Growth in a broad variety of industries makes Australia an attractive market for investors both at home and abroad. Find out what are the 7 fastly growing industries in Australia.
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7 Fast Growing Industries in Australia
Growth in a broad variety of industries makes Australia an attractive market for investors both at home and abroad. Even with the recent setback caused by the global financial crisis, China’s reliance upon Australia’s vast resources makes Australia a top supplier of mining materials. As markets have begun to recover from the worldwide slowdown, we have also seen Australia’s financial management industry make a healthy rebound. These industries paired, with agriculture and aquaculture production, as well as the wine and health sectors, makes for an array of growth industries when it comes to investing in Australia’s economy.
1. Financial Management
As the world struggles to recover from the financial industry collapse of the last several years, there is a growing need for financial management to provide increased structure and guidance within the industry. Of course, while the financial management sector certainly tops the list of growth industries in Australia, the ranking is akin to dumping out half the contents of a glass of water, then refilling the glass and stating that it’s on the rise again. The crushing losses suffered in markets across the world, leaving many stocks and mutual funds at rock bottom prices make it hard not to expect growth in this sector. Still, advantages lie within this industry for those who have the means to take advantage of them.
Led by metals and minerals such as gold, silver, copper, zinc, uranium, and diamonds, but followed closely by coal, oil, and gas production, mining is a boon for the Australian economy. Bolstered by demand in China for growing infrastructural needs, as well as rising gold and silver prices, the Australian mining industry is red hot and primed for investing. It appears that we can looks forward to continued growth in this industry as Asian economies recover from the financial crisis and resume their economic expansion.
Headed by the livestock and wine industry, agriculture continues to play an important part of the Australian economy. One of the fastest growing parts of the agriculture industry lies in olives and olive oil production. With the continued awareness surrounding the benefits of olives and olive oil, this sector of the agriculture industry appears set for continued growth.
Wine has been produced in Australia since the first arrival of Europeans in the late 1700s. It has been only recently however, that the wine industry has exploded in growth, not only in production amounts and capacity, but also in attracting a strong wine tourism trade. According to the Australian Government Department of Foreign Affairs and Trade, wine production totaled 1.23 billion litres with the largest exports being shipped to the United Kingdom, the United States, Germany, New Zealand, and Canada. Australia is ranked sixth on the list of world’s top wine producing nations.
With nearly 60,000 kilometres of mainland and island coastline, it’s not difficult to imagine Australia as a leader in the aquaculture industry. Fish, mussels, oysters, prawns, pearls, and crabs top the production list in Australia’s aquaculture industry. The Australian Department of Agriculture, Fisheries and Forestry envisions that by 2010, the industry will be, “… sustainable, vibrant and rapidly growing,” and that it will, “achieve at least $2.5 billion in annual sales by being the world’s most globally competitive aquaculture producer.”
6. Fitness and Health
With promotional campaigns and continued focus on health awareness, the Australian health and fitness industries are set for continued growth. With many consumers spending larger amounts of disposable income upon luxuries such as health food products and fitness center memberships, it’s hard to imagine the industry not expanding quickly. Nowhere is the willingness to spend money on health related products better illustrated than in the bottled water industry where sales continue to climb, led largely by spring, mineral and purified bottled waters.
A byproduct of better health and fitness services, increased awareness, and promotional campaigns, we see an increase of growth in the healthcare, hospital, and nursing homes sectors. With better health comes longer lives, which increase the need for such health-based services. As Australians live longer, don’t expect this industry to fall by the wayside anytime soon.
About The Author: Kris has long worked in the finance sector and currently writes about saving, investing and money management for an Australian comparison website offering the latest credit card offers such as cashback credit cards and debit cards.
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The review "Fastest Growing Industries in Australia" was last updated on 17/04/2015.