Unexplored Business Potentials in Australia that can Positively Impact Its economy

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Australia has numerous unexplored business potential that can positively stimulate economic growth. The Organization for Economic Cooperation and Development (OECD) ranks Australia as the fifth country globally regarding disposable income per household.

This translates to a conducive business environment since households have adequate disposable income.

The Australian economy is dynamic, with new ideas and technologies that investors can exploit.

These changes emanate from technological advancement, a shift from popular to new products, and new international policies.

Some of the unexplored business opportunities with high economic value in Australia include:

Third-party gaming ads-on development company

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The gaming business has a high potential in Australia. Over the past few years, the in-game microtransaction business has continued to expand. The growth offers lucrative opportunities that investors can leverage.

Third-party gaming business entails creating in-game ads on particular games. Investors in this business can partner with developers to agree on profit sharing.

It is a highly profitable business with positive economic value since individuals create accounts, nurture, and sell them to others.

The latest PwC audit reports indicated that the gaming industry in Australia had had a huge growth potential since 2019. The citizens spent approximately $3.2 billion on video games annually.

Australia’s gaming industry is likely to boom, with some states contesting recognition as a gaming silicon valley.

The federal government has also enacted favorable policies, such as digital games tax offset, granting gaming firms increased earnings. The policy will take effect in mid-2022

States such as South Australia, Wales, Victoria, and Queensland, have also introduced measures to motivate game developers. For example, Queensland offers 15 percent to developers in the sunshine state.

The growth in the Australian gaming industry has been evident, with some developers doubling their staff. Thus, investors interested in the gaming business can exploit this opportunity.

Solar power firms to install and maintain solar power systems

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The solar power business has significant growth potential in Australia due to the shift to clean energy. Additionally, the country receives adequate sun to support the business.

The government introduced the solar for business initiative to support small-scale businesses in Victoria reduce their energy costs through renewable energy.

As a result, demand for solar power businesses to install and maintain solar systems is likely to boom in the subsequent years.

Human resource agencies

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Employees are valuable assets for every business or economy. However, the ravaging COVID-19 pandemic has posed an enormous challenge to the Australian economy through employee shortage.

Most Australian businesses have also reported challenges in finding qualified staff to assist in their operations. The most affected companies include construction and retail.

Some of these firms remained with only 50 percent of their staff since others could not work because of coronavirus.

Additionally, the truck and meat sectors have also been adversely affected. The leading supermarkets like Woolworth and Cole also face staff shortages.

As a result, empty shelves are evident in these supermarkets. Some premises have also remained closed due to lack of employees.

Therefore, entrepreneurs can open human resource agencies to recruit staff for the ailing industries to salvage the current situation.

These firms can seek government consent to outsource employees from other countries to help the affected businesses.

Elderly Care businesses

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The elderly population in Australia is approximately 17 percent. Some of these elders need professional care because of their age and condition.

As a result, individuals can invest in elderly care home complexes to take care of them. It requires a significant investment to construct a complex and avail nurses, staff, doctors, and meals.

However, this business has promising returns since some individuals charge over $10000 monthly to care for the aged.

Research and development consulting firms

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Over the past years, the Australian government has prioritized research and development for Australian firms. Thus, the federal administration offered tax breaks and grants for companies undertaking research.

These government incentives free up firms’ finances to contract external experts to assist them in managing their research and development process.

Research and development consulting are critical; thus, the government has introduced policy changes to encourage more investments in this area.

Additionally, businesses considering investing in these consulting firms in Australia will not face market entry competition.