Market insights

State priority industries, sectors

Updated on 8 June 2020

In one sense, nothing has really changed. But in another, everything is different. The COVID-19 pandemic has radically shifted the context in which businesses plan and execute on their strategy.

The reality has been reset, with many businesses devastated; a few are newly advantaged, and the starting points for recovery are polarised.

There are one-time opportunities emerging from the disruption of the pandemic. New and existing businesses must see the changes around them as an opportunity to radically reshape and restructure. They need to monitor fast-moving trends and as a consequence, redesign operating models and capital structures to be flexible and resilient.

In demonstrating their viability and need for skills in supporting documents, businesses would do well to elevate the respective state priorities context in both their sectors and market opportunities.

New South Wales will become Australia’s first trillion-dollar state by 2030; traditional industries such as mining and finance will remain important, and the high-growth areas are advanced manufacturing, tech innovation, medicine, education and tourism (particularly from Asia).

The State of Victoria focuses on creating more job opportunities for Victorians whilst fostering a competitive business environment to become a globally connected economy. Traditional industries such as food, international education, and the visitor economy will remain important; and the high-growth areas are technology-driven retail, transport, construction, defence, medicine, space and digitisation.

In the case of Queensland, their Economic and Industry Development (EID) Group champions the interests of business and industries in the region. The EID designs, influences and implements economic growth and job-creating programs for Queensland while working to remove regulatory impediments to investment.

The current priority and emerging industry sectors to be supported by the Queensland Government are advanced manufacturing, aerospace, bio futures, biomedical and life sciences, defence and mining equipment, technology and services (METS).

The South Australian government is actively engaging with the following nine identified growth sectors:

  • Tourism;
  • International education;
  • Defence industry;
  • Food, wine and agribusiness;
  • Hi-tech;
  • Health and medical industries;
  • Energy and mining;
  • Space industry; and
  • Creative industries.

The Growth State is a new partnership between government and industry, united in the goal of accelerating the SA economy. Through these priority sectors, South Australia is invested towards retaining and attracting the best and the brightest.

Genuine businesses, positions

Updated on 18 May 2020

As the reopening of economies continues across the nation, it’s worth taking stock of the trends that will define the months ahead.

The spread of the coronavirus represents a perfect storm for business disruption; combining a rapidly evolving threat, an uneven recovery, disparate government regulations and shaken supply chains. The complexity of operating a company during this tumultuous time is unprecedented and the stakes are astronomically high.

While full recovery remains out of reach for the foreseeable future, it is imperative for business owners to develop their reopening strategies now; implement solutions to support employee’s eventual return to work and prepare to recover their operations so they are ready when the time comes.

Businesses with a current (or future) need for skills that facilitate the commercial viability of their operation can use a Genuine Position Statement. Regardless of secondary circumstances, this document first and foremost is expected to demonstrate a detailed, commercial explanation for the appointment of the nominated position. Written in the voice of the business owner, (or the migration agent) and in a way that conveys a strong understanding of the relevant legislative requirement, this document is expected to offer a powerful and supportive demonstration of the commercial trajectory of genuine businesses, positions.

Seizing rebuilding opportunities

Updated on 11 May 2020

A small business will only seek business writing at the consultant level when there’s a specific need; in this instance, a migration application. It often does not have a budget nor the mind space to take up on this option for any other reason in their day to day operation (in spite of COVID-19).

The migration process is an excellent opportunity for small business clients to accomplish two goals with one effort. Other than to seek grants for applications, a well-researched business plan offers its owners a peek into how their operation is viewed from a consulting standpoint; something they would otherwise never come upon or opt to seek out.

A well-developed business plan gives owners a presentable prospectus in which they can take pride, to understand their current standing in the market; what they’ve achieved to date, and a roadmap that helps them keep an eye on the future. 

A well-curated business plan will help owners prioritise, giving the small business direction, defining their objectives, and help them consciously map out their strategies to move forward. It helps small businesses grow, so they no longer have to remain a small business. Let these pockets of opportunities serve not just a one dimensional purpose, but present as another avenue in which to help strengthen and empower clients, small businesses.

Addendum to a submission

Updated on 4 May 2020

As governments make significant interventions in response to the coronavirus, businesses are rapidly adjusting to the changing needs of their people, while navigating the financial and operational challenges.

Those with nominations for skilled positions in place may now be required to address its needs in the face of a changing business climate. New businesses must explain how they intend to face the post-COVID-19 landscape. Recently lodged paperwork such as business plans, nominations and submissions relating to the needs of a viable Australian business in the pre-coronavirus era may no longer be suitable. Sectors in retail, manufacturing, wholesale trade, property and other personal and business services are the most affected.

An addendum to explain how a business intends to deal with the changing climate may be required. An explanatory statement that pinpoints why the submission is still feasible in the face of a global pandemic, by addressing the new market situation and how it will navigate through it may be required. A forecasting and reshuffling of the business’ operational outlook may be required, to retain the nominated skilled position. To achieve this, one must have its finger on the pulse as to the overall business implications of the post-COVID-19 economy; and what their role may be in its recovery and rebuild.

Contactless interaction

Updated 27 April 2020

Prior to the pandemic, we saw the rollout of contactless payment options through mobile devices. With the increase in people wanting to limit what they touch, an option to pay for goods and services that does not require any physical contact is likely to continue to gain traction.

Machine vision interfaces are already used today to apply social media filters, and to offer autonomous checkout at some stores. Expect there to be an expansion of voice and machine vision interfaces that recognise faces and gestures to limit the amount of physical contact altogether.

New startups and scaleups must surrender to the new normal; the business landscape has changed fundamentally. Tomorrow’s climate will be different but no less rich in possibilities for those who are prepared.

Changing sectors, values

Updated on 20 April 2020

As the virus upends productivity across the world, the question now is how bad things will get. Economists’ models trained on business cycles in the post-war era are of little use to us now. 

How many once-viable companies will be permanently impaired? And how many people will lose their job and their attachment to the labour force? The answers to these questions will be the true measures of the effectiveness of the evolving system, the responses of governments, companies and banks.

Amid the fog, one thing seems certain: some sectors will suffer more than others. The crisis has revealed the very real opportunities: in teleworking, e-health, distance learning and the acceleration of digital transformation across all industry sectors.

This sea change is sure to progress value; creativity will still be highly prized, but new, paradoxically human-centred factors will shape value: psychological and societal.