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: 206.7%

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 domestic tourism products like accommodation, transport, scenic tours and meals for overseas travel wholesalers and retailers. Revenue mainly depends on the number of inbound tourists visiting Australia. As such, the COVID-19 pandemic and the Federal Government's inbound travel restrictions slashed tourist numbers from March 2020 to February 2022. Over the five years through 2022-23, industry revenue is expected to tumble at a compound annual rate of 10.9% to $321.1 million. However, this trend includes a significant 260.4% surge in revenue over 2022-23 as Australia's international border reopens and a flood... 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. Telehealth in Australia

Employment Growth for 2023: 42.8%

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

6. 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

7. 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

8. Rail Passenger Transport in Australia

Employment Growth for 2023: 28.0%

The Rail Passenger Transport industry has maintained steady revenue growth over the past few years. Before the COVID-19 outbreak, road congestion, higher parking costs and rising awareness of environmental issues elevated demand for rail transport. Higher employment in CBDs and population growth have boosted revenue over the long term. COVID-19 lockdown measures dampened demand for the industry, which decreased passenger numbers. However, the pandemic had only a limited effect on revenue due to the industry's strong government subsidisation. Government subsidies account for the majority of industry revenue, which has offset the effect of lowered demand. Passenger rail operators can't recover... 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. Sports and Recreation Facilities Operation in Australia

Employment Growth for 2023: 26.5%

The Sports and Recreation Facilities Operation industry's revenue has risen over the past few years, following several years of sharp declines following the COVID-19 outbreak. In recent years, government grants and contributions have offset disruptions to demand during periods of extended citywide lockdowns and border closures. These grants generally go towards constructing or redeveloping stadiums. For example, the Victorian Government has helped fund the redevelopment of the Melbourne Park precinct, and the NSW Government has undertaken a major redevelopment of the Sydney Football Stadium. Despite high levels of government investment, revenue fell sharply in 2019-20 and 2020-21, especially in states... Learn More