A new report from Brand Finance Australia has named the 100 most valuable Australian brands, with the total value of the brands rising through 2022 to reach $161 billion.

Among the list, Brand Finance named Seven West Media as the fastest-growing brand in Australia, with the media company ranking with a brand value of $564 million.

The company, which holds the broadcast rights for the Olympic and Paralympic Games in Australia, as well as the AFL, cricket, and several other major codes, ranked 62nd overall in terms of brand value, rising from 82nd in the 2021 ranking, a growth of 78%.

The other fastest-growing brands in the rankings include Lindeman’s, who is valued at $896 million, growing 75%, and Flight Centre, valued at $683 million, growing 68%.

The report revealed the retail sector is Australia’s most valuable sector, with Woolworths, who notably sponsors the Australian Olympic team, along with several major codes around the country, ranking as the most valuable brand in Australia for the third consecutive year, with a value of $13.7 billion.

The growth of these brands, along with the continued success of Woolworths, has been explained largely due to the impact of the COVID-19 pandemic and continued growth from the companies, with sponsorship of the Tokyo 2020 Olympic and Paralympic Games identifiable as a growth indicator for Seven and Woolworths in particular.

Following Woolworths in the rankings was Telstra with a total value of $10.2 billion, BHP with a value of $9.95 billion, Coles with a value of $9.91 billion, Commonwealth Bank with a value of $8.92 billion, ANZ with a value of $6.24 billion, NAB with a value of $5.85 billion, Westpac with a value of $5.23 billion, Macquarie with a value of $4.74 billion, and Rio Tinto with a value of $4.49 billion to round out the top 10.

The retail sector as a whole accounted for 25% of Australia’s total brand value, worth $40.4 billion, after surpassing the banking sector last year as the most valuable sector.

Brand Finance Australia managing director, Mark Crowe, said the retail sector has benefitted off the COVID-19 pandemic compared to other sectors.

“The Australian retail sector has moved from strength to strength during the pandemic, overtaking the once-dominating banking industry to become the nation’s most valuable,” Crowe said.

“While leading Australian brands such as Woolworths, Coles, Bunnings, and Officeworks have thrived, the sector will need to continue to innovate and keep up with new trends to continue on this positive trajectory in a post-pandemic society,” he said.

In determining the rankings, Brand Finance assesses the present value of earnings specifically related to brand reputation, considering marketing-related intangible assets such as names, terms, signs, symbols, logos and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders.

The ultimate figure for brand value is labelled as the value of a brand if it were licensed in the open market.