Australia ABS Market Outlook

the australian abs market outlook for 2018 to 2032 provides an overview of the state of the economy, the structure of the industry and the prospects for future growth. it is based on analysis and projections from the abs’ long-term economic forecasting model, which is based on data collected from its survey of business operators throughout australia. the main features of the economic outlook are as follows: 1. a steady increase in gdp and employment is expected. gross domestic product (gdp) is expected to grow at an average annual rate of 2.5% between 2018 and 2032. employment is projected to increase at the same rate, with total employment rising from 11.8 million in 2018 to 12.9 million in 2032. 2. the growth of the australian economy is projected to continue fuelling increased investment and exports. investment by businesses in capital expenditure is projected to grow at 2.4% p.a., with total investment expected to reach $2.7 trillion by 2032. exports are also expected to rise, with services exports projected to be the fastest growing sector. 3. the workforce is projected to become more diverse and skilled, with an increase in the share of higher-skilled occupations and a decrease in the share of lower-skilled occupations. in particular, the share of information and communication technology (ict) occupations is expected to increase from 16% in 2018 to 21% in 2032. 4. the productivity of the economy is projected to grow over the period. this is expected to be driven by more efficient production processes, investment in innovation and research and development and expanding services trade. 5. labour and capital costs are expected to rise, with wages and salaries expected to increase, driven primarily by the increased need for highly skilled workers and the rising cost of renting premises. in summary, the australian abs market outlook for 2018 to 2032 provides a detailed overview of the state of the economy, the structure of the industry and the prospects for future growth. it identifies the drivers of growth and projects a continuing expansion of the economy over the next 14 years.