6. Pet therapy
According to IBISWorld, recent years have seen Australians invest more money on pampering their pets, providing a boost for pet-related industries such as veterinary services – resulting in a growing demand for vets, vet nurses and animal focused alternative health practitioners.
In response to increased demand, we are seeing more vets branch out, offering services such as chiropractics, ophthalmology, dentistry and dermatology – generating additional revenue and creating more employment opportunities.
However, while employment opportunities are set to boom, only 0.3% of students received a place in veterinary science degrees in 2009, meaning the sector may be faced with a skills shortage in the coming years.
7. Show them the money
As Australia’s baby boomers approach retirement age, and as disposable income increases, IBISWorld projects demand for financial planning & investment advice to increase, resulting in employment growth of 4.1% in 2013-14.
Prior to 2009-10, growth in demand for finance and investment advice services outpaced the number of qualified staff, leading to a skills shortage. As the economy recovers, demand is expected to pick up again, meaning the sector will need additional professionals to service growing demand.
Industry growth is currently constrained by the total number of advisors and the revenue and profits they generate, meaning growth in employment is imperative for the sector to expand.
With employment predominantly available for finance and commerce university graduates, the sector is facing competition for staff from a variety of other finance based industries, including investment and securities brokerage and accounting, as well as from international job opportunities.
8. Counting on growth
One of the sectors hardest hit by the 2008 to 2009 downturn, IBISWorld expects 2009-10 will prove another tough year for accounting services with industry revenue falling by 1.1% to $14 billion, resulting in a decrease of 1.6% in employment.
However, the accounting services industry is well positioned to take advantage of economic recovery as new regulations and reporting requirements come into effect in response to the global financial crisis.
Increased compliance requirements and other recent regulatory changes such as the Anti-Money Laundering and Counter-Terrorism Act of 2006, or any future climate change legislation will help to fuel demand for accounting services over the next five years.
9. Essential health
IBISWorld expects Australia’s ageing population, and an increase in the prevalence of chronic disease such as diabetes will see demand for jobs in the hospital and health sector continue – with employment forecast to grow by a steady 3.5% each year from 2010 to 2014.
Increasing demand for health services will see growth across a range of occupations, including surgeons, anaesthetists, occupational therapists, medical technicians, radiologists, pediatricians, ambulance officers, nurses, kitchen hands, laundry workers, cleaners and cooks.
In terms of health practitioners, university is the best option for those interesting in obtaining employment in the field. However, with only 1.1% of all 2009 university applicants receiving a place in a medicine course, the sector undoubtedly faces a continuing skills shortage. Nursing studies on the other hand accounted for 7.5% of 2009 university enrollees.
10. Booming biotechnology
While the GFC saw a slow down in investment in research and development, IBISWorld expects Australia’s biotechnology industry will bounce back in the coming years, creating additional jobs.
Australia’s biotechnology sector largely focuses on areas relating to human health and agriculture – both of which are expected to continue to grow over the next five years, as health and the environment remain high on the agenda.
However, many companies looking to expand have found it difficult to attract qualified employees – such as clinical research associates, research assistants, science technicians, and research and development managers – somewhat mitigating growth.
For those interested in working within the sector, degrees relating to natural & physical sciences, engineering and related technologies, and agriculture, environmental and related studies, as relevant areas of study – stressing the necessity for postgraduate qualifications for many opportunities.
Unfortunately, the news is not good for all industries, and the 10 industries forecast by IBISWorld to suffer the most in terms of job losses include:
Robert Bryant is the general manager of business information firm IBISWorld.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
