Based on the expert analysis and our database of 750+ AU industries, IBISWorld presents a list of the Fastest Growing Industries in Australia by Revenue Growth (%) in 2024
The 10 Fastest Growing Industries in Australia
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1. Inbound Tour Operators in Australia
2024-2025 Revenue Growth: 85.6%
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
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2. Foreign Currency Exchange Services in Australia
2024-2025 Revenue Growth: 58.9%
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
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3. Electric Vehicle Wholesaling in Australia
2024-2025 Revenue Growth: 39.9%
The Electric Vehicle Wholesaling industry has grown rapidly over the past five years. Increased charging infrastructure availability has supported demand, as has an increased range of electric vehicle (EV) models. Rising concern about environmental issues has also assisted the industry, as consumers have sought to lower their environmental footprint. A mostly positive consumer index, which indicates households are optimistic about their financial position and more likely to make expensive purchases, has further supported this trend. Despite these factors, EVs are still unaffordable for many consumers due to their high price point, limiting their consumer market. Additionally, minimal federal and state... Learn More
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4. Petroleum Exploration in Australia
2024-2025 Revenue Growth: 38.0%
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
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5. Foreign Banks in Australia
2024-2025 Revenue Growth: 34.8%
The Foreign Banks industry includes domestic subsidiaries of foreign banks, and branches of foreign banks, all of which have grown over the past few years as soaring interest rates has contributed to a sharp rise in revenue. The Reserve Bank of Australia (RBA) maintained a relatively low cash rate over much of the past decade, especially in response to the COVID-19 pandemic to stimulate economic activity. In May 2022, this all changed as inflation rose quickly, leading to the fastest and largest hike cycle on record. These trends combined to ensure an explosion in revenue in 2022-23, especially after a... Learn More
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6. Employers' Liability Insurance in Australia
2024-2025 Revenue Growth: 31.2%
The Employers' Liability Insurance industry's primary role is to support employees recovering from workplace incidents by organising compensation and medical benefits. The largest employers' liability insurers are the statutory authorities of the state governments. Employers' liability insurance is mandatory for many businesses. As a result, premium revenue is affected by the number of employees in the labour force and is linked to employees' remuneration. While this premium revenue stream tends to be consistent and predictable, investment income is a heavily volatile stream. In normal operating conditions, investment income can contribute up to 20% of industry revenue and, in some instances,... Learn More
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7. Artificial Intelligence in Australia
2024-2025 Revenue Growth: 27.3%
The industry has seen surging growth in recent years. Part of this has been driven by strong AI investments in the mid to late 2010s, which saw a raft of new companies enter the industry. Many of these companies have now entered commerciality and begun generating meaningful revenue. Also, the industry has been supported by ChatGPT's public release, which pushed AI capabilities into the public consciousness and encouraged companies to actively explore how they can increasingly integrate AI into their operations. Overall, industry revenue is expected to grow an annualised 14.1% over the five years through 2023-24, to reach $2.5... Learn More
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8. Shipbuilding and Repair Services in Australia
2024-2025 Revenue Growth: 23.8%
The Shipbuilding and Repair Services industry is beholden to the whims of government investment. Valuable contracts for delivery of Royal Australian Navy (RAN) warships and submarines have dictated the industry's trajectory. In 2017-18, industry revenue skyrocketed on the back of the Naval Shipbuilding Plan (NSP) announcement. The 2022 Defence Strategic Review (DSR) has cast uncertainty around many projects, with the Federal Government committing to reprioritising defence funding. However, the DSR has highlighted the commitments in-line with developing a more robust maritime division in tandem with the goals of the AUKUS alliance. Supply chain disruptions, travel restrictions and changing government objectives... Learn More
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9. Self-Managed Superannuation Funds in Australia
2024-2025 Revenue Growth: 23.6%
The Self-Managed Superannuation Funds industry's assets have continued growing in recent years. Industry assets have increased by an annualised 2.6% over the five years through 2022-23, to $899.5 billion. Revenue has inched upwards at an annualised 0.5% over the same period, to $58.9 billion. Like other superannuation funds, SMSF revenue is highly volatile as it's made up of investment income and SMSFs are highly exposed to equity markets. Significant volatility in domestic and international sharemarkets throughout the COVID-19 pandemic and more recent inflationary pressures have highlighted this variability. Revenue has surged by 255.7%, back to a positive value in 2022-23,... Learn More
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10. Travel Insurance in Australia
2024-2025 Revenue Growth: 22.9%
Before the COVID-19 pandemic, the number of Australians travelling overseas supported the Travel Insurance industry. Early in the past five-year period, financial markets' performance and consumers' tendency to take up travel insurance products supported industry operators. While the number of Australians travelling overseas grew consistently before the COVID-19 pandemic, the number of international departures declined significantly over the two years through 2020-21, due to travel bans that the Federal Government imposed. Overall, industry revenue is expected to decline at an annualised 7.2% over the five years through 2022-23, to $864.8 million. This trend includes an expected increase of 108.9% in... Learn More
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Biggest Industries by Revenue in Australia in 2024
Based on the expert analysis and our database of 750+ AU industries, IBISWorld presents a list of the Biggest Industries by Revenue in Australia in 2024
VIEW ARTICLEIndustries with Largest Number of Bussinesses in Australia in 2024
Based on the expert analysis and our database of 750+ AU industries, IBISWorld presents a list of the Industries with Largest Number of Bussinesses in Australia in 2024
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