Australia is home to one of the world’s largest mixed market economies. In 2017, it produced a GDP of almost $1.7 trillion. In 2018, it broke the world record for the longest period of economic growth: 27 recession-free years. So what will 2019 bring for the Australian economy?
With economies all around the world slowing down and global market volatility on the rise, investors have reason to be cautious. However, Australia’s economy is one of the most resilient, having survived various economic crises, booms and busts. Between January and November of last year, 286,000 new jobs were created; despite a global slowdown and wide-ranging political instability, Australia’s industries continue to thrive. In this report, we explore those industries set to be the most productive in 2019…
Not only is Australia’s financial sector extremely sophisticated, it also supports a consistently high performing economy and has led to Australia’s reputation as a global commercial hub. While the market is dominated by the ‘Big Four’, their presence is crucial considering the fragile global landscape and attracts investors from all over the world.
Operating at such a high standard, Australia’s education facilities attract students from all over the world, turning the sector into a $20 billion export industry. Employment in the sector is expected to increase by 12% over the course of the next five years, driven by population growth, international recognition as a provider of world-class education and increasing interest in adult education.
As in the rest of the world, Australia’s technology industry is experiencing a boom that is not expected to slow in the near future. As technology and IT software have become increasingly central to global economies and industries, strong technology professionals are valuable assets to any business. In the first three quarters of 2018, the ASX200 information technology sector rose by 20%, with the top 11 companies accruing $10 billion for their shareholders.
Australia’s healthcare industry is the fourth biggest contributor to GDP and has been ranked as the second best healthcare system in the world. A huge 13% of the country’s workforce is part of the healthcare industry, which is expected to reach 15% by 2020. World-class research infrastructure, the introduction of the National Disability Insurance Scheme and Australia’s ageing population are all contributing factors to the sector’s intense growth.
Over the past decade Australia’s construction industry has experienced one of the biggest booms in living memory. Although the boom may be showing signs of slowing, with so many projects in the pipeline and a huge $72.7 billion budgeted for infrastructure over the next four years in New South Wales alone, the industry continues to thrive. Currently employing over one million Australians, this number is expected to increase by 11% over the next five years.
The nation’s access to a vast amount of high quality natural resources such as coal, oil and natural gas provides a constantly developing pipeline of employment opportunities.
With a strong economic position on the global stage, Australia’s booming industries provide the perfect environment for businesses and professionals to thrive. Despite the recent announcement of Federal Industrial Relations Minister, Kelly O’Dwyer’s forthcoming resignation, her dedication to “providing every Australian with the chance to get a job” and her belief that “a productive and flexible workforce is a key plank in building a stronger economy” have anchored the Australian job market and employment trends as prominent themes in parliamentary discourse.
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