The ingredients composition is different which accounts for the different taste between Australian recipe (made in SG) Milo and Australian manufactured Milo.
Australian made Milo has:
Extract of Malted Barley (16%) and Rice or Wheat or Barley (Total Extract 35%), Milk Solids, Sugar, Cocoa, Minerals (Calcium, Magnesium, Iron), Maltodextrin (Corn), Vitamins (C, A, B1, B2, D), Emulsifier (Soya Lecithin)
Australian recipe (made in SG) has:
Malt Extract (Contains Barley), Milk Solids, Sugar, Cocoa, Mineral Salts (341II, 504I, 500II), Vitamins [Ascorbic Acid (Vitamin C), Retinyl Acetate (Vitamin A), Thiamine Hydrochloride (Vitamin B1), Riboflavin (Vitamin B2)], Mineral [Ferric Pyrophosphate (Iron)], Emulsifier (Soya Lecithin)
The 'local' Milo has:
Protomalt Malt Extract (Contains Barley), Skimmed Milk, Sucrose, Cocoa, Palm Oil, Actigen-E (Dicalcium Phosphate, Magnesium Carbonate, Ascorbic Acid, Ferric Pyrophosphate, Nicotinamide, Calcium D-Pantothenate, Pyridoxine Hydrochloride, Thiamine Mononitrate, Riboflavin, D-Biotin), Disodium Phosphate, Vanillin and Cyanocobalamin
Milo was originally formulated in Australia in 1934.