Best performing industries revealed

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.

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.

Rural sector

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.

Profits

The financial health of business in Australia has been considerably strong with almost 79% of business owners making a profit this financial year.

Industry income

In 2015/16, industry income went up 1.7% with expenses also up 1.4%.

Employment

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)

Agriculture sector

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.

Want more? Get our newsletter delivered straight to your inbox! Follow Kochie’s Business Builders on Facebook, Twitter, Instagram, and LinkedIn.

Spotlight on: Bethel Farm Mill