Data released by the Australian Bureau of Statistics (ABS) reveals the best performing industries in the last financial year. Leading the industries for income growth in 2015/16 was ‘Forestry and Logging’ and ‘Commission-based wholesaling’. In terms of profit, 79% of industries made a profit in 2015/16.
These statistics illustrate the progression of business across all industries.
1. Online sales
There is a consistent theme in the latest 2015/16 data showing a considerable shift from bricks and mortar stores to online and non-traditional sellers. Online sales categories showed the strongest income gains during this financial year.
2. Rural sector
Other dominant sectors for income growth was the rural sector – specifically forestry, fishing and agriculture.
3. Rural and Internet-based businesses
In fact, rural and Internet-based businesses have have been consistently strong with high income gains over the last five years.
The financial health of business in Australia has been considerably strong with almost 79% of business owners making a profit this financial year.
5. Industry income
In 2015/16, industry income went up 1.7% with expenses also up 1.4%.
Employment stayed steady and actually rose by 0.6% in 2015/16.
7. Wages and salaries
The data also revealed that wages and salaries went up by 2.9% in 2015/16.
8. Biggest income generators
- Agriculture went up 11.2%
- Rental, hiring and real estate services went up by 9.1%
- Education and training 9.1%
- Retail trade 4.9%
- Mining income fell 9% (over the finanical year 2015/16)
9. Agriculture sector
Over the last eight years, profits in the Agriculture industry have risen on average by 15% with income growth averaging almost 7%.
10. Asian based consumers
Australia is successfully supplying more consumers based in Asia with high quality food, beverages and other consumer products.
Want more? Get our newsletter delivered straight to your inbox! Follow Kochie’s Business Builders on Facebook, Twitter, Instagram, and LinkedIn.
11. Related Posts
Business Builders time management expert Kate Christie reveals how to utilise your time by outsourcing…
There is nothing more important to the operation of your business than sound financial management.…
Business Builders time management expert Kate Christie explains why it’s never too late to learn…