Gas, tourism among next wave of growth industries: report
GAS, tourism and agribusiness are three of five key "super-growth industries" that could pump an extra $250 billion into Australia's economy over the next two decades, a Deloitte Access Economics report has found.
The report focused on "catching the next wave" of economic growth, in a bid to attract major investment as the mining industry continues to slow.
It centres on growth of more than 10% a year in five key industries: gas, agribusiness, tourism, international education and wealth management.
Report co-author Chris Richardson said there was "vast potential" for growth in those industries, potentially adding an extra $425 billion a year, or 1% to Australia's gross domestic product.
"It's all about catching the next wave. Mining will continue as a major driver of our prosperity over the next two decades and beyond," he said.
But he said the nation needed to look beyond the mining wave to create a series of new "waves" of growth.
"And the first place to look is markets that can be expected to grow significantly faster than the global economy as a whole over the next 10 or 20 years, or by more than about 3.4% per year," Mr Richardson said.
"For example, global markets for gas, tourism and agribusiness are each expected to grow at rates at least 10% faster than global GDP as a whole."
Mr Richardson said a lower Australia dollar would also help make Australia more profitable and attractive, factoring in a value of US80c for the longer term.
"This downswing has already begun, and it signals the starter's gun on new opportunities for 'dollar dependent' sectors including manufacturing, farming, tourism, and international education," he said.
"It will also be a tailwind for interest rate-sensitive sectors, such as retail and housing construction."
The report also predicted further growth, but to a lesser extent, for industries including banking, health, construction, business services and transport and logistics.
Big growth industries:
Global population growth of 60 million per year will increase food demand, with Asia's growing middle classes set to boost their protein intake.
Rapid growth in emerging economies has polluted the air in the major cities to our north. That will underwrite demand for gas, a cleaner and greener alternative.
This sector is set to double in size in the next 20 years, with Asia's expanding middle classes fuelling the growth.
Foreign students are already our fourth biggest export earner; with India and China likely to drive great growth in demand in the sector.
Three billion people in Asia will join the middle class by 2030 and by 2050 the region will account for more than half the world's financial assets.