Due to having a high tolerance for risk, I'm a big fan of growth shares and feel very fortunate to have such a large number of quality options on the Australian share market to choose from.
Three of my favourites right now are listed below. Here's why I think they are amongst the best growth shares on the ASX:
A2 Milk Company Ltd (ASX: A2M)
I think a2 Milk Company is one of the best options on the Australian share market for growth investors. This is due to its stellar growth prospects thanks to the increasing demand for its infant formula products in the China market and its expansion in the United States. And whilst its shares do trade at a significant premium to the market average, I remain confident the company's growth profile justifies this and that its shares can still provide market-beating returns for shareholders.
Aristocrat Leisure Limited (ASX: ALL)
Another quality option for growth investors could be Aristocrat Leisure. Especially considering the gaming technology company's shares are changing hands at just 20x estimated full year earnings at present. I think this makes its shares great value given its strong long-term growth potential thanks to its explosive Digital business and the increasing popularity of its pokie machines globally. Overall, I believe it is well-positioned to build on FY 2018's 34.2% lift in normalised NPATA to $729.6 million this financial year.
Xero Limited (ASX: XRO)
A final growth share to consider is Xero. It is a leading cloud-based business and accounting software provider which has been growing at an impressive rate thanks to the quality and stickiness of its product, its global expansion, and the shift to online accounting. In the first half of FY 2019 the company posted a 37% increase in total operating revenue to NZ$256.5 million. Given its sizeable market opportunity, I believe this strong growth can continue for some time to come.
