New research from Deloitte has identified 25 sectoral hotspots with the biggest potential to lift Australia’s growth trajectory over the next 20 years.
Mining, which now makes up about 10 per cent of Australia’s economy, is set to be overtaken by growth waves in the “Fantastic Five” sectors of gas, agribusiness, tourism, international education and wealth management, Deloitte’s report “Positioning for Prosperity? Catching the next wave” says. These could add $250 billion to the economy over the next 20 years, potentially matching mining and keep Australia near the top of the world’s prosperity charts, Deloitte says.
At least a further $150bn in mainly high job creating areas of the economy is offered by a further 19 sectors, the report calculated.
“As Asia’s boom evolves and new domestic opportunities arise, our research shows that Australia’s growth options remain excellent,” said report co-author Deloitte Access Economics’ Chris Richardson.
“Our future prosperity will come from a more diversified spread of sectors, enabling Australia to remain the fastest-growing developed Western nation in the world in the coming decade.”