Updated for the 2026–27 financial year
If you want to know which businesses are in demand in Australia right now, the clearest signal comes from IBISWorld’s projections of the fastest growing industries for 2026. Tree Nut Growing leads the pack with projected growth of 29.7 per cent, followed by Gold and Other Non-Ferrous Metal Processing at 27.9 per cent and Electric Vehicle Wholesaling at 21.9 per cent. Five of the top ten growth industries relate to critical minerals and the green energy transition, while three relate to health-conscious agriculture. Below we walk through these opportunities, the practical business ideas you can start today, how much capital you need, and the tax and registration steps that turn an idea into a properly set up business.
Which Australian Industries Are Growing Fastest Right Now
According to IBISWorld, whose database covers over 750 Australian industries, the fastest growing industries projected for 2026 paint a clear picture of where demand is heading. You can review the full breakdown in the analysis of Australia’s fastest growing industries for 2026.
The projected top performers for 2026 include Tree Nut Growing at 29.7 per cent, Gold and Other Non-Ferrous Metal Processing at 27.9 per cent, Electric Vehicle Wholesaling at 21.9 per cent, Battery Material Mining at 20.7 per cent, Organic Crop Farming at 19.8 per cent, Self-Managed Superannuation Funds at 14.2 per cent, and Cloud Hosting and Data Processing Services at 13.6 per cent.
Two themes dominate. Five of the top ten fastest growing industries relate to critical minerals and the green energy transition, and three relate to health-conscious agriculture. Seven of the top ten are primarily export-focused, which means many of these opportunities depend on overseas demand rather than Australia’s roughly 26 million domestic consumers. Understanding which side of the ledger you sit on matters for your tax planning, particularly around GST on exports.
Critical Minerals and the Green Energy Transition
Critical minerals and the green energy transition account for half of the top ten growth industries. Battery Material Mining is projected to grow 20.7 per cent in 2026, Lithium and Other Non-Metallic Mineral Mining 16.7 per cent, and Uranium Mining 15.2 per cent. Gold and Other Non-Ferrous Metal Processing tops this group at 27.9 per cent.
Australia is the world’s largest lithium producer, and global lithium consumption is projected to rise approximately 26 per cent in 2025-26. Most of Australia’s spodumene concentrate is still primarily exported to China for processing, which is part of the reason this sector remains so heavily export-focused.
Uranium is another standout. Australia holds over 30 per cent of global uranium reserves yet produces only 8 per cent of global uranium supply, leaving significant room to grow. Olympic Dam in South Australia, operated by BHP, can produce 4,600 tonnes of uranium annually as a byproduct of copper mining. Gold has also had a strong run, with prices rising 14 per cent in 2025 after climbing 27 per cent in 2024, which helps explain why gold processing leads the metals category.
Electric Vehicles and Clean Technology
Electric Vehicle Wholesaling is projected to grow 21.9 per cent in 2026, making it one of the standout opportunities for everyday Australians who want exposure to clean technology without entering the mining sector. The global picture supports the trend. Global EV sales exceeded 17 million units in 2024, and EVs now represent over 20 per cent of all new car sales worldwide.
As demand for electric vehicles climbs, the supporting ecosystem grows with it, from wholesaling and distribution to servicing, charging infrastructure, and parts. If you have an automotive background or strong logistics skills, this is a sector with genuine momentum behind it.
Health-Conscious and Organic Agriculture
Three of the top ten fastest growing industries relate to health-conscious agriculture. Tree Nut Growing is the fastest growing industry of all at 29.7 per cent, with Australia’s tree nut industry projecting 143,000 tonnes of exports in 2025-26, a record figure. Organic Crop Farming is projected to grow 19.8 per cent, and Organic Farming 16.9 per cent.
Australia has the largest area of certified organic farmland in the world at approximately 53 million hectares. Australian organic industry revenue reached $2.8 billion in 2023-24, with growth of 9.0 per cent in that year and annualised growth of 8.4 per cent over the five years to 2023-24. For anyone with access to land or an interest in food production, this is a sector with strong and consistent demand, both at home and overseas.
Cloud Hosting, Data and Self-Managed Super
Not every growth industry requires a mine or a farm. Two service-based sectors stand out for everyday Australians. Self-Managed Superannuation Funds is projected to grow 14.2 per cent in 2026, reflecting strong appetite among Australians who want more control over their retirement savings. Cloud Hosting and Data Processing Services is projected to grow 13.6 per cent as more businesses move their operations online.
These service industries can often be started with lower capital than resource or agricultural ventures, and they suit people with administrative, technical, or financial skills.
Profitable Small Business Ideas You Can Start Today
Not everyone wants to mine lithium or grow macadamias. The good news is there are plenty of accessible business ideas that everyday Australians can start with modest capital and grow over time. Here are some practical options.
Mobile auto repair. If you have experience as a mechanic, a mobile auto repair service lets you perform oil changes, fluid refills, battery replacements, and other straightforward jobs at the customer’s home or workplace. Keeping the business mobile avoids the high overheads of a fixed premises.
