due to CoVID. Now, with the restrictions lifted and SQ is starting to regain what it had lost due to CoVID. I think SQ will remain on the top of this list for a long time. QF might play catch up with it's direct services to DEL/BOM/BLR, but I wouldn't think QF will overtake SQ. At best, will be on par with SQ.