After the post-COVID era, which industries in Australia will thrive, and which industries face an uncertain future?
As the reopening process gradually takes shape, the Victorian government is making every effort to revive the weakened job market under the pandemic. It is predicted that healthcare, agriculture, and technology sectors will become thriving industries in Victoria’s future.
Jim Stanford, the Director of the Future of Work Centre, stated that basic service jobs will be the preferred choice for individuals considering a career change and seeking some security.
“The aged care sector is the weakest link in our healthcare chain, but what we need to invest in is higher-quality care, which will inevitably create more employment opportunities.”
“But for the overall economy, industries must have a government focus, public services, and public investment as their focal points.”
Tim Pallas, the Victorian Treasurer, stated that the state would not abandon its strategy of attracting foreign investment to maintain economic development.
As part of its long-term strategy, the government has been maintaining close contact with over 40 overseas companies in the fields of digital technology, advanced manufacturing, life sciences, agriculture and food, and renewable energy. These sectors have the potential to create thousands of job opportunities.
The government is actively implementing various incentive programs to encourage people to return to work. This includes the $2.7 billion construction industry “Building Works” package, which aims to create over 3,700 jobs. Additionally, there is a $400 million plan to support temporary workers in the public sector to sustain their livelihoods.
Mr. Pallas said, “More Victorians returning to work will mean our economy bounces back faster.”
The latest data from the Australian Bureau of Statistics shows that Victoria has been most severely affected by the wave of unemployment, with wages dropping by 8.4% between mid-March and mid-May.
In comparison, the figure for New South Wales is 7.7%, while the national average stands at 7.3%.
With the state government’s reopening steps, over 4,300 employees have successfully returned to work.
Industries expected to thrive in Australia’s future include:
- Health industry
- Aged care
- Mental health
- Social services
- Public services
- Logistics and supply
- Childcare services
- Local government
- Renewable energy sector
- Waste recycling
- Pharmaceuticals and biotechnology
- Artificial intelligence
Industries that may face challenges include:
- Cafés and bars
- Beauty and nail salons
- Tourism-related industries
According to the latest Deloitte Access Economics report released this week, it is predicted that the accommodation, food services, hospitality, entertainment, and arts industries will not fully recover until 2026.
Telecommunications, education, and other sectors may take up to 18 months to return to normalcy.
Jason Aravanis, an industry analyst at business think tank IBISWorld, stated that regardless of the predictions, two major premises need to be met:
- There will not be a second wave of the pandemic.
- The COVID-19 vaccine will be widely available within 18 months.
He said, “If either of these premises fails, all recovery and predictions will instantly become illusions, and all industries will face a longer period of downturn and experience another recession.”
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