2025年并购负责人调查报告

Contents Your views, your voices,your M&A Industry spotlight:Consumer and retail About the survey Industry spotlight:Real estate Navigating economic uncertainty08 Charting growth Industry spotlight:Mining and metals Narrowing the value gap Industry spotlight:Power, utilities and renewables Emerging potential for AI in M&A18 Unlocking value Foreword This report also highlights the value of M&Ain enabling companies to find growth, transformbusiness models, streamline operations andinnovate. At a time when we’re having a nationalconversation about productivity and prosperity, Mergers and acquisitions (M&A) activityis gathering pace in Australia as dealmakersfind conditions more conducive and focus In this unique survey, which is now in its eighthyear, we hear from 100 M&A leaders who aredriving this resurgence. Their in-depth insightsare invaluable for decision makers and industry Jamie IrvingPartner, Mergers & Acquisitions Your views, your voices, your M&A Key statistics, insights and opinions from our 2025 Heads of M&A survey. About the survey 100firmsinterviewed This survey is based on in-depth conversationswith 100 M&A leaders from across corporate 55% listed companies17% private equity ownedDiverse range of industries It provides data-driven insights into the trends,market dynamics and strategic considerationsdriving dealmaking today and into the future.The results were compiled and analysed by Interviews held between April and June 2025. “A gradually improvingoutlook for the Australianeconomy should bea catalyst for more M&A Navigatingeconomic Navigating economic uncertainty 75%of respondents agree thateconomic conditions are Australian economic conditions are expectedto improve through the remainder of 2025and 2026. Lower inflation, easing interest rates,rising real wages and a robust labour market are of respondentssaid internationalpolitical and economic This is translating to a positive outlook amongstM&A leaders, with 75% seeing current conditions Navigating economic uncertainty While the economic cycle has reached a turning point,M&A leaders are not celebrating just yet. The strengthof the economic recovery, the severity of global trade on Chinese goods is only adding to the challenge.Despite recently agreeing to a second 90-dayextension on tariff negotiations, Washington International storm cloudsWhile economic conditions in Australia look to be firming, the international backdrop has become The United States (US) has imposed significantly higherimport tariffs on its trading partners, pushing theaverage tariff rate from 2.5% in 2024 to an estimated This fractured international economic environmentwill continue to pose a challenge for Australia. Respondents have good reason to be optimistic aboutthe domestic economic outlook. The Reserve Bankof Australia’s (RBA’s) 75 basis points of cash rate cutsso far this year have eased financial conditions. Inflationis now back inside the target range and expected New factorsAgainst this backdrop, it is not surprising that the economic factors affecting deal execution have shifted.While last year’s survey showed that respondentswere largely preoccupied with the interest rate cycle,international political and economic uncertainty nowdominate. Nearly half (47%) of respondents stated Data in the US is beginning to show the detrimentaleffect of these developments. While activity is provingrelatively resilient, creeping inflation and labour marketcracks hint at the slowdown that might be ahead – As a result, Australian economic growth is expectedto improve over the next 18 months. After a modest1.0% rise in calendar 2024, stronger business investment, Other major economies are in a more difficult position.Growth in the Eurozone is crawling despite greatergovernment spending and a year-long cycle ofEuropean Central Bank interest rate cuts. In the UnitedKingdom, very weak growth and persistent inflation are Concerns over inflation and supply chain disruptionhave fallen significantly, suggesting the supply shocksthat catalysed pre-pandemic inflation are no longera major threat. This is despite the protracted warin Ukraine and tensions in the Middle East, whichhave elevated geopolitical uncertainty but not triggered Dwelling construction, still hampered by high costsand labour shortages, should also gradually pick upas these pressures eventually ease. Efforts to reduceregulatory hurdles across all tiers of government shouldcontribute to shorter approval periods, further lifting In China, entrenched domestic challenges have beenfurther complicated by trade frictions. High debt levels,a declining population, price deflation and overcapacity Domestic sources of economic uncertainty are lessprevalent, though the nature and scope of reformmay be weighing on some respondents. The AustralianCompetition and Consumer Commission is introducing Key takeaways 1.Economic recovery.Things arelooking up for the Australian economy.Growt