Australia, known for its vast natural resources, robust economy, and strategic position in the Asia-Pacific region, is home to some of the world's largest and most influential companies. These businesses span across various industries, from mining and banking to retail and telecommunications, playing pivotal roles in shaping not only the Australian economy but also contributing significantly to the global market. In 2024, the top 10 biggest businesses in Australia have continued to grow and evolve, reflecting the dynamic nature of the industries they operate within. This article delves into the history, services, industry markets, and the most recent data from 2024 concerning these leading companies, including their revenue, profit, employee numbers, leadership, funding, valuation, and stock market listings.
1. BHP Group
BHP Group, originally known as Broken Hill Proprietary Company, is Australia's largest and one of the world's leading resources companies. Founded in 1885, BHP started as a mining company in the outback town of Broken Hill, New South Wales. Over the decades, BHP has evolved into a global powerhouse in the mining and petroleum sectors. The company’s primary services include the exploration, production, and processing of minerals such as iron ore, copper, and coal, alongside petroleum exploration and production. In 2024, BHP expects revenue of $65 billion and a net profit of $12 billion. The company employs around 45,000 people worldwide. Under the leadership of CEO Mike Henry, BHP has maintained its position as a market leader by focusing on sustainable mining practices and investing in renewable energy projects. BHP's stock is listed on the Australian Securities Exchange (ASX), and its current market valuation stands at approximately $220 billion.
2. Commonwealth Bank of Australia (CBA)
The Commonwealth Bank of Australia (CBA) is the largest bank in Australia by market capitalization and one of the top 10 banks globally. Founded in 1911 by the Australian government, CBA was initially established to provide financial services to the country’s residents. Over the years, the bank has expanded its services to include retail, business, and institutional banking, as well as wealth management and insurance. As of 2024, CBA’s revenue estimated reach $25 billion, with a net profit of $8 billion. The bank employs over 48,000 people. Matt Comyn, the current CEO, has been at the helm since 2018, steering the bank through the challenges of digital transformation and regulatory changes. CBA is listed on the ASX, with a market valuation of around $150 billion.
3. Rio Tinto
Rio Tinto, established in 1873, is another mining giant headquartered in Australia. The company was originally founded in Spain but relocated to Australia, where it grew into one of the largest producers of iron ore, aluminum, copper, diamonds, and uranium. Rio Tinto’s operations span across 35 countries, with a significant portion of its revenue generated from its Australian mining activities. In 2024, Rio Tinto is anticipated to report revenue of $60 billion and a net profit of $10 billion. The company employs around 50,000 individuals globally. Under the leadership of CEO Jakob Stausholm, Rio Tinto has been focusing on reducing its carbon footprint and investing in sustainable mining technologies. The company is listed on both the ASX and the London Stock Exchange, with a market valuation of approximately $180 billion.
4. Westpac Banking Corporation
Westpac Banking Corporation, founded in 1817, is the oldest bank in Australia. It started as the Bank of New South Wales and rebranded as Westpac in 1982 following a merger with the Commercial Bank of Australia. Westpac provides a broad range of financial services, including retail, corporate, and institutional banking, as well as wealth management and insurance. Westpac estimate revenue of $21 billion and a net profit of $6 billion for 2024. The bank employs around 40,000 people. Under the leadership of CEO Peter King, Westpac has been navigating through regulatory challenges and the need for digital innovation. The bank is listed on the ASX, with a market valuation of approximately $110 billion.
Woolworths Group, established in 1924, is Australia's largest retail company and one of the largest in the Southern Hemisphere. Woolworths operates a chain of supermarkets and liquor stores across Australia and New Zealand. The company also has interests in hotels and gaming through its subsidiary Endeavour Group. Woolworths Group anticipated 2024 revenue of $60 billion, with a net profit of $2 billion. The company employs over 200,000 people, making it one of the largest employers in Australia. Brad Banducci, the CEO, has been instrumental in driving the company's digital transformation and sustainability initiatives. Woolworths is listed on the ASX, with a market valuation of approximately $55 billion.
