Australia appears to be like a growth haven. Tourism, education, mining, agriculture and financial services are among the emerging and fastest growing industries in Australia. According to experts, these industries will drive economic and investment opportunities in the country over the next two decades. If further reports are to be believed then apart from these sectors, services connected with health and the ageing population are also expected to rise. This is because the number of people aged between 65 and 84 will more than double by 2050. Accordingly, residential aged care, medical research and re-skilling an ageing workforce will attract major investments from the Australian government. Physiotherapists are on high demand under such a scenario.
Mining and Natural Resources
Growth has been phenomenal in the mining-rich states of Queensland, New South Wales and Western Australia. This sector alone published approximately 17,000 new jobs in 2017, according to SEEK Employment Trends. Australia has no dearth of reserves when it comes to coal, gas and uranium. This is why it is also a major energy exporter. Engineers can thus expect to find high paying jobs in this sector.
Tourism
Australia is a beautiful and extremely diverse country. No wonder that it attracts significant number of tourists every year and with the reduction in international travel cost coupled with rise in income, the tourism sector is expected to grow further. Perhaps, it could even top the list of emerging and fastest growing industries in Australia. The country is expected to welcome almost five million travellers from China only by 2030. Numbers from India and Indonesia are also predicted to grow over the same period. These estimates do not include counts from other countries!
Education
Young students prefer to move out of their home countries and accumulate international experience. On these lines, Australian Universities witnessed around 805,000 international enrolments in 2017. Chinese students account for more than 25% of this number. The depreciating value of Australia dollar has improved the competitiveness of Australian institutions. The influx of students will families has also fueled the expansion of private schools. The expansion implies that trained teachers and administrators will be in high demand.
Financial Services
Australia has been declared as the fourth largest pool of private pension investments globally. The forecast is expected to grow further by 2040. Macquarie argues that the Australian financial services are prepared to develop new products to cater to the needs of an ageing population. This potential could set world standards in the sustainable investment sphere. As one could imagine, this sector is likely to record a high in the coming years.
Agriculture
Chinese have recently invested to support the developments of farm and transport infrastructure in states like Tasmania to fulfill Chinese demands for dairy products. The coming 5 years are expected to see 4.6% productivity increase for dairy herd and an 8.8% increase in milk production as a result of this investment. Other than that, the country produces food that is sufficient to feed 60 million people due to its rich natural resources. The food production is outnumbers the Australian population. Thus, the country is ideally situated to export food products. Deloitte has coined the term, ‘dining boom’ to describe the boom across the food processing Australian factories based on the fact that Free Trade Agreements with China, Japan and Korea had led to increased exports of meat products.
Job Growth Trends
Closely patterned after the emerging and fastest growing industries in Australia, there will be a high demand for professionals in the booming sectors. Examples include:
- Those with certificate level qualifications and diplomas within the child care sector. The average weekly remuneration for a child care professional begins at AUD $800 before tax (Australia follows a week wise payment system).
- Within the Aged Care and the Social Assistance sectors, individuals holding qualifications at the Certificate and the Bachelor’s level may never run out of jobs at least over the coming 5 years! The average weekly remuneration for care professionals begins at AUD $900 before tax.
- There are going to be tremendous openings for transport, postal and warehousing services in order to meet demands of various sectors. The prevalent scenario appears to be very good for those enrolled in logistics related diplomas or thinking of becoming forklift drivers. The average weekly pay for supply chain managers begins at AUD $2000 before tax.
- As tourists adore cafes and restaurants, managers in the hospitality industry continue to be highly paid. The average weekly pay for restaurant managers starts at AUD $1050 before tax. Most Aussie managers hold post-school qualifications at vocational level or even at the Bachelor’s degree level. If one is thinking of a career path from the Australian perspective then this is surely a good direction.
The Australian market scenario is buzzing with excitement with the reported Emerging and fastest growing industries in Australia. As an aspiring student interested in studying or settling down under, these trends served as a helpful anchor. This is because if particular industries are booming then there will be shortage of labor given its sparse population. The country would definitely give out more VISAs for jobs related to these trends and there would be scholarships available too.
