‘Punching above our weight': Booming sector helping to lift Aussie economy
According to a new report by Global Wellness Institute, Australia ranks seventh in the world when it comes to spending on their healthcare.
In total this added $194.4bn in 2023, up 10.9 per cent year on year or around $7,402 per person.
Wellness now makes up seven per cent of Australia's GDP, placing it behind the construction sector.
Currently the construction industry accounts for around 9 per cent of GDP and employs more than 1.3 million people.
Anytime Fitness managing director Simon Thompson says the results show the wellness economy is doing its share of the heavy lifting when it comes to Australia's economy.
'When you consider our population, Australia is punching above its weight and has pioneered many wellness communities that support healthy lifestyles, vibrant social connections, and sustainable living in its growing housing markets,' Mr Thompson said.
Mr Thompson said the push was coming from younger Aussies.
'Gyms, instead of pubs and clubs, are now often the number one choice for weekend outings, and even dates,' he said.
'Gen Z now spends seven times the amount of money on getting fit than Gen X.'
According to the report, Australia's overall wellness growth is coming across a number of sub-sectors.
Wellness tourism has swelled by 32.9 per cent between 2019 to 2023 while thermal/mineral springs are up 21.5 per cent.
Wellness real estate, mental wellness and physical activity round out the top five sectors.
The report comes as prime minister Anthony Albanese separately spruiks the benefit to Australia reviving its building and manufacturing sectors.
During a doorstop in the electorate of Bonner in Brisbane the prime minster and Energy Minister Chris Bowen talked up the home battery incentive and solar panel uptake.
'It's good for everyone because what it does is take pressure off the grid during peak times, and that's why this is such good public policy, good for households … of course, good right throughout Australia,' Mr Albanese says.
According to the ministers, 28,000 Australian homes have installed a home battery under the government's policy.
But Mr Albanese wants more Australians to take up the scheme and for the panels to be built in Australia.
'Chris (Bowen) was at the South Australian factory producing solar panels earlier this week, or at the end of last week, that's expanding by nine times,' Mr Albanese said.
'We also want to produce more things here. We have everything that goes into a battery. One of the progress we have is for battery manufacturing.'
Mr Albanese went further calling for more large infrastructure projects such as trains and boats to be built in Australia.
'We want things made here and here in Queensland. I want more manufacturing, more jobs to be created here.'
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