Telstra Corporation, founded in 1975, is Australia’s largest telecommunications company. Originally part of the Postmaster-General's Department, Telstra was privatized in the late 1990s. Telstra provides a wide range of telecommunication services, including fixed-line and mobile services, internet, and pay television. Projected 2024 Telstra reported revenue of $25 billion and a net profit of $3 billion. The company employs around 30,000 people. CEO Vicki Brady, who took over in 2022, has been leading the company’s efforts to expand its 5G network and digital services. Telstra is listed on the ASX, with a market valuation of approximately $40 billion.
Australia and New Zealand Banking Group (ANZ) was founded in 1835 and is one of the Big Four banks in Australia. ANZ provides a wide array of banking and financial services, including retail, commercial, and investment banking. The bank has a significant presence in Asia and the Pacific, in addition to its operations in Australia and New Zealand. Forecast, ANZ to report revenue of $20 billion and a net profit of $5 billion in 2024. The bank employs around 37,000 people. Shayne Elliott, the CEO since 2016, has been focusing on streamlining operations and enhancing digital banking services. ANZ is listed on the ASX, with a market valuation of approximately $90 billion.
8. National Australia Bank (NAB)
National Australia Bank (NAB) was established in 1982 through the merger of National Bank of Australasia and the Commercial Banking Company of Sydney. NAB is another major player in Australia’s banking industry, providing a range of financial services, including retail banking, business banking, and wealth management. In 2024, NAB is anticipated to report revenue of around $22 billion and a net profit of $6 billion. The bank employs around 35,000 people. Ross McEwan, the CEO, has been focusing on customer experience and digital innovation to drive growth. NAB is listed on the ASX, with a market valuation of approximately $95 billion.
9. CSL Limited
CSL Limited, originally known as the Commonwealth Serum Laboratories, was founded in 1916 and has grown to become one of the world’s leading biotechnology companies. CSL specializes in the development, manufacturing, and marketing of vaccines, blood plasma products, and other biopharmaceuticals. The company has a global presence with operations in over 30 countries. In 2024 we expect CSL revenue of $12 billion and a net profit of $3 billion. The company employs around 30,000 people globally. Paul Perreault, the CEO, has been leading the company’s efforts in expanding its research and development capabilities, particularly in the field of gene therapy. CSL is listed on the ASX, with a market valuation of approximately $140 billion.
10. Macquarie Group
Macquarie Group, established in 1969, is a global financial services group providing banking, financial, advisory, investment, and funds management services. The company is known for its expertise in infrastructure, energy, and commodities markets. Macquarie operates in over 30 countries, with a significant presence in the United States, Europe, and Asia. Macquarie Group revenue of $15 billion and a net profit of $4 billion is projected for 2024. The company employs around 16,000 people globally. Shemara Wikramanayake, the CEO, has been instrumental in driving the company’s growth in renewable energy investments and infrastructure development. Macquarie is listed on the ASX, with a market valuation of approximately $80 billion.
Wrapping Up
The top 10 biggest businesses in Australia represent a diverse range of industries, from mining and banking to biotechnology and telecommunications. These companies have not only played a significant role in shaping the Australian economy but have also established themselves as global leaders in their respective fields. In 2024, these businesses continue to thrive, driven by strong leadership, innovation, and a commitment to sustainability. Their contributions to the economy are evident in their impressive revenue figures, profitability, and the employment opportunities they provide. As they continue to evolve and adapt to the changing global landscape, these companies are well-positioned to maintain their dominance in the years to come.
Here are the career page for the companies mentioned:
1. BHP Group: [careers.bhp.com]
2. Commonwealth Bank of Australia CBA: [www.commbank.com.au/careers]
3. Rio Tinto: [www.riotinto.com/careers]
4. Westpac Banking Corporation: [www.westpac.com.au/about-westpac/careers]
5. Woolworths Group: [www.wowcareers.com.au]
6. Telstra Corporation: [careers.telstra.com]
7. ANZ Banking Group: [www.anz.com.au/careers]
8. National Australia Bank NAB: [www.nab.com.au/about-us/careers]
9. CSL Limited: [www.csl.com/careers]
10. Macquarie Group: [www.macquarie.com/au/en/careers]
These links will take you directly to the career pages where you can explore job opportunities at each company.
