Five Industries Set To Provide The Most New Jobs Over Next Five Years
As the HSC exams kick off, industry research group IBISWorld has released its forecast of which industries are set to add the most new jobs to the Australian economy in coming years.
With some 60,000 students sitting their first HSC exam on Thursday morning, thoughts of what their next move will be as they enter the working world are no doubt at the forefront of young minds.
While artificial intelligence threatens to phase out some roles through automation and the gig economy continues to change the working patterns for many young Australians, the job market students are entering is constantly changing.
Industry analysis from IBISWorld has identified which sectors are likely to provide the most new jobs over the next five years, with internet usage and Australia's growing and ageing population expected to be major influences.
Specialist Medical Services
The medical field is expected to need more workers.
Improvements in life expectancy and higher standards of healthcare has meant Australia's proportion of older people, categorised as those aged 65 and over, has been steadily increasing over the last century.
As the population continues to age, demand for specialist medical services including dermatology, neurology, gynecology and paediatric services is expected to rise.
"Industry demand is also likely to grow due to rising household disposable income," IBISWorld Senior Industry Analyst William McGregor said.
"With more money to spend on specialist consultations, consumer demand for specialist services is expected to increase."
General Practice Medical Services
Our ageing population will also increase demand for GPs over the next five years, as older Aussies require access to prescription medications, general health check-ups and consultations to address age-related conditions.
"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,” McGregor said.
Practitioners working in this sector is slated to increase from 94,218 to 112,336 over the next five years.
Multi-Unit Apartment and Townhouse Construction
With the population increasing at such a rate, we're going to need places for everyone to live, fueling demand for labor.
Demand for large scale multi-story apartment complexes is forecast to grow, with multi-unit residential commencements projected to account for approximately 45 percent of total 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," McGregor said.
Jobs in this sector are predicted to increase from 45,060 in 2018-19 to 53,450 in 2023-24.
Internet Publishing and Broadcasting
Unsurprisingly, IBISWorld expects the internet publishing and broadcasting industry to almost double by 2024, increasing 8.2 percent each year over the next five years.
With a large portion of the world now constantly connected through their smartphones, industry growth is expected to be supported by increased internet connectivity and speeds, and growth in online news content and advertising.
“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,” McGregor said.
This means jobs which provide the digital equivalents of services previously provided in newspapers, including advertising and print news.
The number of jobs in this industry is expected to increase from 5,414 in 2018-19 to 8,020 in 2023-24.
Data Storage Services
The data storage industry employs engineers, information technology specialists and technical support personnel to manage and maintain operations.
Expected to grow at an annualised 10.7 percent over the next five years, McGregor says the completion of the NBN will provide a boost to the industry.
"The industry will require more skilled employees to meet rising demand for cloud computing, Internet of Things, and machine learning solutions," he said.
Jobs are expected to increase from 3,047 in 2018-19 to 4,013 in 2023-24.