Several industries are expected to boom this year, according to industry analyst forecasts, while others could see revenues fall by as much as one-quarter.
IBISWorld has released a list of the industries predicted to rise and fall over the next 12 months and below is a brief summary of the top five industries noted as winners and losers:
On the Rise :
- Ridesharing services are tipped to grow by 81.7%
- Australian liquefied natural gas (LNG) production is also set to grow sharply, up by 39.3%
- Local organic farming, up by 18.2%
- Software publishing, up by 11.5%
- Foreign banks operating in Australia, predicted to grow by 10%
On the Decline :
- Hardest hit will be diamond and gemstone miners, with revenues set to plunge by 24.2% this financial year
- Hydro electricity generation in Australia is predicted to decline by 20.9% in 2018-19
- Black coal mining is facing a fall in revenues of 14.2%
- Toy and game retailing is also expected to suffer a 15.9% decline in revenue
- Manufacturing of butter and some dairy products is going to take a hit in 2018-19, declining by 7.7%