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by Megan Stals

Are these the best ASX growth stocks? [2023]

Explore the world of growth stocks on the ASX as we delve into some of the rapidly expanding companies making waves in the Australian stock market.

Top 10 ASX growth shares to start watching

Company Name


Stock Price

Year to Date

Market Capitalisation

WiseTech Global Limited





Xero Limited





Cochlear Limited





Seek Limited





Altium Limited





The a2 Milk Company Limited





Megaport Limited





Nanosonics Limited





EML Payments Limited





Appen Limited





Data as of 29 August 2023. Sources: Stake, Google Finance.

*The list of stocks mentioned is ranked by market cap. When deciding what stocks to feature, we analyse the financials, recent news, the state of the industry, and whether or not they are actively traded on Stake.

Decide which is the best Australian growth stocks to add to your portfolio

1. WiseTech Global Limited ($WTC)

Market Capitalisation: $23.2b

Stock price (as of 29/08/2023): $70.20

Stake Platform Bought / Sold (1 Jan 2023 - 29 Aug 2023): 69% / 31%

Wisetech provides software solutions for logistics and supply chain management. Its flagship platform, CargoWise, offers end-to-end visibility, automation, and optimisation capabilities. With the rise of global trade and e-commerce, efficient logistics management has become paramount.

Wisetech's growth stems from its ability to streamline complex international shipping processes, providing companies with the tools needed to manage their operations more effectively.

✅ See the WTC ASX share price and recent announcements.

2. Xero Limited ($XRO)

Market Capitalisation: $18.2b

Stock price (as of 29/08/2023): $120.81

Stake Platform Bought / Sold (1 Jan 2023 - 29 Aug 2023): 55% / 34%

Xero offers a cloud-based accounting platform designed to simplify financial management for small businesses. Its features include invoicing, payroll, bank reconciliation, and collaboration tools.

Xero's growth is propelled by its commitment to user-friendly design and real-time collaboration, allowing business owners and accountants to work together seamlessly. The global trend toward digitisation of financial processes has enabled Xero to expand its customer base, particularly among small and medium-sized enterprises.

Xero was also listed in our article on the top AI stocks on the ASX, with its use of AI tech to provide insights and recommendations to its customers and improve the efficiency of its software solutions.

3. Cochlear Limited ($COH)

Market Capitalisation: $17.4b

Stock price (as of 29/08/2023): $266.25

Stake Platform Bought / Sold (1 Jan 2023 - 29 Aug 2023): 51% / 48%

Cochlear is a pioneer in hearing solutions, manufacturing implantable devices that restore hearing to people with severe hearing loss. Its devices utilise advanced technology and innovative design to deliver improved hearing experiences.

As the global population ages and hearing health awareness increases, Cochlear's growth is driven by its ability to address a significant medical need.

Dive into our Under the Spotlight on Cochlear Limited for a detailed review of their business.

4. Seek Limited ($SEK)

Market Capitalisation: $8.1b

Stock price (as of 29/08/2023): $22.93

Stake Platform Bought / Sold (1 Jan 2023 - 29 Aug 2023): 56% / 44%

Seek operates an online employment marketplace connecting job seekers and employers. Its platform provides a wide range of tools, including job listings, candidate profiles, and application tracking.

Seek's growth is linked to the shift from traditional job-searching methods to digital platforms, as well as its international expansion efforts and focus on enhancing the job-seeking experience.

5. Altium Limited ($ALU)

Market Capitalisation: $6.1b

Stock price (as of 29/08/2023): $47.02

Stake Platform Bought / Sold (1 Jan 2023 - 29 Aug 2023): 50% / 50%

Altium's software aids electronic design automation, facilitating the creation of printed circuit boards (PCBs). Its flagship product, Altium Designer, offers a comprehensive suite of tools for designing and prototyping electronics.

The company's growth is fuelled by the rapid expansion of the electronics market, driven by consumer electronics, IoT devices, and the push for more efficient and compact designs.

6. The a2 Milk Company Limited ($A2M)

Market Capitalisation: $3.6b

Stock price (as of 29/08/2023): $4.65

Stake Platform Bought / Sold (1 Jan 2023 - 29 Aug 2023): 60% / 40%

a2 Milk focuses on producing dairy products with only A2 beta-casein protein, claimed to be easier to digest for some individuals. This positioning has resonated with consumers seeking alternatives to traditional dairy.

a2 Milk Company's growth is attributed to its premium brand identity, expanding product portfolio, and partnerships with key retailers, allowing it to tap into health-conscious consumer trends.

7. Megaport Limited ($MP1)

Market Capitalisation: $1.8b

Stock price (as of 29/08/2023): $11.81

Stake Platform Bought / Sold (1 Jan 2023 - 29 Aug 2023): 54% / 46%

Megaport is a technology company that provides software-defined networking (SDN) solutions, enabling businesses to connect their IT infrastructure and cloud services with greater flexibility and efficiency. Their global platform offers on-demand connectivity to various data centres and cloud providers, allowing customers to scale their network resources based on their needs.

