Fastest Declining Industries in Australia by Revenue Growth (%) in 2026

• 1. Nickel Ore Mining in Australia

  2026 Revenue Growth: -34.6%

  Nickel ore miners have experienced mostly positive operating conditions over the past decade. For most of the past five years, pricing growth was strong amid rising global demand for nickel. However, in 2023-24, oversupply in the global market prompted a sharp price downturn, forcing smaller nickel ore miners like Wyloo and Panoramic Resources to cease and suspend their operations. The Federal Government responded to weak nickel ore prices and these closures by providing relief through tax cr...

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• 2. Hydro-Electricity Generation in Australia

  2026 Revenue Growth: -32.7%

  Hydro generators have faced volatile global and domestic energy markets in recent years, prompting regulators and governments to intervene and stabilise the National Electricity Market (NEM) to ensure a stable electricity supply. In 2021-22 and 2022-23, global energy markets underwent significant turmoil as coal and gas prices soared. This flowed through to wholesale market prices, bolstering hydro generators' profit since they don't face the fossil fuel input costs that plague other generato...

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• 3. Sugar Cane Growing in Australia

  2026 Revenue Growth: -24.4%

  The Sugar Cane Growing industry has experienced turbulent conditions over the past few years. Its performance remains closely tethered to weather patterns, as sugar cane requires sufficient water throughout the growing season. The industry is also exposed to global sugar market dynamics, with mills effectively acting as its sole downstream market. A decline in international sugar supply drove global prices to a peak in 2023, underpinning cane growers’ revenue growth. However, easing port cong...

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