The biggest companies in Australia have a significant contribution to the country’s development because their operations form the bulk of the economic productivity. Aside from that, their total revenues and assets also make them the top employers. No wonder, a vibrant economy can be attributed to the growth of the top banking companies in the country and the emergence of high-income consumers. These companies have capitalised these favourable business trends in order to expand and grow into other commercial and industrial sectors. One can tap in to this business goldmine and opt to start one for himself, start your search for that business deal.
Years of pro-business government policies and immigration of skilled workers into the country has slowly but surely changed Australia’s economic landscape. These economic developments have also resulted in an uninterrupted economic growth fueled by low unemployment and inflation rates thereby fueling the rise of these companies. The country’s rich natural resources and mineral deposits have allowed the industrial sector to grow thereby propelling the top Australian mining companies to the top. Here are the country’s top ten companies:
1. National Australia Bank
Australia’s top financial institution, the National Australia Bank leads all banks in terms of market capitalisation and number of customers. Operating in over ten countries, NAB has over 8 million customers and over 2 million wealth management clients. It also has over 1,800 branches and service centres in Australia, New Zealand, United Kingdom, and the United States together with 4,600+ ATMs globally.
2. BHP Billiton
In terms of revenue and market capitalisation, the Melbourne-based oil and mining giant is the world’s largest company in this industrial sector. It was formed by the merger of Broken Hill Proprietary Co Ltd and the British-Dutch company Billiton plc. With China’s growing demand for raw materials and emergence of new markets, BHP has expanded its diamond, natural gas, coal, iron, nickel, gold, aluminium, bauxite, and copper mines and processing facilities throughout the world.
3. Commonwealth Bank of Australia
Spread across the United States, the United Kingdom, New Zealand, and Australia with affiliate branches and subsidiary corporate finance companies in some parts of Asia, the Commonwealth Bank of Australia is the country’s second largest bank. This financial institution provides a variety of services that includes: retail, institutional and business banking, superannuation, investment, superannuation, broking, and insurance.
4. Rio Tinto Group
One of the largest companies in the world, this British-Australian multinational group operates a mining complex in Huelva, Spain. Aside from that, the Rio Tinto Group also operates various facilities that mine aluminium, uranium, iron, diamonds, and coal through mergers and acquisitions of various Australian mining companies and small players in the industrial sector.
5. Australia & New Zealand Banking Group
The Australia & New Zealand Banking Group operates majority of its commercial and retail banking in both countries with extended operations in 25 other countries. It is one of the few banks named as the most sustainable bank in the world through the Dow Jones Sustainability Index thereby earning the reputation as one of the most popular finance companies in Australia.
6. Westpac Banking
One of the big four in the Australian banking and financial services sector, Westpac serves 10 million customers in 1,200 branches and 2,800 ATMs by virtue of its merger with St. George Bank. Aside from that, the company is the second largest provider of home lending, wealth platforms by funds under administration. Just like ANZ, it was also recognized as one of the most sustainable banks in the world.
7. Telstra Corporation
Telstra is Australia’s leading telecommunications network and largest provider of fixed-line and mobile services. The company also maintains much of the country’s public telephone system. Aside from that, it also provides Internet subscription and other range of Internet services including cable internet and subscription cable television.
8. Westfield Group
Considered as the world’s largest retail property and property investment companies in terms of equity market capitalisation, the Westfield Group manages and operates various shopping malls and retail complexes in Australia, New Zealand, the United Kingdom, and the United States.
9. Woolworths
The leading retailer in Australia and New Zealand, Woolworths operates a chain of supermarkets under its name together with Safeway, Food for Less, Flemings, Thomas Dux Grocer, and Macro Wholefoods Market. It is also the leading retailer of liquor, everyday services, and home improvement products.
10. Coles Myer
Operating behind Woolworths, Coles Myer is the second-largest retailer in the country with its chain of supermarkets, hypermarkets, office supplies stores, and a Target chain of discount stores. Though Coles Myer is one of the fastest growing retail companies in the country, the company was later sold to Wesfarmers of Western Australia in 2007.
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