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Fastest Declining Industries in Australia by Revenue Growth (%) in 2022

Based on the expert analysis and our database of 750+ AU industries, IBISWorld presents a list of the Fastest Declining Industries in Australia by Revenue Growth (%) in 2022

The 10 Fastest Declining Industries in Australia

Industry
2022-2023 Revenue Growth
1.

Telehealth in Australia

-95.7%
2.

Wind Farm Construction in Australia

-66.2%
3.

Foreign Currency Exchange Services in Australia

-23.1%
4.

Commercial and Industrial Building Construction in Australia

-20.7%
5.

Petroleum Refining and Petroleum Fuel Manufacturing in Australia

-20.6%
6.

Sheep-Beef Cattle Farming in Australia

-19.6%
7.

Air Freight Services in Australia

-17.1%
8.

Multi-Unit Apartment and Townhouse Construction in Australia

-16.4%
9.

Cereal Grain Wholesaling in Australia

-16.0%
10.

Land Development and Subdivision in Australia

-15.8%

Want to see more fastest declining industries?

View a list of the Top 25 fastest declining industries

Fastest Declining Industries in Australia in 2022

  • 1. Telehealth in Australia

    2022-2023 Revenue Growth: -95.7%

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

    Prior to the outbreak of COVID-19, 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

  • 2. Wind Farm Construction in Australia

    2022-2023 Revenue Growth: -66.2%

    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.

    Despite record levels of investment in medium- and large-scale wind farms over... Learn More

  • 3. Foreign Currency Exchange Services in Australia

    2022-2023 Revenue Growth: -23.1%

    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

  • 4. Commercial and Industrial Building Construction in Australia

    2022-2023 Revenue Growth: -20.7%

    The Commercial and Industrial Building Construction industry consists of firms that primarily construct non-residential buildings such as offices, shopping centres, cinemas, restaurants, airport terminals, factories and warehouses. These projects are mainly funded by private sector property developers and end-users. The industry has a highly fragmented structure, comprising many small-to-medium-scale building firms, along with several large-scale firms that can undertake complex construction projects, such as high-rise office towers.

    The industry has performed at near-record levels for much of the past five years, due to favourable interest rates and factors driving demand in several building markets. Strong growth in Australia's labour force prior... Learn More

  • 5. Petroleum Refining and Petroleum Fuel Manufacturing in Australia

    2022-2023 Revenue Growth: -20.6%

    Operators in the Petroleum Refining and Petroleum Fuel Manufacturing industry process crude oil into a range of fuels and secondary products that are then sold to downstream markets. Crude oil purchase costs dominate the industry's cost structure. The cost of this input, in conjunction with fluctuations in the value of the Australian dollar, contributes to significant revenue volatility, as world crude oil prices are typically passed on to downstream markets.

    Declines in refinery output and rising import penetration have negatively affected the industry over the past five years. However, growth in global oil prices in the current year is expected to... Learn More

  • 6. Sheep-Beef Cattle Farming in Australia

    2022-2023 Revenue Growth: -19.6%

    The Sheep-Beef Cattle Farming industry is exposed to a range of factors, including weather patterns, downstream demand and price movements. Consequently, the industry displays high revenue volatility. Industry revenue has increased over the past five years, supported by growth in sheep meat and beef prices. Industry revenue is expected to grow at an annualised 1.7% over the five years through 2021-22, to $4.5 billion. This includes projected growth of 9.5% in the current year, due to growth in lamb and wool prices.

    Varying rainfall has played a major role in the industry's performance over the past five years, as rainfall patterns... Learn More

  • 7. Air Freight Services in Australia

    2022-2023 Revenue Growth: -17.1%

    The Air Freight Services industry transports time-sensitive and valuable goods, such as computer equipment, pharmaceuticals and perishable foods, within Australia and internationally. Most airfreight is transported in passenger aircraft's cargo holds, although many major airlines maintain a dedicated fleet of freight aircraft. Growth in international and domestic passenger flights boosted freight capacity over the two years through 2018-19, driving industry growth over the same period. In particular, a weak Australian dollar boosted outbound freight volumes, supporting demand for a range of Australian exports, such as agricultural produce. Airfreight volumes were also supported by increased consumer uptake of online shopping. However,... Learn More

  • 8. Multi-Unit Apartment and Townhouse Construction in Australia

    2022-2023 Revenue Growth: -16.4%

    Operators in the Multi-Unit Apartment and Townhouse Construction industry have benefited from a long-term shift in home ownership trends over the past decade. Home buyers have increasingly opted to purchase inner-city, multi-unit apartments and townhouses that offer an urban lifestyle without high residential land costs. Industry operators construct a range of high- and medium-density residential buildings, including suburban flats, military barracks and designer retirement communities. The industry primarily consists of small-to-medium scale contracting firms, although several large-scale industry contractors work on high-profile apartment developments.

    The industry's performance has fluctuated greatly over the past five years. This reflects the fluctuations in multi-unit... Learn More

  • 9. Cereal Grain Wholesaling in Australia

    2022-2023 Revenue Growth: -16.0%

    Grain is one of Australia's most valuable agricultural products. Operators in the Cereal Grain Wholesaling industry play a major role in distributing grain from farmers to end markets, both domestically and internationally. Industry revenue is expected to increase at an annualised 0.5% over the five years through 2021-22, to $27.3 billion. This trend includes an expected rise of 8.9% in the current year as favourable growing conditions contribute to increased production volumes. Industry profitability has fluctuated over the past five years in response to volatile production volumes. However, improved downstream demand conditions and record high prices have allowed many operators... Learn More

  • 10. Land Development and Subdivision in Australia

    2022-2023 Revenue Growth: -15.8%

    The Land Development and Subdivision industry's performance primarily depends on trends in the preparation of land for new dwelling commencements and the development of land for non-residential buildings and other non-building applications. Most industry activity involves developing greenfield land (not previously developed), although industry players also develop brownfield projects. The industry's long-term performance has been constrained by the trend in residential building construction towards higher density apartment developments rather than traditional single-unit housing. This reflects the growing preference for inner-city living and the rising price of land.

    The industry's performance has fluctuated widely on an annual basis over the past five... Learn More

More Industry Trends

Riskiest Industries in Australia in 2022

Based on the expert analysis and our database of 750+ AU industries, IBISWorld presents a list of the Riskiest Industries in Australia in 2022

VIEW ARTICLE

Least Risky Industries in Australia in 2022

Based on the expert analysis and our database of 750+ AU industries, IBISWorld presents a list of the Least Risky Industries in Australia in 2022

VIEW ARTICLE

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