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Private companies ranked by revenue reveal a sprinkling of the largest tax services professionals.
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Nine accountancy firms make Australia’s top 500
04 October 2022
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Nine of the top 500 private companies in Australia are accounting services firms according to IBISWorld’s 2022 ranking, with one in the top 10 and all the big four in the top 25.
EY came in highest at eighth with $2.75 billion in revenue, up 19 per cent on the previous year according to IBISWorld, and just behind tobacco and retailing operation Peregrine.
Three places lower is PwC Australia with $2.6 billion in revenue, beating Chemist Warehouse by whisker.
Deloitte Touche Tohmatsu placed 14th with revenue of $2.49 billion and KPMG 22nd with $2.179 billion, making accounting services the most represented sector among the top 25 firms.
They were all dwarfed, however, by the two largest private firms: iron ore mining operation Hancock Prospecting, with almost $19 billion in revenue, and paper giant Visy with $9.3 billion.
To qualify for the IBISWorld list, an operation has to be a private business, including partnerships, co-operatives, associations and non-listed public companies.
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The professional, scientific and technical services sector, which includes accounting firms, was well represented with 31 companies with an average revenue of $695.2 million, up 10.5 per cent on last year.
However, there was a big gap to the next accounting services entities, with mid-tiers Findex in the 155th spot with $443.1 million revenue and BDO in 176th with $404.3 million, a 15 per cent rise in revenue.
Rising up the ranks is RSM Australia, which grew almost 15 per cent to overtake Grant Thornton Australia and the two sit side by side in 260th and 261st spots, both with just shy of $280 million in revenue.
CPA Australia rounded out the accounting services list in 431st position with revenue of $162.25 million, a 4 per cent decline on last year.
The fastest-growing private company on the list is medical and surgical equipment manufacturer Multigate Medical Products, with a 273 per cent increase for total revenue of $752.7 million and 72nd place.
Business locations revealed a strong east coast bias, with NSW and Victoria accounting for two-thirds of the firms and 63 per cent of total revenue. The big four accounting firms are all based in NSW.
Western Australia stood out for highest average revenue thanks to the size of Hancock Prospecting while just seven Tasmanian firms made the list, headed by construction outfit Fairbrother at 294th place and revenue of $234 million.
IBISWorld said the 500 companies on the list generated total revenue of $276.7 billion, an 11.6 per cent increase on last year, with three-quarters of firms growing.
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