where is revenue growing for Australian business?
With 2021 now a wrap and half of the financial year done, let’s review and find out where revenue is growing for Australian business.
According to IBISWorld, the fastest growth is the bounce-back of tourism and entertainment. Unsurprisingly with the borders opening up, tour operators and airlines are seeing revenue growth of up to 90%. Cinemas, casinos and nightclubs are back with over 40% growth. Omicron is, however, likely to suppress demand in the short term. Let’s take a look at the some of the other sectors that are booming. It may surprise you what you learn!
natural materials are in demand
Cotton is one of these – growing cotton is up 35% in revenue and cotton ginning over 70%. Wool wholesaling is also seeing revenues rise.
fuel extraction continues to soar
The heavy reliance on mining and production shows no sign of slowing down, as global prices have helped support revenue growth. Liquefied Natural Gas Production is the leader with 79% growth, Battery material mining saw 52% growth with oil and gas extraction, nickel ore and lithium mining also up.
Solar Electricity Generation continues to rise to being 10th in the ranking of highest revenue growth
did you know?
beer manufacturing rose 15.3% in 2021-2022. It was thirsty work coping with lock-down and partying afterwards
the El Nina effect
More rainfall may have helped the rise in Rice growing across Australia which has seen revenues rise by 25%. Organic Crops and beekeeping are going well too.
online shopping and security
From services such as Cloud storage, digital advertising and cyber security, businesses and consumers are fueling the demand to support and develop their online sales. Toys have the highest revenue growth for shopping at 12% with Grocery, jewellery, handbags, cosmetics, electronics, home furnishings, sports goods and online shopping in general seeing revenues continue to grow.
buying new financial products
Buy now, pay later is a major Australian success story. Irrespective of brands, the data shows a 20% increase in revenue growth. This may be switch spend from other products or the pent up spending from earlier lockdowns with, what for many is, an easy way to pay.
Cryptocurrency exchange has seen a modest revenue growth at 11%
In summary, it’s good to see that so many areas are benefitting from revenue growth. Australian sectors show their resilience to identify and make the most of new global and local opportunities. Consumers spending habits have embraced online and this trend will no doubt continue. Climate policies aside, the move across to cleaner energy is growing together with a rising demand for natural products and organic food.
Data Source: IBISWorld
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