ASX-listed companies dropped from 2,012 to 1,773 between 2018 and 2024
ASX-listed companies fell 12% between 2018 and 2024, dropping from 2,012 to 1,773 as more Australian businesses turned to private capital.
The figures appear in the Australian Financial Reporting Benchmarks 2026 report, released on 18 August 2026 by Chartered Accountants Australia and New Zealand, the University of Melbourne and the University of Queensland.
The report found that wider access to private funding is making it easier for companies to raise money without the reporting, governance and disclosure rules that come with a public listing.
Amir Ghandar, CA ANZ Reporting and Assurance Leader, argued the results show a changing relationship between companies and Australia’s public markets. “A decade ago, businesses looking for significant growth capital often saw a public listing as the next step. Today, many can access substantial private funding without entering public markets,” he said.
Amir Ghandar on market settings
Public markets still carry reporting, governance and disclosure requirements that support transparency, accountability and investor confidence. The report warns that a longer shift away from public markets could reduce transparency and limit investor access to the growth of Australian businesses.
Dr Mark Wallis from the University of Queensland linked the Australian decline to a broader international pattern. Listed company numbers have also fallen in New Zealand, the United Kingdom and the United States.
According to Wallis, several forces may sit behind the trend, including growth in private capital, mergers and acquisitions, and changing preferences about how companies raise funds.
Further research is planned to identify the strongest drivers in Australia and to assess what the decline means for investors, capital markets and economic growth.
Ghandar urged a broader policy debate about whether Australia’s market settings are keeping pace with the ways companies now raise capital. He also backed reforms to make public markets more attractive and more efficient.
“The challenge is finding the right balance between encouraging companies to list and preserving the standards that make Australia’s capital markets trusted and competitive,” Ghandar said.
He also pointed to financial reporting reform. High-quality, machine-readable financial information can reduce friction for investors, improve comparability and make Australian market data easier for global investors to access and use.
