Across the past 12 years, industries have risen and fallen, household business names have changed hands and new sectors have emerged to shape the state’s future. Yet amid the transformation, one theme has remained remarkably consistent: the resilience of South Australian business.

As data partner for the InDaily South Australian Business Index, HLB Mann Judd analyses the companies that make up the state’s top 100 each year. Partner Katelyn Adams says one of the most striking observations has been the enduring presence of many businesses that have featured in the rankings since the Index began.

“HLB Mann Judd have only analysed the Index for the past few years; however over the past decade we have seen many of the same companies in the top 100, proving the persistence of South Australia business,” she says.

“Of course, we have also seen some movement in the top 10, with the likes of Peregrine Corporation, Oz Minerals and AdBri no longer SA-owned or operated.”

Those shifts reflect broader changes in Australia’s corporate landscape, where mergers and acquisitions increasingly reshape ownership structures and company headquarters. Yet Adams says these changes should not be interpreted as a sign of weakness within South Australia.

Instead, they demonstrate the attractiveness of successful South Australian businesses to national and international investors.

The Index also highlights how the state’s economy has diversified over the past decade. While South Australia has long been associated with manufacturing, agriculture and resources, new growth sectors are increasingly making their mark.

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“Construction and infrastructure companies continue to feature and rise within the Index,” Adams says. “Similarly we have seen tourism companies feature more.”

That growth reflects South Australia’s expanding reputation as a destination for major events, food and wine experiences, along with regional tourism. It also signals an economy that is increasingly drawing strength from multiple industries rather than relying on a handful of traditional sectors.

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Another trend evident in recent years has been the changing balance between public and private companies.

The South Australian Business Index tracks listed businesses alongside private and family-owned enterprises, offering a unique perspective on the composition of the state’s corporate community.

Adams says private companies now account for a growing share of the rankings. “Last year, we saw a shift towards private companies,” she says. “As of the 2025 Index, 72 companies are private.”

However, listed companies continue to carry significant economic weight. “On a value basis, 64 per cent of the companies in last year’s Index were listed,” Adams says.

She believes broader market conditions have contributed to this trend. “An IPO drought over the past 12 months or so on the ASX may have played a role in this shift away from public companies.”

The rise of private businesses reinforces a longstanding characteristic of South Australia’s economy: the importance of family-owned and privately held enterprises. Many of the state’s most successful companies have grown steadily over decades, often without the spotlight that comes with public listing.

That long-term approach is also a common thread among businesses that have climbed the rankings most dramatically.

Asked what traits define successful South Australian companies today, Adams doesn’t point to rapid growth or disruptive innovation. Instead, she highlights a quality that has become synonymous with many of the state’s leading enterprises.

“Persistence!” she says.

“Many of the companies that we have seen rise dramatically over the years, have been in the Index (or on the cusp) since inception. Far from overnight success stories, these companies have shown perseverance in their strive for success.”

It’s a reminder that the biggest success stories are often years, or even decades, in the making.

That persistence has also helped shape South Australia’s broader reputation as a place to do business. While some of the state’s largest companies have been acquired or moved beyond local ownership, Adams says South Australia remains an attractive destination for investment and growth.

“South Australia continues to be considered a great place to do business,” she says. “Although we have seen a shift away from SA at the big end on the Index – and it should be said that this is due to M&A activity, rather than a particular impediment to doing business here – there are plenty of businesses continuing and/or considering making SA their home.”

Looking ahead, Adams believes the next decade of the Index could be shaped by industries that barely featured when the rankings first began.

Technology and renewable energy are expected to play an increasingly important role in the state’s economic future, particularly as businesses seek ways to combine digital innovation with sustainability.

“I believe there will continue to be a surge toward tech companies and renewable energy, particularly these industries working together – think, data centres powered by clever renewal energy,” she says.

If the past 12 years have demonstrated anything, it is that South Australia’s business community has a remarkable ability to adapt while maintaining the qualities that have long underpinned its success. The companies that will feature in this year’s South Australian Business Index are not only a snapshot of where the state’s economy stands today – they offer a glimpse of where it is heading next.

HLB Mann Judd is the proud data partner of the South Australian Business Index lunch and networking event on Friday, 16 October at the Adelaide Convention Centre. Early bird tickets are available now.