Consultants Deloitte have cited a range of growth opportunities in a new report that will lead to a more diversified economy.
Much is made of the future strains an ageing population may put on the economy, but a new report suggests that it will also generate opportunities.
Residential aged care, retirement leisure and re-skilling an ageing workforce are among potential growth areas that could contribute to the nation’s prosperity over the next 20 years, according to consultants Deloitte.
In the third of a series of analyses, Deloitte highlights 19 sectoral “hotspots” that have the biggest potential to lift Australia’s growth trajectory.
These complement the current boost from mining, and five sectors it focused on in a report in October 2013 that could be worth $250 billion to the economy over the next two decades – gas, agribusiness, tourism, international education and wealth management.
Co-author of the report, Deloitte Access Economics partner Chris Richardson, said Australia’s growth options remain excellent as Asia’s boom evolves and new domestic opportunities arise.
“Our future prosperity will come from a more diversified spread of sectors, enabling Australia to remain the fastest-growing developed western nation in world,” he said.
The 19 pockets of future growth featured in the new report released on Monday could contribute at least a further $150 billion to the economy.
Importantly, they are mainly high job creating areas.
Alongside residential aged care, retirement living and leisure, community and personal care and preventative health and wellness, the report also points to the digital delivery of health, likening it to a modern day Royal Flying Doctor Service.
It also sees opportunities from re-skilling an ageing workforce.
The numbers of older Australians interested in working longer are swelling, but they need their skills updated.
Among other possibilities, it says Australian food processing could enjoy the success being seen in New Zealand if an outdated regulatory framework is addressed.
The report’s co-author,, Alchemy Growth Partners managing director Mehrdad Baghai, says the commitment of the G20 to table national growth strategies when leaders meet in November in Brisbane “comes at a great time”.
“It will be a trigger for Australia to have a national conversation about where we need to look for our future prosperity,” he said.