It’s official that Australia has set a record that for achieving 21 years of continued economic growth. There have been severe economic peaks and troughs; drastic depression and gradual rises, but throughout this, Australian industries have together maintained a formidable economic force that just keeps on growing.
We know that on the whole everything is running smoothly but what about the best parts of that whole? Which Australian industries make up the lion’s share of his constant growth? Here is a list of these industries.
Finance
The Finance Industry is composed of the following sectors:
- Insurance
- Investment banks
- Trading Banks
- Asset Managers
As the wealthiest of Australian industries, (worth over $100 billion more than the second wealthiest) it has four out of the nine AA (and higher)-rated banks in the world, the seventh highest liquid stock market and the world’s fourth largest pension fund pool.
Australian Stock Exchange (ASX) Market Capitalisation: $468 billion
Metals and Mining
- Diversified Resource Companies
- Mid-tier Producers
- Junior Miners
Boasting an abundance of natural resources, Metals and Mining stood out above all other Australian industries, as it has provided resilient defence during financial crises. The industry has over 600 publically traded companies on ASX.
ASX Market Capitalisation: $320 billion
Energy and Utilities
The industry relies on businesses utilising the natural assets of:
- Oil
- Gas
- Uranium
- Coal
- Renewable energy
Its wealth is in part thanks to the fact that it is the world’s largest exporter of coal and major supplier of Uranium and LNG to Asia.
ASX Market Capitalization: $155 billion
Industrials and Materials
- Commercial building
- Transport
- Infrastructure
When there is an economic downturn, the materials industry tends to be one of the first industries to be hit, but despite this, Australian construction has continued, with building, engineering etc. Regardless, this crisis has meant that some heavyweights in the field have had to expand to Europe, the United States, the Middle East and Asia.
ASX Market Capitalization: $142 billion
Healthcare
- Pharmaceuticals
- Medical Practice
- Biotechnology
- Pathology Operators
- Medical Device Companies
- Junior Life Sciences
As far as major Australian industries go, healthcare is also one of the biggest earners and this is largely due to its very diverse operations. It is well know that Australia has very large clout within the Asia Pacific region. The biotechnology industry is just one example of this and is represented by approximately 450 biotechnology companies in the country.
ASK Market Capitalisation: $48 billion
It’s no coincidence that the Australia has experienced such major growth over the last 21 years when you consider the combined power of these Australian industries.
Citations:
- CC: Flickr
He’s a businessman who hasn’t got tired of travelling yet. Heading up a team looking for serviced offices sydney a isn’t a chore for him, especially if it involves exploring a new place.