As of 2023, the Land Down Under ranks among the top 20 as the 14th largest national economy based on its GDP. One of the main economic drivers is the increasing population. Australia relies on the immigration of experts from other parts of the world to bridge the gap in its aging population and provide a reliable workforce in all areas.
Currently, Australia has one of the largest stock exchanges in the world. The interest rate derivative (IRD) is one of the best, making it a very suitable destination for investors. While 2023 has been a great year, 2024 promises to be better. For investors looking to explore the opportunities in the Land Down Under, these are some of the top sectors you might want to consider.
Mobile Apps
Besides California in the US, Australia is another top destination for startups and online app developments. This comes as a response to the enormous market potential as more than 95% of Aussies own a smartphone. Likewise, over 22 million have access to internet connections. Going by the current trend, there are lots of opportunities for anyone who can provide an app that makes life better.
From online payment apps to bookings and travel, online casinos, and much more. The world is tending towards a stage where one can do anything from one’s phone. For instance, accessing the best payout pokies in Australia is now possible from mobile devices.
Many of these casinos have dedicated apps that allow for instant access without any compromise in the game’s quality and user experience. Likewise, there are mobile apps for almost anything. You can easily order food and find jobs, new apartments, and flat mates. You can also buy and sell anything from the comfort of your mobile phone.
Health Care Sector
The Australian healthcare system is among the best in the world. The country runs a public-private model. However, the responsibility of running the system lies within the confines of the state and territorial governments. They provide the funding, regulations, and overall management of the country’s healthcare system. There are many providers, including nurses, specialist doctors, allied health workers, and general practitioners.
The healthcare sector remains a significant player that drives the country’s economy. This is because of the increasing demand for healthcare services. There is a growing population of people above 65 years of age. Likewise, there is a dire need for preventive care and tech-driven diagnostic approaches. Others include the development of cryobanks, sperm banks, and natural health medicines. With all of that, there are lots of opportunities for investors to venture into.
Electric Vehicles
Electric vehicles are gaining a lot of popularity in recent years. It is due to the pressing challenges of climate change resulting from fossil fuel pollution. Across the globe, many countries are gradually embracing green energy to combat global emissions. Right at the top of that list is Australia. The government continues to show its support and dedication to alternative energy sources, and the EV industry is one of the primary beneficiaries.
Currently, the market value for electric vehicles in Australia is worth about AUD 8.49 billion. Meanwhile, going by the current projections, it is expected to reach a whopping 35.41 billion before the end of 2029. It represents a forecasted growth at a CAGR of 33.06%, making it a very viable industry for investment. One of the primary reasons behind this growth is the apparent government support.
The Australian government has made its vision for zero-emission clear. As such, there are favorable policies and funding for EV investors to explore. So far, the country already has the likes of Tesla, BMW, and Toyota as the leading manufacturers of electric vehicles.
But there are many other startups in the market, like Prohelion (Brisbane), Symbiot Technology (Sydney), and Relectrify (Melbourne). Undoubtedly, if you are considering setting up a business in the Land Down Under, this is an excellent option. so start researching these companies and if you need a business broker for investments in Australia so you can get started.
Renewable Energy
The Australian government has a legislative target on renewable energy. The country’s projection is to cut down carbon emissions by 43% before the end of 2030. But the ultimate goal is to achieve zero emissions by the end of 2050, and by all indications, the country is on the right track.
As of 2022, over 32% of Australia’s energy supply comes from renewable energy. Solar and wind account for the majority of the power supply, with 14% and 11%, respectively. Both sources have been the primary drivers of the renewable energy project in Australia. The level of commitment is reflected in the national budget for 2022/2023. An estimated AUD 25 billion was released in the country’s quest to deliver a cleaner energy future.
Australia is one of the top destinations for investors based on its ranking in the Renewable Energy Country Attractiveness Index. Some of the major renewable energy companies in Australia include Engie, Xinjiang Goldwind Science & Technology Company, and Vestas Wind Systems.
