Wesfarmers topped the list of companies released by the business research organisation IBISWorld based on the revenue generated by them in 2015-16.
Surprisingly, Coles owner Wesfarmers left its rivals Woolworths, BHP Billiton and Rio Tinto far behind in the race. Wesfarmers’ revenue grew by four percent, making it reach $62.7 billion because of its unexpected performance in the grocery market along with its effectiveness in the Bunnings hardware chain, according to the IBISWorld report. Last year, the Coles owner spotted the third position, while Woolies was a position ahead.
“BHP Billiton has held the number one spot on the list since 2010,” the organisation’s senior industry analyst Jem Anning said. “However, the South 32 demerger, which was completed in May 2015, has caused BHP to fall to fourth position on the list this year.”
Senior analyst at IBISWorld Brooke Tonkin said that the supermarket business of Woolies was expected to grow to 1.1 percent this year, which has been much slower than the pace of rivals Aldi or Coles. “Coles and Aldi are both offering lower prices, so Woolworths has quite a bit of work to do,” she told news.com.au. “Costco and Aldi are both growing really strongly thanks to new store openings.”
The list contains the big four banks of the nation along with the brand names like Telstra and Caltex Australia. “The big four banks remain the largest four companies in the country by assets, holding more than $3.5 trillion between them,” the Sydney Morning Herald quoted Anning as saying. “Even though growth is not significant in this sector in the current climate, their collective revenue of almost $165 billion puts them firmly near the top of the list.”
Besides Wesfarmers being on top, the second to fifth spot has been grabbed by Woolworths, Rio Tinto, BHP Billiton and Commonwealth Bank of Australia, respectively. Others in the sequence up to the tenth position include National Australia Bank, Westpac, Australia New Zealand bank, Telstra, and Caltex Australia, respectively.