Deloitte Access Economics, a provider of economic advisory services, predicts a bright future for the Australian economy. The country is showing all signs of rapidly recovering from the impacts of the COVID-19 pandemic.
Along with China, New Zealand, Taiwan, and Vietnam, Australia has stepped into 2021 on a highly optimistic note. Right now, the number of COVID-19 cases in the country is very low, its job markets are showing progress, and its industry confidence is on the rebound. Moreover, the Reserve Bank has predicted that the Australian economy will experience a growth of 3% in 2021.
Here is a list of five Australian industries that are growing at a fast pace in the first quarter of 2021.
Manufacturing Industry
Australia is internationally acclaimed for its highly-developed manufacturing industry, which contributes $100 billion of the world’s annual manufacturing output. This sector boomed in 2020 and is expected to show quick growth in 2021.
Automation and digitization have completely transformed this sector, which contributes to 48% of the country’s overall exports. The manufacturing industry in Australia aims to create an ecosystem that focuses on export and to deliver sophisticated solutions within international supply chains.
Regulated Sports Betting
Australia’s regulated sports betting industry has been exhibiting steady growth ever since the government legalized sports betting. One of the factors responsible for its growth is the ban imposed on other forms of online gambling.
Aussies are known for their love of sports. When the Australian government legalized sports betting, several global and domestic operators rushed in to grab their share of the market. As a result, Aussie bettors have a wide range of regulated sports betting options to choose from.
According to the numbers in the latest edition of Australian Gambling Statistics, total betting among Aussies exceeded $242 billion in 2017 and 2018. The number was $208 billion in the previous year. This indicates that each gambling Australian adult spent over $12,000 on gambling that year.
Aussies spent $25.8 billion on racing and $11.6 billion on sports betting in 2018. The rest of the money was spent on pokies and other gambling games. The numbers provide a staggering reminder of how much Australians love to gamble.
Healthcare Industry
The Australian healthcare industry is one of the most efficient across the globe. The country’s aging population is high, which indicates tremendous growth for its healthcare industry.
Australia’s elderly population, however, is not the only factor responsible for the quick growth of this sector. The country’s healthcare system implements highly innovative and sophisticated technologies, which makes it robust and advanced. It uses advanced techniques such as telediagnosis and telemedicine to provide the best possible services to its citizens.
Developments in the field of science and technology will further accelerate the growth of the healthcare sector in Australia in 2021.
Energy Industry
Australia’s energy industry is involved with the production and distribution of energy to consumers.
This sector is booming because Australia is a rich source of renewable sources of energy. Plus, the country has plenty of land resources required to construct huge plants for energy generation. As several businesses have invested in this sector, it is all set to become one of Australia’s biggest sectors, generating huge revenue for the country.
One of the leading industries in Australia at present is energy produced with coal. Approximately 77% of the country’s total energy comes from coal, 9% comes from gasoline, 8% comes from hydroelectricity, and 5% comes from the sun.
According to the Australian Electricity Market Operator, the country has 300+ vendors, generators, and service providers related to the energy sector.
Tech Industry
Close to half of the biggest companies in Australia invest in tech start-ups especially as the latest technologies like data analytics, artificial intelligence, robotics, and 3D printing are in demand across all markets.
Australia’s tech industry contributes close to AU$122 billion in revenue every year, nearly 6.6% of the GDP. This sector is booming because of its ability to create new products that are in high demand in emerging markets.
The prosperity of the tech industry is fast turning Australia into one of the major economic forces in the world. One of the reasons why the tech industry is doing well is because of Australia’s immigration policy. The country continues to take in skilled talent from tech-rich countries like India, China and the Philippines. Australian companies are able to hire world-class talent and use it to develop innovative and unique software programs.
Other Thriving Industries in Australia
One thing that the pandemic has taught us, is that it’s never too late to reinvent yourself. Home-based industries are booming and many people are turning previous hobbies and passions into real businesses.
According to IBISWorld, an expert in industry research, ride-sharing services and organic farming have a bright future in Australia.
The two sectors are on the verge of becoming the fastest-growing in Australia owing to an increase in the number of tech-savvy and health-conscious consumers. The market research company predicts that these sectors will grow at the rate of 15% in the next five years while businesses such as book stores, free-to-air TV, and newspapers will suffer setbacks.
The IBISWorld report also predicts a bright future for Australian businesses such as mineral mining, online groceries, and online consumer electronics, which are all expected to experience quick growth in the next 10 years.
Australia is also seeing a boom in its educational market as international students are switching from studying in countries like the United States and United Kingdom and are switching over to Australian universities as the courses are less expensive and the visas are easier to obtain.
