Australia / Press Releases
IBISWorld Reveals Australia's Jobs Of The Future
by William McGregor
Oct 16 2018

In the lead up to final exams for year 12 students across Australia, IBISWorld reveals the industries set to add the most new jobs to the Australian economy.

Young people graduating high school this year will face a far different job market than their parents did. Artificial intelligence, machine learning, big data, the cloud and the Internet of Things, are affecting every sector of the economy and shaping the future of employment.

The gig economy, in which organisations contract independent workers for short-term engagements, is changing work patterns for a lot of young Australians. However, certain industries that still require deep specialisation will continue to employ the next generation of workers in large numbers.

The internet publishing and broadcasting industry, data storage industry, specialist medical services industry, general practices industry, and multi-unit apartment and townhouse construction industry will all require large amounts of new labour in the next five years.

Industry

Employment 2018-19

Employment 2023-24

Annualised employment growth 2019-24

Internet Publishing and Broadcasting

5,414

8,020

8.2%

Data Storage Services

3,047

4,013

5.7%

Specialist Medical Services

42,954

53,268

4.4%

General Practice Medical Services

 94,218

112,336

3.6%

Multi-Unit Apartment and Townhouse Construction

45,060

53,450

3.5%

 

Internet Publishing and Broadcasting

According to Australia’s largest industry research company, IBISWorld, the internet publishing and broadcasting industry is expected to grow significantly over the next five years. Increased internet connectivity and speeds and growth in online news content and advertising are expected to support industry growth over the period. Extra staff will be needed to cater for increased consumer demand.

“Skilled software engineers are needed to develop and maintain website databases, mobile applications, cybersecurity implementations and a range of other tasks necessary to ensure that online services run smoothly. Consequently, industry employment is expected to increase by an annualised 8.2% over the next five years,” said IBISWorld Senior Industry Analyst, William McGregor.

Data Storage Services

The data storage services industry is expected to grow at an annualised 10.7% over the five years through 2023-24, to reach $4.1 billion. The industry employs engineers, information technology specialists and technical support personnel to manage and maintain their operations.

“The completion of the National Broadband Network (NBN) rollout is expected to provide a massive boost to the data storage services industry. The industry will require more skilled employees to meet rising demand for cloud computing, Internet of Things, and machine learning solutions. As a result, industry employment is expected to increase at an annualised 5.7% over the next five years,” said Mr. McGregor.

Specialist Medical Services

The specialist medical services industry is forecast to grow at an annualised 4.3% over the five years through 2023-24, to reach $16.0 billion. Industry operators provide services including dermatology, neurology, gynaecology, and paediatric services.

“Specialist medical services are expected to become increasingly important as the population continues to age over the next five years. Industry demand is also likely to grow due to rising household disposable income. With more money to spend on specialist consultations, consumer demand for specialist services is expected to increase,” said Mr. McGregor.  

General Practice Medical Services

Australia’s growing and ageing population is forecast to boost demand for general practitioners (GPs). The population aged 65 and older is projected to grow significantly faster than the overall population over the next five years.

“Older Australians drive demand for GP services because they typically require more prescription medications, general health check-ups and regular consultations to address age-related illnesses. In addition, the freeze on Medicare rebates has been lifted with the 2017-18 Budget, supporting anticipated growth in patient enquiries and industry revenue over the next five years,” said Mr. McGregor.

Furthermore, several government policies have been created to improve remote access to generalist medical services. The National Rural Generalist Pathway aims to increase the number of medical professional establishments in rural and regional areas. Such policies are expected to support growth in industry employment over the period.

Multi-Unit Apartment and Townhouse Construction

Multi-unit apartment and townhouse construction is forecast to increase at an annualised 4.8% over the five years through 2023-24, to $47.5 billion. Multi-unit residential commencements are projected to rebound over the next five years, accounting for approximately 45.0% of total new dwelling commencements in 2023-24.

“While automation in the industry will increase over the next five years as technology such as large-scale 3D printing is introduced, skilled construction specialists will continue to perform most industry tasks. As Australia’s population continues to expand and urbanisation continues to increase, demand for large-scale multi-story apartment complexes is forecast to grow. This will continue fuelling demand for labour from this industry,” said Mr. McGregor.

 

IBISWorld Industry Reports used in this release:

 

For more information, to obtain industry reports, or to speak with an analyst, please contact:

McKenna Moroz

IBISWorld Media Relations Representatives – Anne Wild & Associates Pty Ltd
Tel: +61 2 9440 0414
Mobile: 0431 781 445
Email: mmoroz@awaassociates.com.au