Industries with the Highest Growth in Employment in Australia in 2024

1. Foreign Currency Exchange Services in Australia

Employment Growth for 2024: 81.1%

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. Inbound Tour Operators in Australia

Employment Growth for 2024: 45.0%

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

3. Commercial Refrigerator Manufacturing in Australia

Employment Growth for 2024: 41.0%

The Commercial Refrigerator Manufacturing industry's revenue has increased over the past five years, despite the negative effects of the COVID-19 pandemic on many parts of the economy. Commercial refrigerators and freezers are essential equipment for a range of food, retailing and hospitality sectors. Demand for the industry's products has grown over the period, driven by the increasing refrigeration and freezer needs of supermarkets and other food retailers. However, other final users such as restaurants, cafes, hotels and clubs struggled in 2019-20 and 2020-21 due to the COVID-19 pandemic, hindering industry growth.

Prices for industry inputs, such as steel, plastic and rubber,... Learn More

4. Petroleum Exploration in Australia

Employment Growth for 2024: 26.5%

Petroleum explorers provide onshore and offshore drilling and exploration services. Oil and gas producers use these services to establish a portfolio of future projects. Exploration-only companies identify reserves that are attractive to larger players on a contract basis. Petroleum exploration is inherently risky and capital-intensive. Rising commodity prices assist industry players, increasing the potential benefit that exploration companies can generate by identifying unproven resources. Onshore exploration has overtaken offshore exploration over the past decade to become the industry's largest source of revenue. Expenditure on petroleum exploration is expected to fall at an annualised 4.8% over the five years through 2022-23,... Learn More

5. Software Publishing in Australia

Employment Growth for 2024: 23.4%

The Software Publishing industry has had strong growth, which rising online connectivity and the emergence of new technology have supported. The COVID-19 pandemic did little to slow the industry's expansion, as mounting demand for software to help with remote working and other business technology offset dwindling demand from struggling businesses. Industry revenue has climbed at an annualised 7.7% to $5.4 billion over the five years to 2022-23, including a drop of 4.2% in the current year because of falling household discretionary income. More publishers have been adopting the Software as a Service (SaaS) distribution model. The model creates a steadier... Learn More

6. Zoological and Botanical Gardens in Australia

Employment Growth for 2024: 20.9%

Government funding and attendance numbers are key performance determinants for zoological and botanical gardens. Over recent years, rising domestic tourism has supported the industry despite the COVID-19 pandemic limiting the number of visitations. A depreciation of the Australian dollar has driven up international tourism activity, as it made Australia a cheaper option for overseas travellers. In addition, a weak Australian dollar meant the cost of international travel for Australians remained relatively higher than domestic alternatives, prompting interstate tourism to rise.

Tourism activity dropped in 2019-20 and 2020-21, because of the COVID-19 pandemic. In late 2019-20, the Federal Government implemented heavy border... Learn More

7. Aircraft Manufacturing and Repair Services in Australia

Employment Growth for 2024: 16.0%

Aircraft manufacturers and repairers are dealing with the seismic shock of the COVID-19 pandemic on the wider aviation sector. Domestic manufacturers hold a unique position in the supply chain, as they export components for major airlines, which are assembled overseas and then imported back into Australia. During periods of COVID-19 travel restrictions, commercial airlines placed fewer orders and required less maintenance, repair and overhaul (MRO) services. Revenue is expected to fall at an annualised 4.5% over the five years through 2022-23, including an anticipated 8.6% rebound in the current year, to hit $3.4 billion.

As air travel activity stabilises, airlines will... Learn More

8. Buy Now Pay Later in Australia

Employment Growth for 2024: 15.9%

Technology is up-ending the way consumers manage their finances and pay for goods. In this shifting landscape, buy now pay later (BNPL) services have emerged to challenge traditional credit cards and short-term loans. Convenient BNPL services have been well integrated into the buying cycle, as consumers, particularly younger demographics, embrace payment instalments at the point-of-sale. Booming online shopping, amid extended COVID-19 lockdowns, has further fuelled merchant and consumer uptake of BNPL platforms. Revenue has surged by an anticipated 29.3% over the past five years, with a 4.5% rise in 2022-23, to reach $1.1 billion.

Consumers can flip between BNPL platforms, which... Learn More

9. Flour and Grain Mill Product Manufacturing in Australia

Employment Growth for 2024: 15.3%

Revenue for flour and grain mill product manufacturers has declined over the five years through 2022-23. Lockdown restrictions during the COVID-19 pandemic prevented food services from operating at full capacity. This negatively affected millers and caused revenue to decline strongly over the two years through 2020-21. However, greater domestic demand for artisan and premium grain products, and strong demand from food manufacturers and breweries have supported millers. Grain and mill product manufacturing revenue is expected to decline at an annualised 1.7% over the five years through 2022-23 to total an estimated $4.26 billion. This trend includes an expected rise of... Learn More

10. Non-Ferrous Metal Casting in Australia

Employment Growth for 2024: 14.2%

Revenue for the Non-Ferrous Metal Casting industry has increased over the past five years, driven by reduced import competition and rising input costs, which have been passed on to downstream markets. The industry has benefited from global supply chain disruptions during the COVID-19 pandemic, which have caused major shipping delays. Manufacturers have increasingly favoured local suppliers to boost their supply chains' reliability. Industry revenue is expected to grow at an annualised 4.6% over the five years through 2023-24, to $194.3 million. Rising world metal prices have increased input costs for the industry, reducing profit margins to an estimated 6.0% in... Learn More