According to the IMF, Australia’s GDP is expected to be $1.69 trillion in 2024. The country’s economy is expected to grow by 1.4% in 2024, representing 7.4% of the Australian economy in 2024.
Australia is increasing its efforts to strengthen its financial sector by facilitating trade and investment around the world. On March 5, Reuters reported that Australia would establish a A$2 billion financing facility to expand trade and investment in Southeast Asia. The fund provides financing, guarantees, equity and insurance, with a focus on clean energy and infrastructure. Australia will also contribute an additional A$140 million to expand existing infrastructure programs.
Look into the 5 biggest financial and banking companies in Australia in 2024.
5. Macquarie Group Limited (OTC:MCQEF)
March 26 market capitalization: $51.38 billion
In Australia, Macquarie Group Limited (OTC:MCQEF) is one of the largest banks and financial institutions as of 2024. The business offers a wide range of services, such as money management, leasing, investing, capital raising, trading, and hedging. Macquarie Group Limited (OTC:MCQEF) has a $51.38 billion market capitalization as of March 26.
4. ANZ Group Holdings Limited (OTC:ANZGY)
Market Cap as of March 26: $57.32 billion
One of Australia’s top banks and financial companies is ANZ Group Holdings Limited (OTC:ANZGY). It offers wealth management services in addition to retail, commercial, institutional, and private banking. As of March 26, the firm has a $57.32 billion market value.
3. Westpac Banking Corporation (OTC:WEBNF)
Market Cap as of March 26: $61.40 billion
One of Australia’s largest banks, Westpac Banking Corporation (OTC:WEBNF), was established in 1817. Institutional banking, corporate banking, business banking, personal banking, and agribusiness are among the services it offers. The corporation is valued at $61.4 billion as of March 26.
2. National Australia Bank Limited (OTC:NABZY)
March 26 market capitalization: $70.36 billion
National Australia Bank Limited (OTC:NABZY) is one of Australia’s largest financial and banking companies headquartered in Melbourne. The company provides financial services to more than 8.5 million customers worldwide, including retail, small business, retail and institutional customers. As of March 26, the company’s market capitalization was $70.36 billion.
1. Australia’s Commonwealth Bank (OTC:CMWAY)
Market Cap as of March 26: $131.97 billion
Our ranking of Australia’s largest financial companies and banks for 2024 places Commonwealth Bank of Australia (OTC:CMWAY) at the top. Over 17 million clients receive financial services from the organization. It has more than 80,000 shareholders and a robust workforce of 52,000 employees. The business is valued at $131.97 billion as of March 26.