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Tap new sectors of economic growth, says Deloitte
Five growth sectors could be Australia's best bet for GDP growth as the mining boom slows, according to Deloitte.
Its report, ‘Positioning for Prosperity? Catching the next wave' found agribusiness, gas, tourism, international education and wealth management could be worth an extra $250 billion to the national economy over the next 20 years.
Deloitte predicted the sectors would contribute as much to the economy as mining, but advised that a comparative advantage was necessary to drive prosperity, not a reliance on global growth.
"It's all about catching the next wave," said Chris Richardson.
The mining boom would continue for two decades but was slowing and the country's competitive advantage in mining was being challenged, according to Richardson.
"We need another wave — or several — to create more diversified growth," he said.
"And the first place to look is markets that can be expected to grow significantly faster than the global economy as a whole over the next 10 or 20 years, or by more than about 3.4 per cent per year."
Global markets for gas, tourism and agribusiness are expected to grow at least 10 per cent faster than global GDP, according to Deloitte. It said Australia's competitive advantages lay in its world-class resources, proximity to global growth markets, temperate climate, well-understood tax and regulatory systems and use of the standard business language, English.
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