leverage the demographic realities
There are more than 25,000,000 people living in Australia today, and it is estimated that there will be more than 27,000,000 by 2022. The Australian market is growing and rich with opportunities. This is the third of five thoughts considering some of those opportunities.
The fact is, regional and remote areas represent important markets for many businesses and essential markets for others. At the same time, 19.2 million of Australia’s 25 million people live within 50 kilometres of the coast.
The suggestions of National Party politicians that regional Australia is the heart and soul of the nation, or that we are a nation built on the sheep’s back, may once have been true, but this is no longer the case. Certainly, agriculture and mining, which occur in regional and remote areas, are important components of the country’s economy, but both are increasingly capital intensive and both are increasingly owned by businesses based in the city (or overseas).
In this, the largest island on earth and the sixth largest country on earth, fewer and fewer Australians are living in regional and remote areas. Further, while the significant opportunities in regional and remote areas should not be ignored, they are increasingly becoming niche markets, important, but shrinking!
It is important to know a market well and to be sceptical of the hype offered by politicians and others with a vested interest. City populations will continue to grow, and regional populations will continue to decline as Australia, like other counties around the world, develops mega cities offering economies of scale not available in regional areas.
It is important not to ignore the opportunities in regional and remote Australia, but it is very important to understand the realities of our world in the 21st century.
That said, it is also important to consider the opportunities that mega cities will create as both Melbourne and Sydney hurtle in that direction over the next 10 years.
In 2018, leverage the demographic realities.
Every year – put the facts ahead of intuition and guesswork.
Sources or core statistics – Ragtrader, Statistica, Buzz Feed, Base, Outback Australia, ABS, CEPAR, Living in Australia, Start-up Daily
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