Australian private equity-backed firms bigger employers than banks
11th Mar 13
By Gillian Tan
Australian banks may have a combined market value that dwarfs Germany’s financial system, but an unsuspecting cohort trumps them as one of the nation’s largest employers.
Australian private equity-backed companies, such as Hoyts Entertainment Group and The Healthscope Group, together employ around 262,000 staff, according to a Deloitte Access Economics report.
That’s a larger employment figure than Australia’s banking or automotive sectors, which respectively employed an average of 196,000 and 260,000 over the fiscal 2007-to-2011 period, according to the report commissioned by the Australian Private Equity and Venture Capital Association Ltd, or AVCAL.