Tuesday, 1 September 2015
Last updated 23 min ago
Mar 13 2013 | 11:32am ET
By several measures, private equity is the biggest business in all of Australia.
Private equity-backed companies employ more people than the country's automotive or banking sectors, according to a Deloitte Access Economics report. It's close: p.e. portfolio companies employ about 262,000 people, while automotive companies employ about 260,000. The figures are averages over a five year period from 2007 through 2011.
Australia's banks employ about 196,000.
Another 251,000 jobs are indirectly supported by p.e.-backed companies, the report, commissioned by the Australian Private Equity and Venture Capital Association, said.
Such companies also account for about A$25 billion (US$25.6 billion) of Australia's gross domestic product and generate revenue of about A$63.5 billion.
"This exceeds the coal-mining and general insurance industries, which had average turnover of A$55 billion and A$54 billion during fiscal 2007 to fiscal 2011," AVCAL research chief Kar Mei Tang said.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…