Having survived various economic turndowns, Australia has become a highly developed economy in the world. Industries of Australia, their higher performance and productivity have a bigger role in the development of the country. The Australian industries are the most lucrative foreign investment destinations. The economy offers a lot of opportunities, as they are more globalized and promising.
We have curated a list of the top 6 fastest-growing industries in Australia that is estimated to grow in the year 2020:
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1. Manufacturing Industry
Australia is renowned for its advanced manufacturing industry. The ultrasound scanner, bionic ear, black box flight recorder, etc. were invented in Australia. Presently, Australia accounts for the $100 Billion of annual manufacturing output of Australia. In 2020, the sector is predicted to boom, as it is the fastest-growing industry in Australia 2021.
This sector contributes 48% to the overall exports. The digitization and automation have transformed the operations of the manufacturing industries. Australia’s manufacturing industry is aimed at the development of an export-focused ecosystem that delivers top-quality solutions in the global supply chains.
2. Healthcare Australian Industry
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Australia provides the most efficient healthcare services in the world. As the population of Australia is estimated to age, the healthcare industry will experience tremendous growth. The system incorporates the world’s most advanced and innovative technology. Thus, the Australian healthcare system has an advanced and robust health system.
With the help of telemedicine and tele-diagnostics, the country is striving to serve internationally. Advancements in science and technology will furthermore push the authorities to enhance the growth of healthcare in Australia.
3. Australian Construction Industry
The industry of construction is comprised of the renovations, maintenance of buildings, and construction. The construction industry contributes 08% to the GDP of the country. Australian Construction Industry is expected to grow at a rate of 2.5% within the upcoming five years. 1.5 Million People in Australia are employed in this industry.
4. The industry of the Energy
According to the Australian Electricity Market Operator, there are more than 300 market generators, distributors, and service providers present in the country.
The energy industry of Australia is comprised of all the economic activity that is related to the production, distribution, and supply of energy. Australia is also packed with the enormous capacity to produce renewable energy resources. Many companies invest in the energy resources of Australia. The industry of Australia will be the biggest contributor to the Australian economy. The sector is estimated to generate hundreds of billions of dollars in the near future.
5. Australian Food Industry
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The next biggest industry in Australia is the Food Industry. The food industry of Australia will undergo a tremendous boom – especially due to COVID-19. The dairy products, meat products, seafood processing, cereal food, flour mill, vegetable processing, confectionery, etc. contribute to the rise of the food industry. The demands of online food platforms are also increasing. With the increase in the population, the demand from consumers will also increase. Thus, the Food Industry will boom in the near future.
6. Australian Tech Industry
It is one of the booming industries in Australia in 2021. Approximately 49% of business players in Australia invest in newer technologies. The investment is made with the purpose to grow and develop their business threefold. From the polymer banknote to the bionic ear, Australia is making strides in the technological field. The technology sector contributes 6.6%to the GPD – this is 122 Billion Australian Dollars.
The booming industries in Australia have produced a stable environment for professionals and businesses. The market opportunities are explored by them to grow and develop in the upcoming times.