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Industry forecaster IBISWorld has reported that manual labour dominant companies are set for mass layoffs, notably video and DVD hire outlets, automotive businesses, publishers and computer and software retailing, as Australia evolves further into a knowledge-based society.
The trend transpired in Brisbane Business News annual Top Brisbane Public Companies list released last week, where mining and innovation-centric companies took out the top positions.
IBISWorld Australia general manager Dan Ruthven says more employees will need to upskill or reskill in the coming years as Australia moves away from manufacturing, identifying a growing for “highly skilled equipment and systems operators and professionals with advanced degrees”.
The top five industries for annualised employment growth in the next five years were oil and gas extraction (11.3 per cent), online shopping (7.7 per cent), preschool education (6.8 per cent), mining support services (7.3 per cent) and accommodation for the aged (5.6 per cent).
The report acknowledged slowing growth in some mining sectors – which was apparent in Brisbane Business News’ review too – but forecasted this to be counteracted by a booming oil and gas extraction industry.
“Higher crude oil and gas prices, combined with surging gas production, are projected to aid robust employment growth in the oil and gas extraction industry over the next five years,” says Ruthven.
“Mining support services firms are also set for growth as employees skills are in high demand, such as cementing and directional drilling, as they extend the life of existing basins and support new technology.
“This all bodes well for future employment prospects of engineers, scientists, researchers and technicians with energy expertise.”
The projected growth in online shopping will also be matched with greater demand in technical skills, according to IBISWorld.
“Those with skills in information technology, supply chain logistics and digital marketing will be particularly sought after by online shopping firms,” says Ruthven.
This movement to online is expected to carry over into the educational sector, with online education projected as the sixth biggest growth industry, the employment rate predicted to rise at 4.3 per cent per annum over the next five years.
This came attached with a warning from Ruthven that school leavers, professionals or those interesting in changing careers should “investigate their preferences thoroughly to maximise the payoff from education and upskilling in their chosen field”.
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