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An Industry Perspective

posted 4 Mar 2015, 17:41 by Gordon Kay   [ updated 5 Mar 2015, 05:08 ]
Recently released by Phil Ruthven - IBISWorld

Australians have a general idea that most jobs are in the service industries these days, yet often worry that the nation may suffer with the decline and loss of jobs in the traditional sectors. But it has long been that way, as the first chart reminds us. This chart shows the relative importance of industries over the past two centuries and on to the middle of this century.

Long gone is the dominance of the primary sector, despite the current mining boom. Also long gone is the dominance of the secondary sector. The tertiary sector has been the most consistent, despite never being dominant. However, it is the quaternary sector that has risen to a level of dominance in this new age, matching the dominance of the primary sector in the 1820s (approximately half the nation’s GDP). This is now joined by the quinary sector (especially health and social assistance) as we move towards 2050, when these two sectors are likely to account for two-thirds of the economy. 

Through these turbulent changes, our standard of living (SOL) has risen, not fallen. During the Industrial Age (1865-1964) our SOL quadrupled, meaning that our population was four times better off by the mid-1960s. By the end of this decade, only 55 years into the new Infotronics Age, our SOL will have trebled. It will probably have quintupled by the middle of this century.

So, while nostalgia is important to individuals and society at large, it can be dangerous to forward planning and progress.

Click on the file below for full article.
Gordon Kay,
4 Mar 2015, 17:41