Fastest Growing Industries in Australia by Revenue Growth (%) in 2023

1. Travel Insurance in Australia

2023-2024 Revenue Growth: 206.0%

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

2. Foreign Currency Exchange Services in Australia

2023-2024 Revenue Growth: 128.5%

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

3. Inbound Tour Operators in Australia

2023-2024 Revenue Growth: 87.1%

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. Wind Farm Construction in Australia

2023-2024 Revenue Growth: 52.6%

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

5. Online Travel Bookings in Australia

2023-2024 Revenue Growth: 50.9%

The Online Travel Bookings industry is on the road to recovery, following the pandemic downturn. In 2019-20 and 2020-21, demand collapsed as federal and state governments imposed heavy travel restrictions. From March 2020 to February 2022 Australia's international border was closed and the number of international visitors to Australia plummeted. To generate revenue, online travel booking providers were forced to rely on the domestic tourist market, but state border closures and intermittent lockdowns heavily disrupted revenue from domestic travellers. Industry-wide revenue and profitability fell sharply. As restrictions were lifted in 2021-22, these trends reversed. Overall, revenue is anticipated to fall... Learn More

6. Airport Operations in Australia

2023-2024 Revenue Growth: 48.3%

The Airport Operations industry features several dominant players, with most aircraft movements going through Australia's major airports in 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 that controls Australian airspace, earns revenue on a per-aircraft basis. That's why the volume of aircraft movements and passengers carried strongly correlates with industry growth.

Leading into the COVID-19 pandemic, rising inbound tourist numbers and strong growth in outbound international travel helped fuel... Learn More

7. Domestic Airlines in Australia

2023-2024 Revenue Growth: 46.6%

Trading conditions have been mixed for the Domestic Airlines industry over the past five years. The COVID-19 pandemic has significantly restricted air travel volumes over the three years through 2021-22. Most state governments closed their borders in early 2020, all but halting interstate travel. Industry revenue further declined in 2020-21 as COVID-19 restrictions continued to limit air travel. However, monthly passenger numbers rose steadily during the same year, offering some relief to airlines. Industry demand returned to growth in 2021-22. The outbreaks of the Delta and Omicron COVID-19 variants severely limited passenger numbers over the six months through December 2021,... Learn More

8. International Airlines in Australia

2023-2024 Revenue Growth: 46.1%

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

9. Luxury Accommodation in Australia

2023-2024 Revenue Growth: 42.7%

Players in the Luxury Accommodation industry provide high-end accommodation options for domestic and international travellers. While hotels are the primary luxury accommodation option, the industry also includes high-quality serviced apartments and other five-star establishments. The COVID-19 pandemic has significantly disrupted the industry's performance. The pandemic and subsequent closure of Australia's international border from March 2020 to February 2022 essentially halted inbound tourism, with only New Zealanders being allowed to enter the country for intermittent periods. Overall, industry revenue is expected to decline at an annualised 5.7% over the five years through 2022-23, to $5.3 billion. However, this result includes an... Learn More

10. Electric Vehicle Wholesaling in Australia

2023-2024 Revenue Growth: 41.2%

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