“Australia’s Jobs Future –
The rise of Asia and the Services opportunities”
The Myer Foundation and Dept of Industry & Science
The attached report outlines the great potential going forward for Australia by tapping into the amazing opportunities in the Services sectors and the huge opportunities opening up in Asia.
Link to article – Services future of Australian Employment September 15
Some key points include
Australia’s services sector is the foundation of our economy. It contributes almost three quarters of GDP and employs 87 per cent of Australia’s workforce in fields as diverse as health, banking, transport, telecommunications, property, tourism and education.
Services have been responsible for the vast bulk of new jobs in Australia over the past decade. Australia’s services industries have created 2.9 million new jobs since 2000, more than offsetting a collective reduction of 256,000 agriculture and manufacturing jobs, with employment in the resources sector increasing by 165,000 during this same period.
Taking into account the earnings from direct service exports and the value added by services supplied to other export industries, the services sector generated $112 billion in value added export earnings1 in 2013, supporting 1.1 million Australian jobs. By comparison, mining exports were worth $101 billion and supported 227,000 jobs.
Indeed, Australia’s largest export category is not agriculture, manufacturing nor mining; it is the services sector. These impressive export figures do not include the growing value of services sold by overseas
Services sectors grow in modern economies essentially because of specialisation and growth in productivity.
Businesses find it more productive to focus on their core business and contract in financial, transport and other services needed to produce their final product.
The growth of services is not a substitute for the growth of manufacturing, agriculture or resources, rather it is a valuable complement and support mechanism for those industries as well as a provider of services to the community.