COVID-19 and growing industries in Australia
In the midst of a global pandemic, you can be forgiven for wanting to put your business plans on hold. But with loss comes opportunity, and with an unemployment rate in Australia currently sitting at 7.4%, there’s more choice now than there’s ever been to explore growing industries in Australia as your next entrepreneurial opportunity.
According to the Labour Market Information Portal (LMIP), employment numbers are set to increase in 85% of key industries in the country, making it the “land of plenty” for business professionals. Other key markets set to rise include healthcare, food retailing and mining.
Here are the growing industries in Australia to look out for over the next 18 months
Food retail and delivery
With more and more people staying at home and ordering their groceries online, the food retail and delivery market have risen exponentially. March alone saw Australia’s biggest ever monthly rise in retail sales.
The retail is classified as what the federal government deems an “essential service”, which means the food retail and delivery market isn’t going anywhere any time soon.
In can only be expected that the healthcare industry would skyrocket during a global pandemic, but it’s been predicted that by 2023, employment for personal care workers will increase by 30% over the next three years.
COVID-19, paired with Australia’s ageing population and the introduction of the National Disability Insurance Scheme means there’s an increased demand for personal care workers. So much so, that aged and disables carers are set to rise by around 70,000 over the next three years.
Could there be an opportunity to penetrate the mobile carers market in Australia?
Information technology services have also welcomed a significant spike in growth in the last six months.
Much of the country, and the world as a whole, have been forced into transitioning to working from home. With minimal human contact, businesses have had to adapt quickly to the changing face of day-to-day activities.
The federal government’s “Telehealth” initiative, which was designed to vet medical patients before attending a face-to-face medical consultation, relies heavily on a solid internet connection and usable interface.
As a result of the pandemic, software and IT services have experienced the single biggest surge in recruitment, at a whopping 17% increase.
Thinking of exploring the IT space for opportunities? Look at cybersecurity and software as a service as your next choice.
The Western Australia mining industry has experienced exponential growth in recent months. It’s also deemed an “essential service” according to the federal government.
The Minerals Council of Australia has also released a Post COVID-19 recovery plan, outlining measures they, and the federal government will take to support the recovery of the mining sector. The document includes proposed mining reforms, lower taxes, faster project approvals and flexible working environments.
The MCA has expressed interest to lower the company tax rate of 30% which – particularly in these challenging economic times – is not sustainable for the growth of the industry businesses.
There’s been a rise in demand for equipment drivers, excavator operators, diesel machine boilermakers, trade assistants, electricians, cleaners and warehouse assistants.
Precious metals are likely to benefit from the recent pandemic, as investors avoid risk by opting for safe assets. Gold ore mining is projected to increase by 4.7%, Coal by 11.7% and oil and gas by 8.2%.
Direct and indirect entry into the mining industry – whether it be natural gas or other natural resources – has never been easier.
Buy Now, Pay Later
Often described as one of the most exciting growing industries in Australia, the buy now pay later market has seen rapid growth in recent months, with many consumers opting to pay for good incrementally to manage unreliable cashflow. Today, there are over two million BNPL customers in Australia.
One target area in the BNPL market is the online retail space. Although buyers are more likely to limit discretionary or unnecessary spending, they’re still expected to purchase essential items in credit.
If you’re on the search for an opportunity in the BNPL market, look to online retail opportunities for essential products.
Looking for your next business opportunity in growing industries in Australia?
Australia PEO helps businesses, investors and entrepreneurs tap the Australian market efficiently and with limited risk. Speak to someone from our team today about how we can help you take advantage of growing markets in Australia.