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.
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.
Other dominant sectors for income growth was the rural sector – specifically forestry, fishing and agriculture.
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.
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.
Wages and salaries
The data also revealed that wages and salaries went up by 2.9% in 2015/16.
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)
Over the last eight years, profits in the Agriculture industry have risen on average by 15% with income growth averaging almost 7%.
Asian based consumers
Australia is successfully supplying more consumers based in Asia with high quality food, beverages and other consumer products.
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