Business information analysts IBISWorld has revealed a list of the top ten best performing industries for 2009/10, along with the five worst.
Online education has taken the coveted number one spot with 24.3 percent growth expected for 2009/10, while the outlook for type manufacturing is grim, with IBISWorld predicting it will be the worst performing industry in the new financial year, with a drop of 36.6 percent.
IBISWorld has predicted the online education sector will continue to grow as a result of the strong uptake of broadband internet services, technological advances, a push towards online education along with government support.
Growth in the video game segment has also been extremely strong over the past five years at 16 percent a year, and it currently appears virtually “recession-proof”, having grown by a staggering 29.2 percent during the 2008/09 financial year.
On the other side of the scale, tyre manufacturing will slump says IBISWorld General Manager (Australia), Robert Bryant.
“The situation for tyre manufacturers is significantly influenced by the immediate future of the local motor vehicle manufacturing industry, and the extent to which this sector uses Australian-made tyres.”
Foreign banks have also made the ‘worst performing’ list, with the Australian banking industry experiencing greater competition on the form of national and foreign banks as well as non-bank lenders, which “restricts the foreign banks’ ability to charge higher interest rate margins to potential customers,” says Bryant.
For more information on the best and worst performing industries for 2009/10, please visit www.ibisworld.com.au
Other IBISWorld reports include:
Consumers turn to music in downturn but spend little
Cashed-up parents splurge in downturn
Online booms while banks are doomed