Megaport's growth is driven by the increasing demand for cloud services and the need for agile and scalable networking solutions. As businesses continue to migrate to the cloud and seek seamless connectivity, Megaport's innovative SDN offerings position it for potential expansion in the rapidly evolving technology landscape.

8. Nanosonics Limited ($NAN)

Market Capitalisation: $1.2b

Stock price (as of 29/08/2023): $4.12

Stake Platform Bought / Sold (1 Jan 2023 - 29 Aug 2023): 59% / 41%

Nanosonics' trophon® EPR is an ultrasound probe disinfection technology, addressing infection prevention challenges in healthcare settings. With a heightened focus on hygiene and patient safety, Nanosonics' growth comes from providing a solution that ensures effective disinfection of medical equipment, reducing the risk of healthcare-associated infections.

💡Interested in the healthcare sector? Discover these biotech stocks on the ASX

9. EML Payments Limited ($EML)

Market Capitalisation: $364m

Stock price (as of 29/08/2023): $0.98 

Stake Platform Bought / Sold (1 Jan 2023 - 29 Aug 2023): 45% / 55%

EML Payments is a fintech company that specialises in providing payment solutions and prepaid cards for various industries. Their technology enables businesses to offer branded prepaid cards, digital wallets, and innovative payment solutions.

EML has experienced growth due to the increasing demand for digital payment options, the expansion of online commerce, and the shift toward cashless transactions. The company's ability to adapt to changing consumer preferences and its focus on delivering tailored payment solutions has contributed to its growth in the fintech sector.

10. Appen Limited ($APX)

Market Capitalisation: $238m

Stock price (as of 29/08/2023): $1.52

Stake Platform Bought / Sold (1 Jan 2023 - 29 Aug 2023): 58% / 42%

Appen plays a critical role in training AI and machine learning models by collecting, annotating, and refining data. Its global crowd of annotators ensures high-quality data, essential for improving algorithms' accuracy. As AI applications proliferate across industries, from virtual assistants to autonomous vehicles, Appen's role in providing tailored training data has positioned it as a crucial player in the AI ecosystem, contributing to its growth.

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What are the best growth stocks to invest in?

When seeking promising growth stocks, investors should focus on several fundamental attributes like future growth forecasts, a promising business model and growing net profit estimates. Some things to keep in mind when researching which growth stocks are right for you:

  • History of consistent revenue and earnings growth
  • Sectors that have the potential to expand into other markets
  • Innovative products or services that cater to changing consumer needs
  • Competitive advantage, like proprietary technology or brand recognition
  • Effective leadership and a sound management team
  • Investment in research and development
  • Broad market sentiment

While growth stocks can bring higher volatility, thorough research, diversification, and long-term commitment can help mitigate risks associated with this potentially rewarding investment approach.

What is the best-performing growth stock in 2023?

Megaport ($MP1) is one of the best-performing growth stocks on the ASX in 2023, with its share price increasing 93.92% year-to-date.

More resources:

✅ Guide to a growth investing strategy

✅ Find the best technology ETFs in Australia

✅ 10 High growths ETFs to watch on Wall St

ASX Growth stocks FAQs

On the ASX, there aren't Australian ETFs solely dedicated to tracking a growth share index. Nevertheless, there are active ETFs designed to pinpoint growth stocks, along with index-based ETFs that hold a significant portion of growth-oriented companies, such as:

  • $RBTZ: BetaShares Global Robotics and Artificial Intelligence ETF
  • $HYGG: Hyperion Global Growth Companies Fund
  • $ATEC: BetaShares S&P/ASX Australian Technology ETF
  • $CLDD: BetaShares Cloud Computing ETF
  • $CRYP: BetaShares Crypto Innovators ETF

To find good growth stocks, focus on companies with strong revenue and earnings growth, innovative products/services, a competitive advantage, scalability, capable leadership, financial health, and expansion opportunities. Analyse industry trends, market sentiment, and the company's potential for turning growth into profitability.

Investing in growth stocks can offer higher returns but comes with higher risk due to potential volatility. It suits investors willing to take on more risk for potential long-term gains. Diversification and research are crucial for having effective risk management in place.

This does not constitute financial product advice nor a recommendation to invest, it is for informational purposes only. Past performance is not a reliable indicator of future performance. As always, do your own research and consider seeking appropriate financial or taxation advice from a licensed adviser before investing.

Portrait photo of Megan Stals, Market Analyst at Stake.

Megan Stals

Market Analyst

Megan is a markets analyst at Stake, with 7 years of experience in the world of investing and a Master’s degree in Business and Economics from The University of Sydney Business School. Megan has extensive knowledge of the UK markets, working as an analyst at ARCH Emerging Markets - a UK investment advisory platform focused on private equity. Previously she also worked as an analyst at Australian robo advisor Stockspot, where she researched ASX listed equities and helped construct the company's portfolios.


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