Industrial Machinery Manufacturing industry’s revenue has increased marginally over the past five years. When export revenue has remained high over the period, volatile downstream demand has limited the industry’s performance. The industry is projected to grow marginally over the next five years.
Number of businesses in Australia’s Manufacturing Sector has grown -0.2% per year on average between 2015 and 2020. The AU Manufacturing Sector is the 12th ranked sector for business growth over the past five years. While employment in Australia Manufacturing Sector has declined -0.9 per year on average between 2015 and 2020, making it the 15th ranked sector for employment growth over the past five years.
The average wage in the Manufacturing Sector in Australia in 2020 is $56.1bn, down from $59.0bn in 2015. This means the AU Manufacturing has the 13th highest average wage out of all AU sectors in 2020.
The banking sector is the largest part of the Australian financial system. Australia has a sophisticated, competitive and profitable financial sector and a strong regulatory system. The four major banks are among the world’s largest banks by market capitalisation and all rank in the top 25 globally for safest banks. They are also some of the most profitable in the world. Australia’s financial services sector is the largest contributor to the national economy, contributing around $140 billion to GDP a year. It is a major driver of economic growth and employs 450,000 people.