Industries to 'fly' or 'fall' over the next financial year.
A few Australian industries are set for a boom in revenue growth over the next year with a number factors lining up in their favour, while others may experience a major strain on their business bank account balance, according to IBISWorld.
Superannuation funds were at the top of the IBISWorld list of industries expected to 'fly' over the next financial year with an expected 40.5 percent increase in revenue.
"Though these markets are highly volatile, the share market drops in 2012 - 2013 mean we're starting the new financial year from a low base - a good position from which to generate solid returns. Rising superannuation revenue will also be a result of low unemployment and the 0.25 percent increase in compulsory contributions this financial year," said IBISWorld general manager of Australia, Karen Dobie.
Following behind superannuation, with a forecast of 22.9 percent growth in revenue, Iron Ore Mining was set to soar through 2013 - 2014. Other interesting industries to make the IBISWorld 'fly' list were Online Shopping and Internet Publishing and Broadcasting.
With the roll out of the National Broadband Network giving more Australians access to high speed internet, among other factors, Australian business can expect a surge in online shopping and the consumption of online audio and video content through 2013 and 2014.
Percentage growth in revenue for industries expected to 'fly' over 2013 - 2014
Iron Ore Mining 22.9
Online Shopping 13.3
Internet Publishing and Broadcasting 12.7
Wind and Other Electricity Generation 11.3
At the same time industries such as Video and DVD Hire outlets, Book Publishing and Automotive Electrical Component Manufacturing are looking set to sink and would likely prefer for the new financial year not to have begun, according to IBISWorld.
Topping the list of industries set to sink, Video and DVD Hire Outlets were expected to experience a -12.3 percent decline through 2013 -2014.
"It's a classic case of new technology squeezing out the old and to compete on price, video and DVD hire outlets have had to significantly slash margins, making it nearly impossible to operate profitably," said Ms Dobie.
For similar reasons book publishing was forecast to take a -4.3 hit in growth over the next year.
Percentage of revenue decline for industries to 'fall' in 2013 - 2014
Video and DVD Hire Outlets -13.3
Automotive Electrical Component Manufacturing -6.7
Heavy Industry and Other Non-Building Construction -5.4
Book Publishing -4.3
Mineral Exploration -3.5
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