The paper examines the geography of corporate headquarters in the Australian urban system, giving consideration to their location, control of capital and performance. The paper argues that, while considerable recent attention has been given to global cities in the networks of corporate power, the spatial organisation of company headquarters remains important within national urban systems. In the case of Australia, Sydney and Melbourne dominate the corporate landscape, although the smaller cities of Adelaide, Brisbane and Perth occupy important niches. The paper demonstrates that there are clear variations in the relative performance of companies across the Australian urban system. There is also a pattern of sectoral specialisation within Australia's cities which, in part, helps to explain the different development trajectories and relative levels of corporate performance. The paper concludes by exploring some of the implications of the study for the understanding of urban systems.