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%.
ACS Digital Pulse forecasts that there will be over 1 million technology workers in Australia by 2024, growing to 1.2 million by 2027. Over the coming years, some of the most in-demand tech jobs will be in data science, cloud solutions, DevOps, cybersecurity, software development and artificial intelligence.
Total employment increased 462,000 people (3.9%), with the largest growth reported by the Professional, scientific and technical services industry (90,000 people or 7.5%), and the Health care and social assistance industry (84,000 people or 5.8%).
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.
In a survey of over 1400 Aussies that have hired tradesmen through ServiceSeeking.com.au, Australians overwhelmingly thought that plumbing was the hardest trade to work in. Builders, electricians and removalists were also fingered for being tough professions.
Technology: The technology sector is experiencing significant growth in Australia, with companies in areas such as software development, data analysis, and artificial intelligence. The sector has a strong demand for skilled workers with expertise in these areas.
The future of the global economy lies in Artificial Intelligence (AI). AI is expected to be one of the fastest-growing industries of 2023, already valued at $328.34 billion. AI has begun to revolutionize many industries, such as healthcare, finance and transportation.
Autonomous vehicles (or AVs) will likely be the single greatest opportunity for the creation of value and wealth during the 21st Century. A study, done for Intel by Strategy Analytics, predicted a $7 trillion industry by 2050 making it one of, if not the single largest global industry. Article continues after video.
1. Iron Ore Mining in Australia. Iron ore miners have benefited from major increases in iron ore prices, and modest growth in production volumes over the past five years. Iron ore revenue is expected to increase at an annualised 8.1% over the five years through 2022-23, to total an estimated $124.1 billion.
Easier trades, such as plumbing and electrical work, offer job security due to the high demand for skilled workers in these fields. This means that there are always jobs available and wages can be competitive.
Our research shows that data and digital skills are the fastest growing emerging skills. These include skills such as software orchestration/automation, artificial intelligence, data analysis, cyber security and online marketing.
Australia's fastest-growing jobs have been revealed, with IT and engineering roles dominating the list. LinkedIn has released its 2023 Jobs on the Rise list, which analysed LinkedIn member data from January 2018 to July 2022 to find the jobs experiencing the biggest growth rates.
Analysts project full-year S&P 500 earnings growth of just 0.7% in 2023, but Wall Street analysts are more optimistic about some market sectors than others. The energy sector has the highest percentage of analyst “buy” ratings at 64%, followed by communication services (62%) and information technology (60%).
Exchange-traded funds: A great beginner's choice
Broad-based exchange-traded funds (ETFs) can be a solid way to start your investment journey. An ETF is a collection of securities that can include shares, bonds, and commodities that are listed on the Australian Securities Exchange (ASX).