Leslie Massey
Australia's fastest-growing industries are those that harness innovation, digitalisation, sustainability, and resilience to meet the evolving needs of domestic and international markets. The nation's commitment to cleaner energy sources is driving growth in the renewable energy sector, while the health and wellness industry is also experiencing rapid expansion. The construction industry has seen a rise in employment, with clean energy jobs being a key focus for the government. Tourism is also booming, with international visitor expenditure predicted to exceed pre-pandemic levels. Other growing sectors include tax services, property, and data processing.
| Characteristics | Values |
|---|---|
| Fastest-growing industry | Health Care and Social Assistance |
| Clean energy | |
| Renewable energy | |
| Construction | |
| Tourism | |
| Data Processing, Web Hosting and Electronic Information Storage Services | |
| Tax Services | |
| Property | |
| Grain, Sheep and Beef Cattle farming | |
| Horticulture and Fruit Growing | |
| Transport, postal and warehousing | |
| Rental, hiring and real estate services | |
| Information, media and telecommunications |
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Healthcare and social assistance
The growth in this industry is attributed to several factors. Firstly, there is a significant demand for trained health professionals in Australia, driven by the continuous investment in public health, the National Disability Insurance Scheme, and the country's ageing population. The Australian government's spending on healthcare reflects this, with a record $106 billion spent in 2022-2023, increasing to $137.6 billion in 2023-2024. Secondly, the recent pandemic accelerated the adoption of digital technologies, with investment in this area expected to increase from $172 billion in 2023 to $261 billion in 2030.
Roles within the healthcare and social assistance industry vary widely. They include registered doctors, nurses, health service managers, resident medical officers, and aged and disabled carers. Educational qualifications are important for entering this industry, with jobs such as doctors and nurses requiring university degrees, while childcare and aged care workers need vocational education and training (VET) qualifications. Part-time or shift work is common, and the industry offers robust job security.
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Clean energy
The Australian government has shown its commitment to clean energy with initiatives like the $337 million residential battery rebate scheme, which will make clean energy more affordable for families. The government has also developed the New Energy Apprentice Support Payment, offering up to $10,000 to encourage students to gain skills in the sector.
The Clean Energy Council, Australia's renewable energy association, welcomed the release of VicGrid's 2025 Victorian Transmission Plan (VTP). This plan emphasizes the importance of a robust grid and clear regulatory framework, providing certainty for the community and clean energy investors.
The first quarter of 2025 saw significant investment in large-scale Battery Energy Storage Systems (BESS), with six projects worth $2.4 billion reaching the financial commitment stage. This added 1.5 GW in storage capacity and 5 GWh in energy output.
The clean energy industry in Australia is facing skills and labour shortages, which may impact the country's energy transition. However, with continued investment and support, the sector is expected to continue growing, with renewable energy potentially meeting almost 90% of the demand by 2035.
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Tourism
Inbound tour operators in Australia are expected to experience significant revenue growth of 87.1%. Aviation, online travel bookings, travel insurance, and foreign currency exchange services will also recover quickly as more people travel for holidays and studies.
China is estimated to be the largest economic contributor to Australian tourism by 2020, surpassing New Zealand as the top source of visitors in 2017. In 2019, Chinese visitors reached a peak of over 1.4 million and contributed about $12 billion to the Australian economy.
Australia has also seen a rise in domestic tourism due to increased incomes, private car ownership, greater leisure time, and the introduction of paid annual holidays. This has led to the development of new and improved facilities, accommodation, and resorts across the country.
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Construction
The construction industry is a vital part of Australia's economy, contributing significantly to employment, infrastructure development, and economic growth. Over the past decade, employment in the construction industry has increased by more than 30%. The industry is projected to grow by 6.8% by November 2025.
The construction industry in Australia has historically been influenced by various factors, including economic cycles, government policies, technological advancements, and societal demands. One of the key drivers of the construction industry in Australia is residential housing construction. The demand for residential housing is influenced by population growth, low-interest rates, and government incentives, such as the First Home Owner Grant.
The industry also encompasses commercial and industrial construction, including projects such as office buildings, retail centres, warehouses, and manufacturing facilities. Additionally, the construction industry plays a crucial role in infrastructure development, with projects like road upgrades, public transportation expansion, and renewable energy infrastructure becoming increasingly prominent.
The construction industry in Australia is also characterised by its adoption of new technologies and sustainable practices. For instance, prefabrication is gaining traction as a method to address labour shortages and escalating material costs. By manufacturing components off-site in controlled environments, prefabrication offers reduced construction time, minimised waste, and cost savings.
The Australian government's investment in infrastructure projects is a critical factor in shaping the construction industry. In the 2023-24 budget, the Tasmanian government announced AUD 2.2 billion for transport infrastructure development over the next four years. The government also plans to invest AUD 12.1 billion in healthcare infrastructure and AUD 1.5 billion in constructing 10,000 new social and affordable homes by 2032.
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Cyber security
The Australian cybersecurity market was valued at US$5 billion in 2022 and is projected to grow to US$5.8 billion by 2024, with an annual growth rate of over 8%. By 2025, the market size is expected to reach USD 8.40 billion and expand at a CAGR of 18.44% to hit USD 19.57 billion by 2030.
The Australian government has identified cybersecurity as one of the six vital industry sectors for the country's long-term economic prospects. The government plans to invest A$587 million in its Cyber Security Strategy by 2030, and individual states and territories also offer grants and incentives to support commercialisation. The country's cybersecurity maturity is the second highest in the Indo-Pacific region, and it ranks as the world's seventh most committed cybersecurity country.
The demand for cybersecurity services in Australia has been rising due to growing internet usage, increased data susceptibility from wireless networks, and the widespread adoption of advanced technologies such as AI, machine learning, and blockchain. The COVID-19 pandemic also accelerated the need for companies to adopt cybersecurity services to support remote working.
The Australian cybersecurity market is dominated by foreign vendors, with American and Israeli companies making up the majority of the import market for IT security solutions. US companies are well-respected and have a strong working relationship with Australian defence forces, making it easier for their products to gain approval. However, Australian companies play a significant role in supplying services and acting as channel partners for overseas vendors, providing specific niche security service expertise.
The local tech industry is vibrant and well-equipped to develop new cyber products and services, making Australia the world's second most attractive destination for foreign direct investment in cybersecurity. The Australian ICT market is valued at approximately US$112 billion, with the IT services industry contributing nearly US$23.5 billion.
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Frequently asked questions
The fastest-growing industries in Australia include:
- Health Care and Social Assistance: This industry includes services offered by hospitals, specialist medical services, and allied health services. It is projected to grow by 15.8% over a five-year period.
- Renewable Energy: Driven by Australia's commitment to reducing carbon emissions, the renewable energy sector is experiencing rapid growth. Wind farm construction and solar power are expected to generate significant revenue and employment opportunities.
- Construction: Over the past decade, employment in the construction industry has increased by more than 30%, and it is expected to continue growing.
The growth in the Health Care and Social Assistance industry is supported by increased government investment in public health, the National Disability Insurance Scheme, and Australia's ageing population. The demand for cyber security solutions due to increasing cyber threats and the need for digital transformation in businesses are also contributing factors.
Yes, the tourism industry is experiencing a boom with the reopening of borders, and the Australian government has set revenue targets for this sector. Additionally, the property sector, tax services, complementary therapies, and general services are also among the fastest-growing sectors in Australia.