Car detailing. Car detailing services in Australia are priced between $70 and $300 depending on location and package, and the market is growing at a 5 per cent annual rate. A mobile detailing service that comes to the customer offers a strong value proposition, particularly for owners of premium vehicles.
Online tutoring or coaching. Teaching what you know is one of the lowest cost ways to start. Online tutoring or coaching certifications may cost between $1,000 and $5,000, and you can run the whole operation from home.
Lawn care. Lawn mowing equipment such as mowers can cost $3,000 to $5,000, and a vehicle for transporting your gear can cost $5,000 to $7,000. Demand is steady and repeat work is common.
Candle making and upcycling. A candle making business can be started for under $3,000. Upcycling businesses can be started for as low as $3,000, with margins ranging from 30 to 40 per cent. A handmade venture can often be started for less than $10,000.
Ecommerce. Over 80 per cent of Australians shop online, and Australia’s ecommerce market is expected to reach $108.16 billion by 2030. Selling products online lets you reach customers across the country without a physical storefront.
How Much Capital Do You Need to Start a Business
There is no single answer, because it depends entirely on the type of business. Startup costs in Australia can range from $3,000 to $200,000 or more across different sectors and markets. The encouraging news is that 97.3 per cent of Australian businesses are small ventures, which means many successful operators started modestly.
Worked examples at the lower end: a candle making or upcycling business can be started for under $3,000, online tutoring or coaching for $1,000 to $5,000, and a lawn care business for roughly $3,000 to $7,000 once you have a mower and a vehicle to transport your equipment.
Starting small and reinvesting profits is a common and sensible path. It lets you test demand before committing significant capital, and it keeps your financial risk manageable while you learn the ropes.
Financing Options for a New Business
Australians fund new businesses in a range of ways. Personal savings are the most straightforward, because they avoid interest and keep you in full control. Business loans and lines of credit from banks and lenders are another common route, though they require careful budgeting so repayments do not strain early cash flow. Some founders bring on a partner or investor to share both the cost and the workload. Whichever path you choose, build a realistic budget and keep a buffer for the unexpected, because early stage businesses often face costs that do not appear in the original plan.
Should You Buy an Existing Business or Start From Scratch
There were over 2,729,640 actively trading businesses across Australia as of June 2025, which means there is a healthy market of established operations available to buy. You can weigh up the trade offs in this comparison of buying a business versus starting from scratch.
Buying an existing business can offer an immediate customer base, established systems, trained staff, and a track record you can examine before committing. The trade off is a larger upfront cost and the need to inherit whatever issues the business already has. Starting from scratch costs less to begin and gives you complete control over how everything is built, but it takes longer to generate revenue and carries more uncertainty in the early stages.
Neither option is automatically better. The right choice depends on your budget, your appetite for risk, your industry experience, and how quickly you want to be earning. Whatever you decide, the tax and structuring decisions that follow are just as important as the purchase or launch itself.
How to Set Up Your Business the Right Way
Once you have settled on an idea, the next step is to set the business up properly. Getting this right from day one protects your personal assets, keeps you compliant with the ATO, and saves you costly corrections later. The key decisions are your business structure, your ABN and business name registration, and whether you need to register for GST.
Choosing a Business Structure
The simplest structure is a sole trader. A sole trader is an individual who owns and operates a business independently and is legally responsible for all aspects of the business, including debts and obligations. You can use your personal Tax File Number for tax purposes, and your business income is taxed at individual rates. You can read more about whether a sole trader structure is right for your business.
The main drawback of operating as a sole trader is unlimited liability, which means you are personally liable for all business debts and legal actions, putting your personal assets at risk. As your business grows, you can transition to another structure such as a partnership, company, or trust. A company can limit personal liability, a partnership lets two or more people share ownership, and a trust can offer flexibility around how income is distributed. Each comes with its own tax treatment and administrative requirements, which is exactly where professional advice pays off.
Registering an ABN and Business Name
To legally operate and engage with the ATO, you need to apply for an Australian Business Number, or ABN. Your ABN is your unique business identifier and is used for everything from invoicing to registering for GST.
If you operate under a name other than your own, you must register that business name with the Australian Business Register. If you trade simply under your own legal name as a sole trader, you may not need a separate business name registration, but most businesses choose a trading name to build their brand.
Do You Need to Register for GST
GST is a 10 per cent tax on most goods, services, and other items sold or consumed in Australia. You must register for GST once your business’s annual GST turnover is $75,000 or more. For non-profit organisations, the threshold is $150,000 or more in GST turnover in a 12-month period. Importantly, GST turnover is your gross business income, the total amount your customers pay you, not your net profit after expenses. The detail of ABN and GST registration is worth understanding before you start trading.
You must register for GST within 21 days of your turnover meeting the threshold. If your turnover is below $75,000, registration is optional, known as voluntary registration. There is one important exception: ride-sharing or taxi service providers, such as Uber, DiDi, or Ola drivers, must have an ABN and be registered for GST from the first dollar earned, regardless of the threshold.
