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A Look at the Australian Economy

Australia is one of the world's most developed countries, and its average income per person is better than that of many other top countries.

The fact that Australia is in the Asian Pacific makes it easier for it to deal with Asian economies that are growing. "From 20% of global GDP in 1981 to almost 45% in 2026, Asia's share has steadily grown," says the Australian Trade and Investment Commission. Australian trade will be better off.

Southeast and Northeast Asia are home to most of Australia's main trading partners. 16 free trade agreements make it easier for Australian businesses to get into these fast-growing countries. The resources, energy, agriculture, education, and tourist services that Australia sells in Asia are all in a good position to grow.

This is because Asia's middle class is growing quickly and will have 2.2 billion users by 2032.

Top 10 Largest Companies In Australia By Market Cap (2024 Update)
The Largest Companies In Australia By Market Capitalization

Top 10 Largest Companies In Australia By Market Capitalization (2024 Update)

1. BHP Group

Market cap: $161.11 B

Based on its $161.11b in sales, BHP Group is the biggest company in Australia on our list of the ten biggest by income.

A big company in Australia, BHP Group makes most of its money from iron ore, copper, and coal. BHP is the biggest mining company in the world by market value, and as of May 2023, it was also the biggest stock on the Australian stock market. In fact, it makes up almost 10% of our stock market. BHP makes more than half of its money by selling iron ore, which is used to make steel. It also makes copper, coal, nickel, and potash. The company owns mines and other properties in more than 90 countries, such as Australia, the US, Canada, Chile, Peru, Columbia, and Brazil.

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2. Commonwealth Bank

Market cap: $127.15 B

Most people in Australia bank with CBA. It makes most of its money by giving money to people who want to buy homes and start businesses. But it also runs CommSec, the biggest online broker in the country (us!), and sells home and car insurance. This bank does most of its business in Australia, but it also does business in New Zealand as Auckland Savings Bank (ASB).

The company made A$25.143 billion from normal business activities in the year that finished on June 30, 2022. This was up 3% year over year. The bank also made A$9.673 billion after taxes, which is 9% more than the same time last year. The bank had a common stock tier 1 capital ratio of 11.5% and a net interest margin of 1.90%.

Do you know..?

In 1990, the Australian Government made a policy called "four pillars" that was meant to stop the "Big Four" banks from merging or buying each other. For more than 30 years, all four banks have given monthly dividends to investors.

3. CSL

Market cap: $94.63 B

CSL is a major biotech company in Australia that makes drugs to treat immune system problems and vaccines to help people avoid getting flu. CSL, unlike some other big Australian companies, gets a lot of its sales from outside of Australia. CSL Behring's biggest business, which makes plasma therapies and other products, made $8.6 billion in sales in fiscal year 2022. Of that amount, 49% came from North America and 24% came from the EU/UK. On the other hand, 21% came from the Asia-Pacific area.

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4. National Australia Bank

Market cap: $64.84 B says that National Australia Bank had sales of $11.93 billion in 2022, making it one of Britain's biggest banks. Comparing the bank's third quarter to the average third quarter in the first half of 2022, its cash earnings went up by 3%. To sum up, Australia's low unemployment rate and strong family and business balance sheets helped lessen the effects of higher interest rates and inflation. National Australia Bank's profits are expected to rise in the future if Australia's economy keeps growing and the bank keeps its market share.

5. Atlassian

Market cap: $63.02 B

Atlassian has quickly become one of the most popular technology stocks in the world. With a market value of over $65 billion, it would be safe in the S&P/ASX50. Atlassian is a software company that makes platforms and tools for businesses. It was started by two Australians.

One of its products is JIRA, a platform for software developer teams to plan and manage projects. Other products include Confluence, which lets teams create content, Trello, which helps teams keep track of their work and add structure, and Bitbucket, which lets teams share and handle code. Atlassian Access, Bamboo, Crowd, Crucible, Fisheye, Sourcetree, and Statuspage are some other tools.

6. Atlassian

Market cap: $56.18 B

A big iron ore company in the world is Fortescue Metals. Iron dust is an important part of the process of making steel. The mines that Fortescue owns are in the Pilbara area of Western Australia. Andrew Forrest started Fortescue at the start of 2001. He still holds the miner's chair, owns the most shares, and is one of the richest people in Australia.

7. Westpac Bank

Market cap: $54.55 B

Westpac is the oldest and first bank in Australia. It is also one of the biggest banks in New Zealand and one of the four biggest banks in Australia.

Westpac has a number of different financial services companies and businesses that offer a wide range of banking and wealth management services to individuals, businesses, and institutions.

8. ANZ Bank

Market cap: $52.36 B

AnZ is one of Australia's four biggest banks based on total assets. It is also New Zealand's biggest bank based on total assets. The bank does business in more than 32 countries in Australia, New Zealand, Asia, and other places. The business said it had a statutory profit after taxes of A$7.119 billion for the year ending September 30, 2022. This was 16% more than the previous year. During that time, ANZ had a 12.3% common equity tier 1 ratio and a cash return on equity of 10.4%.

9. Macquarie

Market cap: $47.15 billion

Macquarie Group is an Australian company that works with money all over the world. Macquarie is based in Australia and is listed on the Australian Stock Exchange (ASX: MQG). It has more than 20,000 employees in 34 markets and is the world's biggest infrastructure asset manager and Australia's top ranked mergers and acquisitions adviser. It manages more than A$871 billion in assets.

10. Wesfarmers

Market cap: $43.64 B

Wesfarmers is a big company in Australia that does a lot of different things, like home improvement, clothing and general goods, office products, and more. Sales at the company went up 8.5% year over year to A$36.838 billion in the year that finished on June 30, 2022. Wesfarmers' sales could likely go up even more in the long run if Australia's economy keeps growing and the business keeps its market share.

In conclusion

Australia has a big economy that is growing, and some of the biggest companies in the country also make a lot of money every year. Some of the most important businesses in Australia are mining firms. Mining is an important part of the economy. Some big companies in Australia are also supermarkets, since there are only two big companies in the country that run the business. The market values of Australia's 10 biggest companies make up a big part of the country's GDP.

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