- 2 in 10 of Australia’s largest private companies by revenue are member owned, including:
- CBH group (ranked 3rd overall)
- HCF (ranked 5th overall)
- 5 of the top 50 firms member-owned, representing a combined $11.44bn in annual revenue.
Today’s IbisWorld Index of the nation’s top 500 privately owned companies reveals the resilience of the co-operative and mutual model, with two out of the top 10 being owned by members and both moving up a place from last year”, says BCCM CEO Melina Morrison.
“In this era of accountability, we are delighted to see both member owned firms CBH and HCF up higher in the top 10 list from last year. With the trying economic climate, these businesses are showing that they can be ethical whilst still being profitable,” says Ms Morrison.
The announcement is timely following last week when Treasurer Josh Frydenberg urged corporate Australia to invest in growth, instead of focusing on special dividends and share buybacks in order to lift productivity growth and stagnant wages. Co-ops and mutuals not only do this by virtue of their structure, but they also reinvest in their communities as responsible, social enterprises.
IBISWorld compiles the Top 500 Private Companies list by gathering primary research, ASIC-lodged company reports and its own appraisals of company revenue based on historic data and industry analysis.