Australia is known as the second-largest economy after Switzerland, with a GDP of A$1.69 trillion approx. It makes count into the largest mixed market economy having share production of both private and public sectors. This dual economy owns various industries in Australia, which has the highest contribution towards making it constantly at the top of the most powerful economic nations.
These big industries tie-up with project management company through outsourcing who are competent and professional in handling the matters while leading the companies towards outstanding achievements. The service Industry tops the list in contributing to the Australian economy, with 79% of the labor force. This industry holds up to 70% GDP of the economy. The employment varies from high to low paid workers with the diversity of full-time, part-time, semi, and low skill ones. Some possess the ability to be the most skilled, multi-lingual, or multi-cultural, which divides the workforce. The service Industry includes healthcare, tourism, education, finance, and various other departments. In this article, we will be discussing these major Industrial sectors in Australia.
Australia is known for its beautiful travel destinations, including red deserts, natural landscapes, divine coastal areas, and rainforests. People love considering it as their holiday destination due to fantastic scenic and excellent hospitality. Tourists worldwide, including China, Japan, the US, and Britain, visit Australia every year to explore its fine beaches, beautiful flora and fauna, and classic food and wine. Every year approx. Seven million visitors see Australia contributing 38 billion AUD in the economy and nearly one million employees.
Australia has been ranked as the second most world efficient healthcare in the world. It is the fourth highest contributor in GDP. There has been a significant rise of 15% of the employment sector due to healthcare industries and has generated approx—160,000 full-time jobs. The world-class research and health care facilities make it competent for clinical trials and medical investigations.
Media and Entertainment
Media and Entertainment take the third position in Australia’s most prominent industries while accounting for $29.1 billion. $25.1 is generated by offline media, out of which online takes seven percent of it, including capital input and labor costs. The direct output costs about $17 billion, whereas the capital and industry generate about 45,000 full-time equivalent workers. The advertising contributes $40 billion to the economy.
Mining has led to new industrial advancements in Australia, and there has been enormous investment made for new projects to explore the remote lands. Mining has shown an increase of 26 billion AUD in the GDP. The sector is looking forward to extracting and processing natural resources like coal, mineral sand, gold, copper, uranium, bauxite, iron ore, nickel, lead, zinc, diamonds, and natural gas. Australia is known as the world’s largest miners of iron, lead, zinc, etc. and earns approx. Two hundred forty-five billion AUD through its exports with over 600 traded companies.
Manufacturing Industry employs 860,000 employees while contributing 6 percent to the GDP. The goods exported are worth 96 billion AUD and recently have expanded in International markets leading to 40,000 new jobs. Some of the big companies are crucial investors of this industry, which helps keep the sector stabilized.
The agriculture sector would contribute 3 percent of GDP in Australia, and the percentage increases up to 12% if value added beyond the processing. It employs more than 30,000 people covering 60% of the landmass. About 605 of the production is exported, making it 14% of the total export. The products include varieties varying from nuts, fruits, veggies, and even wine, which constitute 30%. The wineries generate employment of 173,000 full and part-time workers.
Australia has a robust economy with a great experience, making it a perfect destination to carry out business while making it a commercial hub. It has been ranked as the fastest place to start a business, leading to a 1.7 trillion AUD, i.e., 11% of GDP. Investors from all over the world are attracted to this country. The government has also made agreements for bilateral trade policies with many states to develop closer economic relations. Thousands of students from abroad visit Australia for their higher education, adding up more into the GDP.