Industry Analysis & Industry Trends
The Money Transfer Agencies industry has recorded robust growth over the past five years. This growth is largely due to the increasing globalisation and rising mobility of labour. Industry revenue is closely linked to the number of overseas workers employed in Australia, with many sending money back to their respective countries to support their families. The Australian economy has remained largely unscathed amid the global economy’s uncertainty and volatility. Low unemployment rates, especially compared with those in Europe, and skill shortages make Australia an attractive place for overseas workers to seek employment. A high number of 457 working visas being granted over the past five years has supported this trend. As a result, industry revenue is forecast to grow at an annualised 8.7%... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Money Transfer Agencies industry is in the growth phase of its life cycle. Industry value added, which measures an industry's contribution to the economy, is forecast to grow at an annualised 4.0% over the 10 years through 2020-21. This represents an outperformance of overall GDP, which is projected to grow at an annualised 2.8% over the same period, indicating the industry's contribution to the economy is increasing.
Increasing labour mobility and globalisation will underpin demand for money transfer services over the next five years. The number of migrants in Australia is increasing and this trend is expected to continue as the economy improves... purchase to read more