Fastest Declining Industries in Australia by Revenue Growth (%) in 2021

1. Inbound Tour Operators in Australia

2021-2022 Revenue Growth: -98.6%

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 are subsequently purchased by international travellers. 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 have essentially halted industry operations since March 2020. As a result, industry revenue is expected to be very low in the current year. However, some revenue is expected to have come from New Zealand... Learn More

2. Foreign Currency Exchange Services in Australia

2021-2022 Revenue Growth: -67.5%

Demand for foreign currency exchange services grew 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. However, demand for industry services has been negatively affected by the COVID-19 pandemic. Consequently, industry revenue is expected to fall at an annualised 27.7% over the five years through 2021-22, to $374.4 million. This trend includes an... Learn More

3. International Airlines in Australia

2021-2022 Revenue Growth: -66.9%

Airlines from different countries operate in the International Airlines industry. While many airlines, such as Emirates and Singapore Airlines, have a significant market presence in Australia, few foreign airlines have local incorporated subsidiaries. As a result, any airline that flies passengers or freight to or from Australia is included in the industry.

The number of people travelling to and from Australia grew strongly over the three years through 2018-19, mostly due to increased tourism from countries in the Asia-Pacific region and from the United States. The growing popularity of Australia as a tourist destination has benefited international airlines and given new... Learn More

4. Airport Operations in Australia

2021-2022 Revenue Growth: -55.0%

The Airport Operations industry features several dominant players, with most aircraft movements going through Australia's major airports, such as Sydney, Melbourne and Brisbane. Airport operators generate revenue by charging landing and terminal fees to domestic and international airlines. Airports also receive rental income from airlines and retail stores for space leased on their premises. Airservices Australia, the industry authority which controls Australian airspace, earns revenue mostly on a per-aircraft basis. As a result, the volume of aircraft movements and passengers carried strongly correlate with industry growth.

Over the three years through 2018-19, rising inbound tourist numbers and strong growth in outbound... Learn More

5. Online Travel Bookings in Australia

2021-2022 Revenue Growth: -54.4%

The Online Travel Bookings industry has been significantly affected by the COVID-19 pandemic. In March 2020, the Federal Government put heavy restrictions on inbound and outbound travel, which have yet to be lifted. As a result, demand for international travel services from domestic and international tourists has plummeted. Online travel booking firms have had to rely on domestic tourism to generate revenue. However, periods of government-imposed lockdowns, state border controls and the economic downturn caused by the COVID-19 pandemic have all constrained domestic tourism activity over the two years through 2020-21. Firms across the industry, including major players like Expedia,... Learn More

6. Fibre Optic Cable Installation in Australia

2021-2022 Revenue Growth: -51.9%

The Federal Government's investment in the NBN rollout has underpinned the performance of the Fibre Optic Cable Installation industry over the past five years. The objective of the NBN is to provide all Australian households, businesses and government agencies with an advanced communications platform to access internet-based data and entertainment. This project is overseen by NBN Co, which is tasked with the responsibility to supply Australia's NBN, including the wholesaling of network access to retail communication companies. NBN Co contracts industry operators to design and construct the network, with the prime contractors assigned the responsibility of the rollout in specific... Learn More

7. Ridesharing Services in Australia

2021-2022 Revenue Growth: -51.8%

Operators in the Ridesharing Services industry develop and operate online platforms that connect drivers and passengers, to provide on-demand passenger transport services. These platforms are typically accessed through smartphone apps. The industry excludes taxi companies, such as 13CABS, that provide taxi-booking services through smartphone apps alongside their traditional taxi operations. The industry also excludes UberBlack and online booking systems for hire cars and owner-drivers, such as chauffeurs. These services represent external competition to the industry.

Demand for ridesharing services in Australia's major cities has grown rapidly, as rising urbanisation has made it difficult for some consumers to find adequate car parking.... Learn More

8. Travel Agency and Tour Arrangement Services in Australia

2021-2022 Revenue Growth: -49.4%

The Travel Agency and Tour Arrangement Services industry has undergone significant structural changes over the past five years. The rapid uptake of online booking platforms has challenged the traditional bricks-and-mortar travel agency revenue model, which typically have high commission rates and service fees. Online-only booking facilities such as Expedia have become more popular over the past five years, placing downward pressure on commission rates. In response, major players have introduced their own online platforms or acquired existing online firms. Other online platforms, such as metasearch websites, have also been a strong source of competition. These sites allow consumers to compare... Learn More

9. Wind Farm Construction in Australia

2021-2022 Revenue Growth: -48.4%

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 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. Following a review, in June 2015, the Federal Government scaled back the RET, which initially reduced investment in wind projects, although most state and territory governments have independently legislated their own RETs.

The industry's performance has rebounded from a deep cyclical low in 2014-15,... Learn More

10. Cinemas in Australia

2021-2022 Revenue Growth: -42.2%

Operators in the Cinemas industry have faced significant challenges over the past five years. Intensifying competition from other sources of entertainment, such as SVOD services, has negatively affected industry demand. In addition, falling discretionary incomes and volatile consumer sentiment have made it difficult for cinema operators to boost patronage and average spend. In response, industry firms have tried to differentiate the cinema experience from other forms of entertainment. Operators have upgraded projection systems to the latest technology and renovated their cinemas to include more premium offerings, such as recliner seats and gourmet food and beverage options. However, public health measures... Learn More