In one sense, nothing has really changed. But in another, everything is different. The COVID-19 pandemic has radically shifted the context in which businesses plan and execute on their strategy.
The reality has been reset, with many businesses devastated; a few are newly advantaged, and the starting points for recovery are polarised.
There are one-time opportunities emerging from the disruption of the pandemic. New and existing businesses must see the changes around them as an opportunity to radically reshape and restructure. They need to monitor fast-moving trends and as a consequence, redesign operating models and capital structures to be flexible and resilient.
In demonstrating their viability and need for skills in supporting documents, businesses would do well to elevate the respective state priorities context in both their sectors and market opportunities.
New South Wales
New South Wales will become Australia’s first trillion-dollar state by 2030; traditional industries such as mining and finance will remain important, and the high-growth areas are advanced manufacturing, tech innovation, medicine, education and tourism (particularly from Asia).
Victoria
The State of Victoria focuses on creating more job opportunities for Victorians whilst fostering a competitive business environment to become a globally connected economy. Traditional industries such as food, international education, and the visitor economy will remain important; and the high-growth areas are technology-driven retail, transport, construction, defence, medicine, space and digitisation.
Queensland
In the case of Queensland, their Economic and Industry Development (EID) Group champions the interests of business and industries in the region. The EID designs, influences and implements economic growth and job-creating programs for Queensland while working to remove regulatory impediments to investment.
The current priority and emerging industry sectors to be supported by the Queensland Government are advanced manufacturing, aerospace, bio futures, biomedical and life sciences, defence and mining equipment, technology and services (METS).
South Australia
The South Australian government is actively engaging with the following nine identified growth sectors:
- Tourism;
- International education;
- Defence industry;
- Food, wine and agribusiness;
- Hi-tech;
- Health and medical industries;
- Energy and mining;
- Space industry; and
- Creative industries.
The Growth State is a new partnership between government and industry, united in the goal of accelerating the SA economy. Through these priority sectors, South Australia is invested towards retaining and attracting the best and the brightest.
Tasmania
Tasmania’s Department of State Growth is focused on making the most of opportunities and overcoming constraints to growth in these key areas:
- Advanced manufacturing
- Antarctic and southern ocean
- Building and construction
- Cultural and tourism industry development
- Defence
- Food and agribusiness
- Forestry
- Information communication and technology
- International education
- Mining and mineral processing
- Renewable energy
- Science
Northern Territory
The NT is invested in growth opportunities across the following key sectors:
- Agribusinesses
- International education and training
- Minerals
- Oil and gas
- Renewable energy
- Space
- Tourism infrastructure
Australian Capital Territory
The strength of the ACT economy and recent growth has lead to many industries experiencing labour shortages. Priority industries in the ACT include:
- Building, construction and trades
- Public service (government) and defence
- Information and communications technology (ICT)
- Sports, recreation and the arts
- Health
- Education
- Tourism and hospitality.
Other than the public sector, Canberra has a thriving private sector with over 25,000 businesses operating in the region. Professional opportunities span most industries ranging from engineers to general practitioners, lawyers to economists, and accountants to physiotherapists.
