According to IBISWorld, Australia's top three fastest-growing industries all come under the travel umbrella. The top is travel insurance, with a projected 2023-24 revenue growth of 206.0%, followed by foreign currency exchange at 128.5%, then inbound tour operators at 87.1%.
There are five main job sectors which attract job seekers in Australia they include - Healthcare, Construction, Education, Professional - Scientific & Technical and Information Technology sectors. These sectors not just offer a full-time placement but also offer part-time jobs in Australia.
What is the most profitable business to start in Australia?
"Food and beverage are some of the most profitable industries in Australia, with a market size expected to exceed $250 billion by 2030." Many different businesses within this industry have the potential for high profits. For example, cafes and restaurants are popular options that can generate significant revenue.
Brisbane had the largest growth (up by 59,200 people), followed by Melbourne (55,000) and Sydney (37,300). Brisbane also had the highest growth rate (2.3%), followed by Perth (1.5%) and Adelaide (1.1%).
Australia's outlook remains strong. The IMF forecasts the Australian economy will grow by 1.6% in 2023. This means Australia will again outperform other advanced economies, which are expected to grow by an average of just 1.3%. This follows Australia's solid 5.2% growth in 2021 and an estimated growth of 3.7% in 2022.
What is the most profitable sector in the last 10 years?
The best performing Sector in the last 10 years is Information Technology, that granded a +18.93% annualized return. The worst is Energy, with a +4.76% annualized return in the last 10 years. The main S&P 500 Sectors can be easily replicated by ETFs.
From Chemical Engineering to Electrical Engineering, several engineering fields will be in demand come 2026. They're definitely not easy majors, but individuals can find jobs at pharmaceutical companies, labs, corporations, manufacturers, and more.
