Hot Business in Australia
Australia, officially referred to as the Commonwealth of Australia, is the sixth largest country in the world. According to the department of foreign affairs and trade, statistics from the last 5 years, reveal that it is the 2nd wealthiest nation in the world with a GDP per capita estimated to reach 10th highest in the world in 2021. With its business-friendly policies, the country ranks 5th for its economic freedom and economic resilience. The country has a huge potential for business and generates around 70% of its GDP from the services sector which includes tourism and financial services. The other major economic sectors include mining and agriculture related exports and manufacturing.
A major portion of the economy can be attributed to the small business and family owned enterprises, according to the Australian Small Business and Family Enterprise Ombudsman. Small businesses account for 98% of the total business making it a highly lucrative economic sector.
So if you are interested in starting a business in Australia, then look no further because we present to you the list of most profitable hot businesses in the “land down under”.
Agriculture, Fishing and Forestry
Being the sixth largest country in the world in terms of land size, Australia offers great opportunities in the agriculture sector. Also, having a vast marine jurisdiction and being home to numerous marine species contributes immensely to its fishing industry. The major businesses in this sector include dairy farming, aquaculture, poultry, fruits and vegetable farming. Rice, cotton and grains are the major crops grown. This sector is highly supported by the demand from the export markets in other countries, and is huge enough to serve the needs of their own population in addition to the global demand.
Mining is another major contributor to Australian economy accounting for 8% of the GDP. Being a major exporter of coal and metal ores like iron, aluminum, zinc and copper ores, the growth of the mining industry can also be attributed to the demand from the global markets. This country is also very rich in terms of its reserves of gold, silver, opal and zircon. Opal is a major Australian product and almost 98% of the total opal reserve in the world is found in Australia. Additionally, Australia is also the second largest exporter of liquefied natural gas. Hot businesses in the sector include metal ore mining, mineral and natural gas exploration, quarrying.
Real Estate services
Renting of retail, residential and office property is another commercially successful business in Australia. Other services in this field include management, selling and brokerage of property. In the recent years, Australia underwent a transformation in terms of property ownership as economic constraints and changing lifestyle resulted in a high demand for rented out property making it a highly profitable business for the Aussies.
The tourism industry has always been a major fuel for the growth of Australian economy contributing immensely to the GDP with its sustainable growth. However, the COVID-19 pandemic brought about a major decline in tourism since its emergence. Major businesses in this sector include domestic transport, maritime transport like charter boats and cruises, and scenic tour services.
Professional services cater to a wide range of markets providing scientific and technical services like health, management, engineering, construction and accounting. Being a professional with technical and scientific prowess can result in major economic achievement as these services are sought after in Australian markets.
Another highly lucrative business in Australia is retail trade. Major businesses in this sector include supermarkets and grocery stores, pharmacies, convenience stores and bakeries. This market has witnessed massive changes in the last few years with the rise of online retailing and the entry of global competitors in the Australian market. Due to the global pandemic, this sector has slumped down significantly but is expected to gain back its position as a major contributor to the GDP.
Art, Culture and Entertainment
Australia has a thriving creative industry with tons of opportunities in arts, culture, entertainment and media. Its unique culture and indigenous history has played a role in shaping the contemporary creative industry. Major businesses in the field include publishing, performing arts, visual arts, music, films, TV and documentaries.
Australia manufactures a wide range of products and offers multiple growth opportunities due to the large size of their manufacturing industry. The major products manufactured include food and beverages, textile and footwear, wooden items, pharmaceutical products, cosmetics, furniture, machinery and household goods. As these items cater to the daily needs of the population, investing in the manufacturing industry could reap major benefits.
Healthcare is another major sector accounting for a huge section of the GDP. Major services offered in this sector include general practitioners, specialists and dentists. They represent significant revenue streams in the ageing Australian population. As the population ages and grows, it is expected to increase the demand for healthcare services, thereby bringing a boom in this sector. Also, the emergence of COVID-19 has already seen a huge rise in the global demand for medical practitioners to cater to needs of the virus-struck world.
Digital marketing and freelancing
Almost all over the world, digital marketing and freelancing are emerging as highly profitable businesses. COVID-19 and the associated social distancing and lockdowns have resulted in more people purchasing goods and services online. Also, as almost all of the businesses were closed during the lockdown phase, it gave people the chance to start their blogs and provide freelance services like graphic designing and article writing.
So, these were the major hot businesses in Aussieland. There is no dearth of opportunity in the “land down under” and its favorable policies make it a heaven for people planning to invest and start their business.
Thank you !