Industries with the Highest Growth in Employment in Australia in 2023

1. Foreign Currency Exchange Services in Australia

Employment Growth for 2023: 276.2%

Foreign currency exchange services expanded prior to the COVID-19 pandemic as world economies became more interconnected. Prior to the pandemic, the rising volume of people travelling in and out of Australia boosted growth in the volume of foreign currency exchange transactions. Strong growth in the number of international students studying in Australia also contributed to rising industry demand for industry services. Following the outbreak Demand for foreign currency exchange services plummeted dramatically. Associated international travel restrictions evaporated the traditional markets that forex firms rely upon for income. Consequently, industry revenue is expected to fall at an annualised 20.1% over the... Learn More

2. Travel Insurance in Australia

Employment Growth for 2023: 100.0%

Before the COVID-19 pandemic, the number of Australians travelling overseas supported the Travel Insurance industry. Early in the past five-year period, financial markets' performance and consumers' tendency to take up travel insurance products supported industry operators. While the number of Australians travelling overseas grew consistently before the COVID-19 pandemic, the number of international departures declined significantly over the two years through 2020-21, due to travel bans that the Federal Government imposed. Overall, industry revenue is expected to decline at an annualised 7.2% over the five years through 2022-23, to $864.8 million. This trend includes an expected increase of 108.9% in... Learn More

3. Inbound Tour Operators in Australia

Employment Growth for 2023: 86.4%

Inbound tour operators primarily arrange and assemble travel packages, combining various domestic tourism products such as accommodation, transport, scenic tours and meals. These packages are onsold to overseas travel wholesalers and retailers, and international travellers subsequently purchase them. Industry revenue is largely tied to the number of inbound tourists visiting Australia. As a result, the COVID-19 pandemic and the Federal Government's subsequent inbound travel restrictions decreased demand for industry services from March 2020 to February 2022. Therefore, industry revenue is expected to decrease at an annualised 10.9% over the five years through 2022-23, to total $321.1 million. However, this trend... Learn More

4. Casinos in Australia

Employment Growth for 2023: 48.6%

The Casinos industry in Australia has faced a period of unprecedented crises, with a spate of government inquiries endangering the casino licenses of the largest operators in the industry. These issues compounded a period of highly restricted patronage following the COVID-19 outbreak, as border closures and lockdowns sharply reduced turnover at all casinos in Australia. Overall, these disruptions have contributed to an annualised revenue decline of 2.5% over the five years through 2022-23, to an anticipated $5.8 billion. Yet, this includes an expected surge in 2022-23 of 45.7%, as all pandemic restrictions are lifted and casinos return to full operational... Learn More

5. Wind Farm Construction in Australia

Employment Growth for 2023: 41.7%

The Wind Farm Construction industry provides engineering, procurement and construction services for wind power generation projects. The industry has benefited from government intervention to boost the use of renewable energy sources and reduce reliance on carbon-emitting fossil fuels. The Renewable Energy Target (RET) compels electricity generators and retailers to increase the share of power generated from renewable sources. The RET required Australia to generate 33,000 gigawatt hours of energy from renewable sources by 2020 and this target was met in early 2021. In addition, most state and territory governments have independently legislated their own RETs.

Despite record levels of investment in... Learn More

6. Telehealth in Australia

Employment Growth for 2023: 35.2%

Telehealth has massively expanded in Australia in the wake of the COVID-19 pandemic, growing from niche services to a multibillion-dollar industry at the height of the pandemic. This growth has largely been due to an expansion of the Medicare Benefits Schedule (MBS) to support telehealth services during the pandemic. In addition, patients have been more likely to use telehealth services as a means to minimise the possibility of contracting COVID-19.

Before the COVID-19 outbreak, telehealth items on the MBS were severely restricted and were generally used only in limited circumstances. However, the Federal Government temporarily expanded the MBS to include telehealth... Learn More

7. International Airlines in Australia

Employment Growth for 2023: 35.0%

The pandemic decimated the International Airlines industry, but the industry is now on the rebound. Notwithstanding airfreight transport, the industry's services were essentially non-existent while international borders were shut. For an extended period, international air travel was limited to flights for repatriation and migration purposes. The industry's airfreight services segment has offered some reprieve to international airlines over the period, supported by soaring airfreight prices. The industry has begun its ascent since many international borders reopened in early 2020, which is why industry revenue is set to climb by 71.8% in 2022-23. Overall, industry revenue has declined at an annualised... Learn More

8. Cotton Ginning in Australia

Employment Growth for 2023: 29.5%

The Cotton Ginning industry is an important part of the agricultural support services and national cotton sectors, and is closely linked to the Cotton Growing industry. Various factors also indirectly affect cotton ginners, like climatic conditions, water supply regulation, cotton stockpiling, and global cotton consumption and production fluctuations. Typically, cotton is harvested and ginned towards the end of the financial year, with any surplus production carried into the following year. Higher cotton production correlates with higher revenue, often with a one-year delay due to the timing of harvest season. The variability of these factors has caused significant revenue volatility in... Learn More

9. Electric Vehicle Wholesaling in Australia

Employment Growth for 2023: 27.4%

The Electric Vehicle Wholesaling industry has grown rapidly over the past five years. Increased charging infrastructure availability has supported demand, as has an increased range of electric vehicle (EV) models. Rising concern about environmental issues has also assisted the industry, as consumers have sought to lower their environmental footprint. A mostly positive consumer index, which indicates households are optimistic about their financial position and more likely to make expensive purchases, has further supported this trend. Despite these factors, EVs are still unaffordable for many consumers due to their high price point, limiting their consumer market. Additionally, minimal federal and state... Learn More

10. Hotels and Resorts in Australia

Employment Growth for 2023: 20.2%

Hotels and resorts have faced volatile trading conditions since the COVID-19 outbreak in March 2020. Tourism activity in Australia collapsed, following the Federal Government's closure of Australia's international border from March 2020 to February 2022. Hotels and resorts were forced to shift their focus towards a domestic clientele to attract guests. Yet, intermittent state border closures and extended city-wide lockdowns during the 2020 and 2021 calendar years also restricted domestic travel. A steep decline in business, domestic and international traveller volumes caused a period of very low occupancy rates at Australian hotels and resorts. This trend severely affected industry-wide profitability,... Learn More