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Fastest Growing Industries in Australia 2024

Selecting a career in one of the fastest-growing industries would likely result in both longer-term job stability and a higher salary. We looked at those sectors, why they are still growing, and what qualifications you’ll need to work in related fields to help you narrow down your options.

In the upcoming years, the Australian economy is expected to experience substantial expansion. Several industries are expected to lead the way and see extraordinary growth during this predicted comeback. These sectors will present fresh chances for companies, employees, and investors who want to make well-informed business choices.

Australia’s economy is being greatly impacted by the extraordinary growth that it is experiencing in several areas. Here is a look at Australia’s top 10 fastest-growing and largest industries:

HEALTHCARE

Healthcare is one of Australia’s biggest industries and largest employer.

The healthcare sector sees significant growth as a result of demographic shifts, particularly for pharmaceutical businesses, aged care providers, and nursing and home care services.

The fact that the population is getting older at a slower rate, most people seem to overlook that population growth is still occurring. In the end, this indicates that while the percentages may remain relatively constant, the actual number of elderly individuals in need of healthcare is continuing to rise. This will increase the demand for skilled physical therapists, which is already growing due to our sedentary lifestyles.

  • Ambulatory Health Care Services
  • Hospitals
  • Nursing and Residential Care Facilities
  • Social Assistance

CONSTRUCTION AND ENGINEERING

Males outnumber females in the workforce, and part-time employment is uncommon. The primary prerequisites for this industry are young workers, apprenticeships, traineeships, and more than just schooling. Australia’s construction industry is desperately in need of competent laborers because of the country’s present demand for improved housing and infrastructure. In addition to the above-mentioned increasing numbers of people, more Australians need housing and communities that include recreation centers, schools, and other amenities. After all, compared to other countries, Australia is still very young economically. This raises the need for more engineering and building projects.

The good news is that this booming industry will create a plethora of opportunities, including roles in architecture, construction, and engineering.

EDUCATION AND TRAINING

Because of the expanding economy, the education and training industry is anticipated to increase significantly during the coming years. A renewed focus on skill development to equip the workforce for upcoming challenges and generate new job opportunities is supporting this rise.

Although most careers require a college degree, entry-level positions like teacher’s assistant can be obtained with less training.

  • Preschool Education
  • School Education
  • Tertiary Education
  • Other Education

RENEWABLE ENERGY

Although it’s not one of Australia’s biggest sectors, there is room for huge investment in clean energy technologies such as large battery storage, wind, solar, and hydro. Jobs also result from the investment. Demand for workers in the clean energy sector is now greater than supply, and this trend is expected to continue in the years to come, according to the Clean Energy Council. The clean energy sector was positioned as a focal point of the 2022 National Jobs and Skills Summit. It acknowledged the enormous potential for the sector to generate hundreds of thousands of employment across the country.

There are many untapped opportunities in this sector, and with skill shortages nationwide, skilled workers will be highly employable.

CYBER SECURITY

Australia’s cybersecurity sector has been facing a severe shortage of qualified workers. According to estimates from the Australian Cyber Security Growth Network (AustCyber), Australia’s cybersecurity industry will require 18,000 more trained personnel by 2026.

Every other industry depends on the cybersecurity sector. Since practically every company has a website and operates online, white hat hackers can help these businesses safeguard their brand and keep their consumers safe.

TOURISM

Australia has long been a well-liked travel destination. The majority of people frequently include Australia on their travel wish list. There is so much to see and do in Australia, from pristine white beaches and crystal-clear waters to vibrant towns and outback exploration. This indicates that the tourist sector is always expanding and growing.

After a brief lull following the pandemic, the tourism sector is flourishing once more. That means there are many of jobs for Australians in the tourism, lodging, and tour industries (particularly around the reefs!).

Travel agencies, tour operators, and hotels will benefit from this development.

E-COMMERCE

Our growing internet presence has caused us to make modifications to our traditional ways of doing things, including shopping.

For more than ten years, the revenue and sales of e-commerce have increased annually. Emerging markets are predicted to continue growing as more people have access to the internet.

This varied sector is looking for talented recent graduates who want to succeed in the dynamic global business world.

INFORMATION AND TECHNOLOGY AND TELECOMMUNICATION

Every second, more and more electronic data is being collected as a result of the rapid evolution of technology.

It should come as no surprise that technological innovation has played a significant role in the growth of the labor market nationwide. All aspects of the organization are being impacted by automation or artificial intelligence (AI) skills, according to the statistics. Technology and automation abilities are highly sought after in a variety of fields, including marketing, engineering, customer service, and IT.

Programmers in this sector design, write, test, update, and document code according to user requirements, technical standards, and systems.

Those with the capacity to work across applications, sites, or even AI are likely to be in high demand through 2024 and beyond due to a continuing strong rise in all kinds of devices. The IT industry is flourishing. When compared to the other industries in our table, this one could alter and develop the fastest. For those looking to enter the business world, the good news is that there are hundreds of fields to choose from, and they’re all growing.

AUTOMOTIVE

In the automobile value chain, production, distribution, marketing, upkeep, and repairs are all included. However, during the past five years, industry revenue has decreased due to the closure of local consumer automakers. Consequently, throughout the same period, industry reorganization and reductions have hampered the industry’s profitability.

The year saw ongoing advancements in the field of electric vehicles, a trend that is anticipated to last until 2024. In Australia, core car demand patterns are being boosted by high customer demand and current exchange rates, bringing the industry back to levels seen before the epidemic.

The direction of the Australian automotive industry will be determined by cutting-edge innovations in the field, including rapidly shifting consumer preferences, technological advancements, the impact of political interventions, intelligent infrastructure, and other trends.

Thus, the analysis describes the main market drivers in the anticipated timeframe.

HOSPITALITY

Businesses in the hospitality sector are essential to the economy and are required to deliver first-rate customer service. Hospitality companies need to give their customers excellent service and a warm atmosphere to succeed.

The hospitality sector is important to the economy, which makes it indispensable. The company employs a considerable number of people worldwide and makes a substantial quantity of money. The fact that the hospitality sector contributes significantly to government revenue makes it indispensable as well.

The hotel sector is dealing with several issues. These difficulties include a lack of skilled labor, heightened competition, and a difficult financial climate.

Despite these obstacles, growth in the hotel sector is anticipated in the upcoming years. This rise will be driven by an increase in travel and tourism. Consequently, one of the most popular programs for overseas students is hospitality or commercial cooking, and the best universities can truly assist students in gaining both academic and practical expertise.

Why work in a growing industry?

Before delving into them, we should first consider the significance of working in Australia’s fastest-growing industries. Working in a rapidly expanding industry has the following primary advantages:

  • Expanding sectors are profitable and frequently result in increased yearly income.
  • Growing sectors frequently have more positions available because they need more workers.
  • A burgeoning industry’s success frequently leads to stable employment and long-term roles.
  • Growing sectors can be fascinating places to work because they are frequently at the forefront of innovation.
  • Expanding sectors might give demanding occupations that have the potential to positively impact our way of life, how we treat others, or even how we treat the environment.

Champagne Recruitment’s Final Thought

These expanding industries present chances for investors, employers, and job seekers. Fantastic chances for job searchers seeking new positions. To maximise possible opportunities, companies, and investors seeking portfolio diversification may choose to investigate these and other dynamic growth industries in Australia.

If you’re seeking new opportunities or need guidance on where to begin, don’t hesitate to contact Champagne Recruitment!