Australia is a distant and isolated continent and for most of the economist it is not the financial hub like New York and Tokyo but it has some strong home-built resources that are catching the eyes of many international markets. There are many largest business groups in Australia in the field of energy and mining and they have a booming demand like China. In Australia, there are many resources of metal, coal, and petroleum. The persistent of China has recently signed an agreement to bring closer the two economies. In this article, we are going to discuss the Top business groups of Australia. Let’s discuss the topic in detail.
The Largest Companies in Australia
Due to outstanding consolidations and the high demand of the commodity in the mining sector, the BHP Billiton is declared as the largest company this year. This company has the record profit in the mining sector and it has also doubled its capitalization in this year which is about 220 billion dollar. The rival company is Rio Tinto and three shares of BHP are equal to one share of Rio Tinto. In case, these two companies make a joint venture then the total market cap will be USD 350 billion. It is five times the size of National Bank of Australia.
The financial sector is also doing well with its prosperous relationships with Asia. The Macquarie Bank is on no 8 on the list of top 10 companies. The bank has doubled its profit this year. There are about 15 years of uninterrupted years of economic growth and the banks and insurance companies are reaping the rewards. The property prices are facing a boom and this is increasing the investor’s confidence. Some outstanding financial names that have increased their ranking this year are Suncorp-Metway, AMP, Stockland, and QBE.
The Outstanding Companies in Agriculture Sector
The landscape of Australia is plentiful and the country has suffered six years of drought and it has damaged the agriculture sector badly. This condition is also affecting food retailers. So the cost and food prices are increasing and there is a cut-throat competition in this sector. However many companies in this sector like Coles Group, Woolworths, Beer-makers, and Wesfarmers are growing dramatically. Wesfarmers has made USD 16.8 Billion and takes over Coles.
In construction sector, Rinker is on the top this year. Mexican and CEMEX are also experiencing rapid growth and the value is reaching USD 14.3 Billion.