- Five key industries will drive demand for thousands of new jobs over the next five years.
- They are: internet publishing and broadcasting, data storage, specialist medical services, general medical practices, multi-unit apartment and townhouse construction.
- IBISWorld says the sectors have increasing demand for certain skills.
The industries adding the most new jobs to the Australian economy are those that need deep specialisation, according to analysis by IBISWorld.
The gig economy, in which companies contract workers for short-term engagements rather than employing them full-time, is changing work patterns for a lot of young Australians but some industries have increasing demand for certain skills.
Internet publishing and broadcasting, data storage, specialist medical services, general practices, and multi-unit apartment and townhouse construction will all need large amounts of new labour in the next five years, as this chart shows:
Internet Publishing and Broadcasting
IBISWorld says this industry is expected to grow significantly over the next five years with increased internet connectivity and speeds and growth in online news content and advertising.
Industry employment is expected to increase by 8.2% each year over the next five years.
“Skilled software engineers are needed to develop and maintain website databases, mobile applications, cybersecurity implementations and a range of other tasks necessary to ensure that online services run smoothly,” says IBISWorld Senior Industry Analyst William McGregor.
Data Storage Services
The data storage services industry is expected to grow at 10.7% a year to 2023-24. The industry employs engineers, information technology specialists and technical support personnel.
“The completion of the National Broadband Network (NBN) rollout is expected to provide a massive boost to the data storage services industry,” says McGregor.
“The industry will require more skilled employees to meet rising demand for cloud computing, Internet of Things, and machine learning solutions.”
Specialist Medical Services
The industry is forecast to grow at 4.3% a year over the five years.
Industry operators provide services including dermatology, neurology, gynaecology, and paediatric services.
“Specialist medical services are expected to become increasingly important as the population continues to age over the next five years,” says McGregor.
“Industry demand is also likely to grow due to rising household disposable income. With more money to spend on specialist consultations, consumer demand for specialist services is expected to increase.”
General Practice Medical Services
Australia’s growing and ageing population is forecast to increase demand for general practitioners (GPs).
“Older Australians drive demand for GP services because they typically require more prescription medications, general health check-ups and regular consultations to address age-related illnesses,” says McGregor.
“In addition, the freeze on Medicare rebates has been lifted with the 2017-18 Budget, supporting anticipated growth in patient enquiries and industry revenue over the next five years.”
Multi-Unit Apartment and Townhouse Construction
Multi-unit apartment and townhouse construction, forecast to increase at 4.8% a year to 2023-24, is projected to rebound over the next five years, accounting for 45% of new dwelling commencements in 2023-24.
“While automation in the industry will increase over the next five years as technology such as large-scale 3D printing is introduced, skilled construction specialists will continue to perform most industry tasks,” says McGregor.
“As Australia’s population continues to expand and urbanisation continues to increase, demand for large-scale multi-story apartment complexes is forecast to grow. This will continue fuelling demand for labour from this industry.”
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