Example: once registered, you add 10 per cent GST to your prices, so a $100 service becomes $110. You can also claim a GST credit for the GST included in business purchases. If you buy a $550 tool, that price includes $50 of GST you can claim back.
If you sell overseas, there is good news. Exports of goods and services from Australia are generally GST-free, meaning you do not charge GST to overseas clients but can still claim GST credits on related business expenses. Given that seven of the top ten fastest growing industries are export-focused, this rule is especially relevant for anyone entering those sectors. You can register for GST at the same time you apply for your ABN, or add it later when you reach the threshold, through the Australian Business Register or a registered tax or BAS agent.
Tax Obligations for a New Small Business
As a sole trader, you pay income tax at individual rates on your business profit, and you report it through your personal tax return. If you register for GST, you must lodge a Business Activity Statement, or BAS, with the ATO, usually quarterly. On your BAS you report the GST you collected and the GST credits you claimed, then pay the difference to the ATO. If your credits exceed the GST you collected, the ATO pays you a refund. A BAS is also used for reporting other obligations such as PAYG withholding.
If you hire employees, you must register for Pay As You Go withholding, comply with employment laws, and pay superannuation for your eligible employees. The ATO is responsible for the national tax system, registry systems, superannuation, foreign investment, and GST for all states and territories in Australia, so these obligations all flow through the one agency.
Record Keeping the ATO Requires
Good records are not optional. Under Australian tax law, your business records must explain all financial transactions clearly, be in writing in either digital or paper form, and be in English or a format that can be easily translated into English. You can find a useful overview of ATO bookkeeping requirements for small businesses.
Most business records must be kept for a minimum of 5 years. The records you need to keep include:
- Income and sales records such as receipt books, tax invoices, cash register tapes, and cash and online sales reports.
- Expense or purchase records such as receipts, cheque book records, credit card vouchers, tax invoices, and petty cash books.
- Bank records such as deposit slips, payment receipts, credit card statements, bank statements, loan agreements, and lease contracts.
- Year-end records such as lists of creditors and debtors, asset purchases, repairs and sales, stock and stocktake sheets, asset depreciation, and capital gains tax records.
- Employee and contractor records such as wage and payment details, TFN declarations, withheld tax, super guarantee contributions, fringe benefits, super fund choice evidence, and contracts.
If you are registered for GST, keep all tax invoices from suppliers so you can claim back the GST on business related expenses through your BAS. There is one longer retention rule to remember: under the Fair Work Act, wage, superannuation, and leave records must be kept for at least seven years, longer than the general five year tax rule.
Digital bookkeeping records are acceptable to the ATO, and scans and photos of receipts are fine as long as they are clear and stored securely. The cost of poor record keeping is real. It can result in lost deductions, ATO penalties for late or incorrect lodgement, default assessments, and increased audit risk.
Government Support and Concessions
Australia offers a range of grants, support programs, and small business tax concessions that can ease the cost of starting and running a business. The availability and eligibility of these vary by industry, location, and circumstances, and they change over time. Rather than relying on general assumptions, it is worth getting tailored advice so you claim everything you are entitled to without overstepping the rules.
How to Tell if a Business Idea Will Be Profitable
Before committing money and time, test whether the idea genuinely stacks up. A profitable business usually combines strong demand, healthy margins, and manageable costs. Work through these questions:
- Is there real demand? Look at whether the industry is growing, like the fastest growing sectors above, and whether customers are actively spending in that space.
- What are the margins? Some businesses earn far more per sale than others. Upcycling, for example, can carry margins of 30 to 40 per cent, which leaves room for profit after costs.
- What are the true costs? Factor in startup costs, ongoing expenses, and the GST and tax obligations that apply once you are trading.
- How large is the market? With roughly 26 million consumers in Australia, some ideas suit the domestic market while others, like the many export-focused growth industries, depend on overseas buyers.
The clearer your answers, the more confident you can be that your idea is worth pursuing, and the easier it is to build a realistic budget and plan.
Get Your New Business Started With Tax Window
Australia offers genuine opportunity right now, from fast growing industries like tree nut growing, gold processing, electric vehicle wholesaling, and self-managed super, to accessible small business ideas you can start with modest capital. Knowing which businesses are in demand is the first step. Setting your business up correctly is what turns a promising idea into a sustainable one.
That means choosing the right structure, registering your ABN and business name, deciding whether you need to register for GST, and keeping the records the ATO requires. These decisions shape how much tax you pay, how protected your personal assets are, and how smoothly your business runs.
At Tax Window, we help everyday Australians get all of this right from the start, so you can focus on building your business with confidence. If you are ready to take the next step, book a meeting with our team and we will help you set things up the right way.
About The Author: Artur Osadchiy
Artur is a Certified Practising Accountant with over 30 years’ experience working as a trusted advisor to 600+ clients across Australia. Based in Melbourne, he started Tax Window with his wife Marina in 2009 and leads the firm’s tax and accounting team. In his free time, Artur enjoys watching the AFL (go Kangas!) and spending time with family.
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