Brand Finance Australia has unveiled its ‘Australia 100 2024’ report, ranking the nation’s 100 most valuable and strongest brands. The total value of Australia’s top 100 brands has seen a modest increase of 2.5% to reach S199 billion. The report reveals a mixed bag of fortunes, with 60 brands witnessing an increase in value, 36 posting declines, and four new entrants to the rankings.

The retail sector, despite grappling with inflation in 2023, continues to hold the title of the most valuable sector with an aggregate brand value of $46.5 billion. Woolworths, despite a 5% decline in brand value to $15.4 billion, retains its crown as the most valuable brand. Telstra and Commonwealth Bank follow closely behind with brand values of $13 billion and $10.6 billion respectively.

Qantas, despite a 7% decrease in brand value to $2.8 billion, managed to climb a spot to become the nation’s 17th most valuable brand. Bunnings, on the other hand, has maintained its position as Australia’s strongest brand for the third consecutive year, boasting a Brand Strength Index score of 88.2 out of 100.

NRMA Insurance made significant strides, jumping seven spots to become Australia’s second strongest brand.

The performance of Qantas and Jetstar see them moving in opposite directions – Qantas fell 22 places to become Australia’s 41st strongest brand – in 2019 it was the strongest in the Brand Finance Brand strength index – and Jetstar climbing 20 places to 46th strongest. Bunnings is the nation’s strongest brand for three consecutive years; NRMA Insurance jumps seven spots in brand strength rank. Bunnings (brand value up 20% to $6.5 billion) is Australia’s strongest brand for the third year running, with a Brand Strength Index score of 88.2 out of 100.

According to Brand Finance, Bunnings saw an increase in store sales by 3.7%, with store-on-store sales growing by 1.8%. Additionally, the brand demonstrated growth in both consumer and commercial segments across all regions in the nation.

Following behind Bunnings, NRMA Insurance (brand value up 91% to $2 billion) jumped seven spots to be placed as Australia’s 2nd strongest brand, displacing Woolworths one position to 3rd strongest while Telstra retained 4th. NRMA Insurance is also one of the fastest growing brands in the rankings this year, posting a 91% brand value increase.

Brand Finance Australia’s Managing Director, Mark Crowe, said: “This year’s Australia 100 highlights the important role of strong brands during challenging economic times in growing or minimising loss of value and mitigating reputational risk while providing reassurance to consumers confronted by cost-of-living pressures.”

In the global arena, Apple has been ranked as the world’s most valuable brand in Brand Finance’s ‘Global 500 2024’ report, with a brand value of USD 517 billion. NVIDIA, a key supplier of chips in the AI space, is the world’s fastest-growing brand with a brand value up 163% to USD 44.5 billion. Tesla, however, has dropped out of the Global Top 10, falling to 18th place in the rankings, with a brand value down 12% to USD 58.3 billion.

David Haigh, Chairman and CEO of Brand Finance, spoke about Apple’s success, stating, “Apple has grown its brand value through strategic diversification, moving away from heavy reliance on iPhone sales towards ventures into wearables and services such as Apple TV subscriptions. According to our research, more than 50% of respondents recognised Apple as expensive, but worth the price, reinforcing the brand’s ability to demand a price premium.”

*Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market.

* Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 150,000 respondents in 38 countries and across 31 sectors.