Australia's diamond mining and motor vehicle manufacturing industries are set to fly in 2012 while iron and steel manufacturing and institutional building construction are expected to suffer, according to a new analysis released on Wednesday by business information research firm IBISWorld.

Australia's diamond and gemstone mining industry is expected to rebound in 2012, with a 37 percent increase in revenue to reach 600 million AU dollars (621.36 million U.S. dollars) for the year after five consecutive years of decline due to lower production level, lower global prices and a high Australian dollar, the report says.

"The revenue rebound will be driven by stabilizing prices and higher production levels, which are forecast to increase by 39.5 percent," IBISWorld General Manager (Australia) Karen Dobie said.

IBISWorld forecasts that Australia's motor vehicle manufacturing will grow revenue by 14.3 percent to reach more than 11.9 billion AU dollars (12.32 billion U.S. dollars) in 2012 as the industry continues to recover from the global financial crisis.

"However, revenue is still expected to fall 5 billion AU dollars (5.18 billion U.S. dollars) shy of pre-financial crisis levels," Dobie said.

The provision of a more diverse range of products and more environmentally friendly vehicles will be key factors in helping domestic growth, the report says.

Online education, biotechnology and online shopping are included in the list of the top five industries set to soar in 2012 by IBISWorld, with annual revenue growth rates of more than 10 percent.

"While most biotechnology firms are currently not profitable due to their research and development intensity, continuing economic uncertainty will drive growth as leading global investors search for low-risk opportunities like commercial-ready technology that Australia has on offer," Dobie said.

She said the online shopping industry has experienced significant growth over the past five year due to consumers becoming more comfortable with shopping online and more online stores available.

However, weaker global economic conditions and a strong Australian dollar will see exports of iron and steel decline by more than 45 percent in 2012, IBISWorld says.

It expects revenue for iron and steel manufactures to fall by 14.9 percent to 7.6 billion AU dollars (7.87 billion U.S. dollars) in 2012.

"Domestic demand is simply not strong enough to compensate for the rapid declines in international exports leading industry players to reduce production levels," Dobie said

The institutional construction industry, largely government- funded building of schools, hospitals and public facilities, is expected to decline as government spending falls, with industry revenue forecast to fall nine percent to 10.3 billion AU dollars (10.67 billion U.S. dollars).

Flower growers are expected to face another tough year after a decade of decreasing sales and revenue, with IBISWorld forecasting industry revenue to slump 4.3 percent in 2012.

IBISWorld also predicts Australia's cotton processing revenue to fall 7.7 percent in 2012, while pulp, paper and paperboard manufacturing industry revenue are expected to fall 3.7 percent to 3.1 billion AU dollars (3.21 billion U.S. dollars) in the year.