Sunday, 24 July 2016
Last updated 1 day 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.