The latest Dealmakers report, published in association with Pitcher Partners, reveals what’s driving Australia’s M&A recovery – and why the mid-market is leading the way.

Australian M&A deal values rose 11% in 2025 to AU$143.7b, and the mid-market outpaced the broader market, with deal values surging 14% to AU$20.9b and volumes rising 11% to 307 deals. Dealmaker confidence has jumped from a historic low of 6.97/10 to 8/10 for 2026. Opportunistic dealmaking is reshaping how deals get done, succession planning is fuelling the mid-market pipeline, and buyers and sellers are finally speaking the same language on valuations.

Some key findings include:

• 42% say succession planning is the top mid-market deal driver for 2026, a sustained wave of founder-led exits is well underway, with buyer appetite to match
• Valuation gaps are closing: 63% of respondents believe vendor expectations are realistic in 2026, with deals abandoned due to pricing gaps falling from 32% to 24%
• Regulatory change (45%) and global trade tariff volatility (40%) have replaced inflation as the top risks to watch, and TMT is the sector every dealmaker wants exposure to, with 100% of respondents citing it as a growth area.