A new report by Deloitte Access Economics has found five new growth areas that Australia must embrace to diversify its economy. These areas are agribusiness, gas, tourism, international education and wealth management, with NSW having an absolute advantage over the other states in all of these areas. These five industries could boost the Australian economy by $250 billion over the next 20 years if properly catered for. Co-author Chris Richardson said Exceptional growth in these five sectors could add an additional $25 billion to Australia's GDP in 2033 or a boost of about one per cent to an economy turning over $2.6 trillion in today's dollars. However, co-author Gerhard Vorster added that ultimately, it is up to business leaders to put in the hard work even if favourable government policies are implemented. (VIEW LINK)
Livewire News brings you a wide range of financial insights with a focus on Global Macro, Fixed Income, Currencies and Commodities.
No areas of expertise