The industries set to boom this year
You may want to consider upskilling on superannuation or check out your prospects for wind farming.
Analysts IBISWorld have revealed a list of the top five industries set for revenue growth in the 2013/14 financial year.
Superannuation scored the top spot, with a 40.5 per cent increase in revenue expected linked to growth in the Australian and global share market, while mining and online shopping are also due for a 23 per cent and 13 per cent boost respectively.
IBISWorld's general manager Karen Dobie said while share markets have been volatile, the low base means strong returns are expected in the next financial year.
"Rising superannuation revenue will also be a result of low unemployment and the 0.25% increase in compulsory contributions this financial year," she said.
Iron ore mining will continue to be a strong performer despite warnings of a slowdown in the sector, as companies capitalise on recent investment in infrastructure and new sites.
Online shopping is also set for a boost as the NBN rollout and greater number of traditional retailers going online drives growth in the area.
Ms Dobie said the way companies are looking to expand their products and options is adding to the appeal for consumers.
"Some online retailers have set up traditional outlets to act as collection points, while established players are providing lockers at convenient locations so customers can collect their goods in their own time - particularly appealing for those not able to be home to collect deliveries during office hours," she said.
Internet publishing will receive a nearly 13 per cent boost as people use smartphones and tablets to surf the web more, leading companies to provide more video content and subscription based services.
It might also be a good idea to scope out the wind on your property, as renewable energy sources are set to receive a boost following a government scheme to mandate a minimum amount of energy that key players use from renewable sources.
On the flipside, it's likely to be a tough year ahead for video and DVD outlets as downloads and web piracy continue to gobble their market share. The industry is expected to suffer a 12 per cent revenue hit as new technology squeezes out their old business model.
IBISWorld senior analyst Craig Schulman said ironically the same technological changes that are boosting online shopping and broadcasting are responsible for the demise of others.
"[The video and DVD industry] appears to be declining as quickly as it puffed up. The decline is occurring as a result of competition from more convenient services like iTunes, YouTube or even piracy."
Similarly, the automotive industry is in for more pain, with a seven per cent downturn for those who make electrical components for cars as people turn to more energy efficient vehicles built overseas.
Ms Dobie said the Australian supply chain is unable to compete with overseas manufacturers.
"While the government is making efforts to support the local manufacturing sector, its future performance is on shaky ground and the exit of Ford from local manufacturing will have a negative knock-on effect on component manufacturing industries."
Construction in heavy industries is also due for a slowdown, while book publishers will also suffer as consumers look to buy books cheaper from overseas retailers.
Growth prospects for mineral exploration are also low, according to the report, as companies focus on ramping up production at existing sites and encounter competition from other places like Africa.
BEST AND WORST
Top five industries and their expected revenue growth according to IBISWorld
Superannuation funds 40.5 per cent
Iron ore mining 22.9 per cent
Online shopping 13.3 per cent
Internet publishing and broadcasting 12.7 per cent
Wind and other electricity generation 11.3 per cent
Worst five industries for 2013/14
Video and DVD hire outlets -12.3 per cent
Automotive electrical component manufacturing -6.7 per cent
Heavy industry and other non-building construction -5.4 per cent
Book publishing -4.3 per cent
Mineral exploration -3.5 per cent
Source: www.news.com.au
