Interest rate cuts in the first quarter of FY2026 supported a more favourable environment for deal-making. However, global market uncertainty continues to temper enthusiasm, with many adopting a cautiously optimistic, but wait-and-see approach.
This quarter, we’ve been engaged with stakeholders exploring transactions in sectors including freight forwarding, labour hire and textiles. Interest in M&A activity across these sectors remains strong, with strategic opportunities quietly gaining traction as confidence builds.
Compared to Q1 FY2025, the number of completed transactions in Australia declined by approximately 34% in the first quarter of FY2026.
However, the average deal value rose by 18%, indicating that investors are focusing on quality over quantity and targeting more strategic, high-conviction opportunities.
The focus of our analysis in this update is on mid-market transactions, and we have excluded transactions with a gross transaction value greater than $5 billion.
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