Mining is still a big earner but the investment boom has slowed.
Now’s the time the look for the next big opportunities.
And the experts say the future is in: tourism, gas, agribusiness, international education and wealth management.
All of them will grow by at least 10 per cent more than overall economic growth.
Tourism will be a key driver, according to a Deloitte report, Positioning for prosperity? Catching the next wave.
Visitors from markets such China, India and Indonesia will more than treble over the next 20 years, with tourism exports to grow from $26 billion to $57 billion in real terms by 2033, according to Deloitte Access Economics projections.
According to the report, the third in Deloitte’s Building the Lucky Country series, Australia’s tourism advantage is underpinned by:
- Proximity to Asia and its burgeoning middle class and the demand for international travel this is generating. By 2030, two thirds of the world’s middle class will live in the Asia Pacific region)
- Natural assets: Including nearly 60,000 kilometres of mostly unadulterated shoreline, an average of 3,000 hours of sunshine a year, rain forests, beaches, outback and urban areas
- Safety and languages: Australia is a politically and environmentally safe destination and offers the convenience of being both English speaking and offering other languages
- Vibrant city experiences, including iconic landmarks such as the Sydney Opera House
- Cheaper flights: Increased air access, greater levels of competition and low-cost carriers offering more flights into Australia have created many more affordable options for both leisure and business travellers
- Education: The calibre of our educational sector encourages foreign students to become education tourists who in turn encourage friends and family to visit.