Fastest Declining Industries in Australia by Revenue Growth (%) in 2025

• 1. Lithium and Other Non-Metallic Mineral Mining in Australia

  2025 Revenue Growth: -52.3%

  Spodumene concentrate (lithium ore) has become by far the dominant product in the industry over recent years. Spodumene concentrate is still mainly exported to China for further processing, but major mining firms have started using it domestically to refine lithium hydroxide. Given lithium's importance for battery manufacturing, many downstream buyers stockpiled lithium, prompting a spike in world prices. Skyrocketing spodumene concentrate prices fuelled revenue and profitability growth over ...

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• 2. Nickel Ore Mining in Australia

  2025 Revenue Growth: -51.4%

  Nickel ore miners faced mostly positive operating conditions over the past decade, with strong pricing growth over most of the period amid rising global demand for nickel. However, in 2023-24, oversupply in the global market prompted a sharp price downturn, forcing smaller nickel ore miners like Wyloo and Panoramic Resources to cease and suspend operations. The Federal Government reacted to weak nickel ore prices and these closures by providing relief through tax credits and subsidies, adding...

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• 3. Battery Material Mining in Australia

  2025 Revenue Growth: -38.5%

  The global adoption of electric vehicles (EVs), driven by environmental consciousness, advances in battery technology, and declining prices, has accelerated demand for battery materials, especially lithium. This growing need is reflected in elevated lithium prices, triggering an upsurge in lithium production and exploration activities. However, because of oversupply, lithium prices have plunged from their peak in 2022-23, adversely impacting battery material miners' revenue and profitability ...

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• 4. Petroleum Refining and Petroleum Fuel Manufacturing in Australia

  2025 Revenue Growth: -26.8%

  The Petroleum Refining and Petroleum Fuel Manufacturing industry has faced highly volatile conditions over recent years, as the pandemic wreaked turmoil on global energy supply chains. The global situation filtered down to Australia's petroleum market, contributing to the closure of two of Australia's last four remaining oil refineries. BP closed its refinery in Kwinana, while ExxonMobil shut down the Altona refinery. Both the closed refineries were converted into import terminals, directly i...

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• 5. Electric Vehicle Wholesaling in Australia

  2025 Revenue Growth: -20.3%

  The Electric Vehicle Wholesaling industry has grown rapidly over the past few years. An expansion in charging station numbers and accessibility has supported demand as more electric vehicle (EV) models have entered the market. EV uptake has increased from 2022-23, when the government boosted funding for EVs and EV infrastructure. Federal and state governments have incentivised consumers to purchase low- and zero-emission vehicles, which boosted this industry’s revenue through the end of 2023-...

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• 6. Tobacco Product Wholesaling in Australia

  2025 Revenue Growth: -18.4%

  Tobacco product wholesalers have faced declining consumer demand and rising prices over the past few years. Revenue has fallen, as rising prices and growing health consciousness have put downwards pressure on smoking rates. The closure of downstream duty-free retailers for extended periods over the three years through 2021-22, due to pandemic travel restrictions, exacerbated revenue falls. Overall, revenue is expected to decrease at an annualised 16.4% over the five years through 2024-25, to ...

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• 7. Iron Ore Mining in Australia

  2025 Revenue Growth: -18.0%

  Iron ore miners have faced difficult trading conditions because of easing iron ore prices over the past few years, despite the nation maintaining its status as the world's largest iron ore supplier and benefiting from proximity to Asian markets. However, modest growth in production volumes has partly offset revenue declines. Industry revenue is expected to have sunk at an annualised 1.7% over the five years through 2024-25, to $131.5 billion. Easing iron ore prices, driven primarily by a slow...

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• 8. Dredging Services in Australia

  2025 Revenue Growth: -17.1%

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• 9. Factory and Industrial Building Construction in Australia

  2025 Revenue Growth: -15.9%

  The Factory and Industrial Building Construction industry constructs buildings ranging from simple tilt-wall warehouse spaces to sophisticated purpose-built laboratories with high security and humidity-controlled environments. Revenue is responsive to trends from several segments of the economy, including manufacturing, wholesaling, mining and agriculture. Much of the surge in the industry’s performance in recent years has come from constructing warehousing and distribution facilities to meet...

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• 10. Beekeeping in Australia

  2025 Revenue Growth: -14.7%

  The Beekeeping industry has faced volatile trading conditions over the past five years. Consumers have increasingly demanded premium, high-value honey, like manuka honey, boosting average honey prices. Beekeepers have capitalised on this trend by shifting away from generic honey products and focusing on producing differentiated honey varieties. Research and development into different honey varieties’ unique properties and health benefits and marketing these qualities to consumers have underpi...

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