Victoria’s rich list: Transurban, AFL, IGA, Visy among top ranking companies
Victoria’s highest-earning businesses have been revealed, featuring toll road operator Transurban, the AFL and trucking magnate Lindsay Fox’s Linfox. See the full list.
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Toll road operator Transurban has cemented itself as one of the top-earning Victorian businesses, raking in billions of dollars from Melbourne drivers last year.
It comes as a new report has revealed the state’s highest-earning private and public businesses in the 2022-23 financial year.
Mining giants BHP and Rio Tinto, both with global headquarters in Melbourne, were Victoria’s top performing companies on the list compiled by market research and analysis company IBISWorld.
BHP took out top spot with revenue totalling $83.65bn followed by Rio Tinto with $81.39bn. Both saw decreases compared to the previous financial year, dropping by 15.4 per cent and 3.1 per cent respectively.
They also topped the overall list of the top 1000 highest earning businesses in Australia and New Zealand, closely followed by Woolworths and mining giant Glencore, both based in New South Wales.
Other businesses with their headquarters in Victoria that made the top ten in Australia and New Zealand were banking corporations ANZ and NAB with $53.55bn and $51.91bn in revenue respectively, as well as Coles with $40.75bn.
Packaging and recycling giant Visy came in 18th in Victoria with $9.58bn in revenue. The company, founded by ‘cardboard king’ the late Richard Pratt and now under the leadership of his son Anthony, topped the list of Victoria’s biggest private companies in recent years.
Australia’s biggest toll road operator Transurban ranked 36th in the state, raking in $4.42bn with a 17.9 per cent growth. Transurban runs the CityLink roads through Melbourne and will operate the West Gate Tunnel when it opens. They also attempted to acquire 55 per cent of Horizon Roads, which manages the 39km eastern toll road, but were blocked by the ACCC.
Other notable Victorian businesses to make the list include trucking magnate Lindsay Fox’s Linfox, which came in 41st with $3.78bn, closely followed by the Catholic Education Commission of Victoria with $3.26bn in revenue.
Crown Resorts placed 57th in the state, with $2.79bn in revenue – a 36.8 per cent increase – closely followed by Metro Trains which raked in $2.47bn.
Ritchies Supa IGA had a slight decrease in revenue of 3 per cent, with earnings at $1.34bn.
The AFL came in at 141st, with $945m in reported revenue – a 27.9 per cent jump.
Of Australia and New Zealand’s top 1000 private and public companies, 278 were from Victoria, only behind New South Wales with 425.
IBISWorld senior industry analyst Disha Jeswanth said Victorian companies also have the second-highest revenue contribution of more than a third.
“Victorian companies have recorded $952.2bn in revenue in this year’s list, which is 16.8 per cent growth over last year’s list. This increase is in line with the national growth rate, at 17.3 per cent,” she said.
“A noteworthy difference in the top 10 industries in Victoria compared with other states is the absence of mining firms in Victoria. Unlike Western Australia, Queensland and New South Wales, Victoria is not a major mining state.
“Clothing retailing, the 14th most-represented industry on the national list, ranks fifth on Victoria’s list.
“Victoria is one of the most concentrated states by population in the country. The relatively high consumerism in this state explains why clothing retailing is in the top five industries and has the most entries in Victoria.”
Ms Jeswanth said the main business types that shot up the list in Victoria are banks and superfunds.
The top three that saw the most growth were superfunds, Equipsuper, UniSuper and Vision Super, increasing by 229.5 per cent, 206.1 per cent and 182.2 per cent respectively.
“Banks benefited from interest rate hikes in 2022-23, and superfunds benefited from better investment earnings,” she said.
“Some notable new entrants on the list with large growth rates include Judo Bank, whose outstanding performance is backed by interest rate hikes and the use of modern technology, and Australian Parcels Group, a road freight transport company.
“Australian Parcels Group has grown through its acquisition of the Tasmanian business of Strait Link QS and Strait Link Shipping, which provides multimodal transportation and warehousing.”
Major clothing retailer Uniqlo Australia also placed 211th in the state with $573m in revenue, attributed to greater sales from the lifting of Covid pandemic restrictions.
“As supply disruptions improved over the past year, the company was able to offer discount sales, boosting demand,” Ms Jeswanth said.
But it wasn’t good news for other companies, including copper ore mining company 29Metals, who had the greatest revenue fall (36.4 per cent) on the Victorian list.
“Extreme rainfall at Capricorn Copper, which temporarily suspended operations, contributed to this drop. Falling commodity prices also negatively impacted the company’s revenue,” Ms Jeswanth said.
Clothing retailer Country Road and online retailer Kogan.com also both decreased by 31 per cent.
The list is based on reported revenues and does not include outgoing costs. Charitable entities and government bodies were excluded from the list.
All foreign-owned companies are represented only by their Australian and New Zealand incorporated operations and subsidiaries in the Asia Pacific region.
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