Industry Analysis & Industry Trends
The Money Transfer Agencies industry has recorded solid growth over the past five years. The industry came away from the financial crisis relatively unscathed, mainly due to the increasing globalisation and rising mobility of labour. Industry revenue is closely linked to the number of overseas workers employed in Australia who send money back to their respective countries to support their families. The Australian economy has recovered relatively quickly following the global financial crisis. Low unemployment rates, especially compared with those of Europe, and skill shortages make Australia an attractive place for overseas workers to seek employment. This trend is supported by the rising number of 457 working visas granted over the past five years... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The industry is in the growth phase of its life cycle. Industry value added is forecast to grow at a compound annual rate of 5.7% over the 10 years through 2019-20. This is higher than the forecast GDP growth rate of 2.7% annualised.
Increasing labour mobility and globalisation will underpin demand for money transfer services in the next five years. The number of migrants in Australia is increasing and this trend is expected to continue as the economy improves. Product innovation is also increasing through the introduction of online platforms for money transfers... purchase to read more