IBISWorld maps out Australia’s top 5 sectors where a job boom is in the making
Leading market researcher IBISWorld has identified five high potential sectors in the Australian economy that will offer vast opportunities for growth and employment in the years to come.
As the Aussie economy transits from resources to more service-based industries and knowledge intensive services, the high growth sectors will increase the intake of skilled personnel. They collectively offer vast growth in employment 2015-16 over the next five years.
The sectors include,
- Cloth retailing
- Physiotherapy services
- Meat processing
- Oil and gas extraction
- Private schools and government schools
The report said the rising wages and high demand for skilled employees will keep the employment market busy in the next five years. Their potential will expand more as service and knowledge-based industries take deeper roots in the economy.
This will unleash huge demand for professionals with advanced degrees as they keep upskilling or reskilling to feed the employer requirements for knowledgeable staff. The IBIS came to the specifics and highlighted the following key sectors where maximum potential in employment is foreseen.
Clothing retailing
Conventionally, the clothing retailing industry is a labour-intensive sector. But in the coming five years, new technologies will unleash more productivity and increase the intake of more casual workers.
At the same time, technology-related changes will make many manpower based manual tasks redundant. Higher competition from online stores will keep retailers on toe and they continue to differentiate the brands by augmenting customer services. That proposition will increase the scope for more hiring of employees as the industry will be growing an average 6.4 percent in 2015-16.
IBISWorld expects employment in the cloth retailing to surge over the next five years, as state governments start deregulating the trading hours. Shops will be open for longer hours and more staff will become a necessity.
Physiotherapy services
This healthcare service industry will grow on an average 2.3 per cent in 2015-16 and will have an annual growth rate of 2.5 per cent over the five years through to 2020-21 and reach over 23,000 staff, according to a press release.
The demand growth will be high as more patients access physiotherapy services by using private health insurance sources and many older Australians will require frequent physiotherapy services.
Meat Processing
In the meat processing industry, operators will gain from the Free Trade Agreements inked with China, Japan and Korea. The demand for Australian beef is also high. The expected revenue surge is around 8.4 percent in the next five years through 2015-16. As processors expand production to feed the demand from Asian nations, more employment opportunities will open up.
Oil and Gas Extraction
Australia’s Oil and Gas Extraction industry is forecast to grow 10.2 percent annually over the five years through 2020- 21. That will spurt employment numbers by an average 27,500 staff.
Private Schools
The primary education industry is facing high demand and in the next five years it will need more man power and talent to meet the new demand. The enrolment in non-government schools is growing faster than in public schools. This is boosting revenue from tuition fees and to compete better, private schools are pruning staff-to-student ratios, and hiking the wages of teachers. This assures intake of more personnel and handsome salaries.
For feedback/comments, contact the writer at feedback@ibtimes.com.au or let us know what you think below.
