Heads of M&A Survey 2026
The Deal in Focus
Unlock the future of mergers and acquisitions (M&A). Our ninth annual Heads of M&A Survey captures the views of Australian M&A leaders navigating an active deal market amid economic and geopolitical uncertainty.
Navigating Uncertainty and Opportunity
Australia's mergers and acquisitions market remains active as dealmakers balance economic and geopolitical uncertainty with a continued focus on growth, capability building and value creation. In the ninth edition of our annual survey, 97 Australian M&A leaders share their perspectives on the market outlook and the strategies shaping dealmaking in 2026.
Your views, your voices, your M&A
Key stats, insights and opinions from our 2026 Heads of M&A survey
of survey respondents are confident there will be growth opportunities in their sector.
describe their M&A strategy as predominantly growth-oriented.
report some increase over the past year in their adoption of AI tools for M&A.
Key statistics and insights from the 2026 Heads of M&A survey, based on 97 respondents
Industry Focus
Australia’s dealmaking is evolving rapidly.
Dive into industry spotlights and expert perspectives
The results were compiled and analysed by Deloitte Access Economics and explored with experts from our M&A practice
Decision-making under uncertainty
“Australia’s growth outlook has deteriorated and become more fragile, but dealmakers are responding to uncertainty with greater discipline rather than retreating from deals.”
Stephen Smith - Partner, Deloitte Access Economics
Accelerating growth through capability-led bolt-ons
"Bolt-ons rank clearly ahead of all other transaction types as organisations seek to address strategic gaps while limiting executionrisk, integration complexity and capital exposure.”
Jamie Irving - Partner, Mergers & Acquisitions
Valuation, financing and deal structuring
“Valuation expectations between buyersand sellers remain a frequent deal disruptor.However, contingent consideration or earn-outsare being used more frequently as core pricingstrategies to close valuation gaps.”
Renee Jaszewski - Partner, Mergers & Acquisitions
Portfolio reshaping, carve-outs and defensive M&A
“Respondents are prioritising a more selective form of growth. The strongest portfolio decisions will reduce avoidable complexity and free up leadership capacity and capital, leaving the core better positioned to compete."
Matt Adendorff - Partner, Strategy, Innovation & Ventures
AI, technology and capability-driven deals
“FY26 marks a transition point for Australian M&A, with AI shifting from a technology discussion to a strategic boardroom priority and becoming increasingly common in deal execution."
Kurtis Heppner - Partner, Mergers & Acquisitions
Execution risk, integration and value protection
“The survey once again identifies insufficient early integration and separation planning as a key factor contributing to deals falling short of their anticipated value.”
Louise Heath - Partner, Mergers & Acquisitions
