3 Key Trends in Australian Business
As many business leaders know, Australia is an incredibly important marketplace for trade in general. It is also a key player on the global stage as the GPD of Australia represents 1.15% of the world’s total GDP. As the UK continues its move away from Europe because of the ongoing Brexit withdrawal, it is likely that trade between both countries will flourish and create a mutually beneficial series of trade agreements. Whilst the past few years have had a negative impact on the state of international finances (as a direct result of the Coronavirus pandemic to a large degree) many economic forecasters predict a brighter outlook in the years ahead. Australia has always been a hotbed of creativity and innovation in the business world. This article explains three key trends in Australian business that will help to shape an improved economic outlook across a variety of commerce sectors.
1. The continued rise of online casinos
It is a fact that many Australians love to gamble. In fact the average Australian who gambles spends $11k per year on this form of entertainment. This makes Australia the world’s biggest gambling nation. Historians account for this gaming culture because of the harsh conditions that were present for early settlers to the continent, where risk and reward were key parts of ongoing survival. Today gambling in online casinos such and playing online pokies Australia is a part of popular entertainment culture. For many people it can be a thrilling diversion from the stresses and strains of the working week and is a wonderful place to feel excitement without even needing to leave the comfort of your own home. Many economic experts predict that online gaming will continue to grow in popularity in Australia and that increased revenues in the gaming sector can be expected.
2. Data revolution
When history looks back across the twenty first century it is likely to be seen as a period where a data revolution took place that has impacted on all corners of business and commerce. Australia is a country that is fully embracing the data revolution and it is a trend that will only increase. By way of example, many Australian farmers now process and analyse immense amounts of data from a vast range of sources to enable accurate predictions of crop yields, soil quality and price forecasting. As Australia is a significant producer of the world’s supply of meat and some grains, leveraging this data revolution for farming purposes is a key way to ensure the continued viability and profitability of the Australian agricultural industry.
3. The rise of robots
In recent decades, the only industries that universally contained robots to assist with production were in the Australian car building sector. Robots were commonplace in car production plants around the world to enable repetitive tasks to be carried out with speed and accuracy without requiring human input. Today robots can be seen in a variety of business sectors from healthcare to assisting with the packaging and pelleting of a wide range of commercial products. The rise in the use of such technology has resulted in less industrial accidents and more efficient working practices.