Australia has long been known for its natural wonders and tourism, with sprawling beaches and attractions like the Sydney Opera House, the Great Barrier Reef, and countless national parks. However, the entrepreneurial aptitude has shown the world a new face alongside that typically laid-back lifestyle, giving Australians exciting opportunities in the world of start-up companies. This combined with its already strong economy, has helped Australia make a name for itself as one of the quickest evolving countries in the world.
Whether you’re looking to launch your own small business or you’re looking for a job, knowing the future of Australia’s economy and job market can help you make more educated choices about your own future. So we’ve made a list of seven standout industries that are taking Australia by storm and paving the way for growth for generations to come.
1. The Healthcare Industry
The healthcare provided in Australia is known worldwide to be some of the best. Not only do they offer safe, affordable healthcare for all patients within their medical practices, but they are also working to expand this top-notch care using telemedicine and telediagnosis—reaching patients who live offshore and don’t have access to consistent healthcare. Aside from their high-quality care, they are also recognized for new technology advancements and clinical trials, which are both used to further the medical field worldwide.
2. The Energy Industry
It’s no secret that Australia has recently been side-eyed by the more environmentally-friendly countries for its use of coal and harsh gasses as a means for energy. However, they have begun to create plans for turning to renewable energy, which will create jobs and offer a higher quality of life for the environment overall. The Australian government plans to eventually convert to a combination of natural gas, solar, and wind power, leaving the natural—but harmful—resources behind, but many individuals have already made the switch to renewable energy.
3. The Finance Industry
Australia’s financial sector is its most significant contributor to the national economy. In a world where banks and finances have proven to be fragile, all four of Australia’s main financial institutions continue to rank among the best. As start-ups and entrepreneurship have become a driving force for Australia’s economy, its financial industry has helped it get there, ensuring that businesses thrive.
4. The Business Consulting Industry
Along with the financial industry, the business consulting industry is one of the driving forces between Australia’s economic growth. Local consulting agencies provide small business owners with the tools they need to get their business off the ground, but the global consulting market—which includes agencies like Oracle and IBM—has made the Australian consultant market the largest in the world.
5. The Construction Industry
As the economy grows and more businesses are brought to life, the construction industry has seen a massive increase in job openings for positions ranging from engineers and laborers to project managers and insurance agencies. A rapid increase in population means that there is also a demand for houses, apartment buildings, amenities, hospitals, and schools—making construction a high demand job with a secure future.
6. The Mining Industry
Mining has always been a key player in the wealth of Australia as a whole. Although the has made plans to switch to using mostly renewable energy, this move could take years, even decades. Aside from mining for the coal used for energy, Australia contributes many other substances, including iron. As the construction industry booms, there is a higher demand for steel, which means there is a higher demand for iron ore. So while coal mining will eventually become a thing of the past, there are other very important mining sectors driving Australia’s economy.
7. The Education Industry
Australia is so much more than beaches and “Down Under.” It’s ever-changing, diverse economy means that there is an opportunity for everyone, just around the corner. If you are looking to become a small business owner in Australia, research what you’ll need to get started, compare business insurance with iSelect, and set out to start your dream. Business insurance can help ensure your goals are met with extra protection, and you want to get the right plan for your budget and personal needs.
A growing population means an increased need for teachers of all grade levels, subjects, and trades. Ranking third in the world, Australia is also home to eight of the world’s top 100 universities and prides itself on offering high-quality diverse education. As the economy shifts, it will become increasingly important that Australia’s teachers focus on STEM subjects as well as entrepreneurship, in order to better prepare their students for a life of success.