Australian Service Industries
Describe why "Australia is becoming a service based economy with increased reliance on the service sector to sustain economic growth across the next 5-10 years". Discuss this assertion including a review of the contribution that the service sector has made to the Australia economy across the past 10 years, and present your view on the contribution it will make across the next 5-10 years, with rationale.
Introduction
Life without services is unimaginable. Today everything we need or do is a service. Service is usually defined as something intangible. However, it is not the norm nowadays. From education to electricity, services have taken over everything.
The Australian Roundtable Services defined services as a source for delivering any intellectual content or an experience. It may also include some kind of help, care or utility or even some information. But the main point is that the major part of that activity will be intangible and thus, cannot be touched or felt. It does not reside in any physical object.
What are Services?
The Australia Bureau of Statistics (Submission no. 44, pg 4-5) has identified many industries as service industries. Electricity, gas, water, construction, wholesale trade, retail trade, accommodation, education, finance, insurance, personal services, transport, storage are some of the industries in the service sector. Service sector plays a huge part in the country’s economy. It is the largest sector of the economy. The reason is simple there has been more investment, employment and interest of the government towards the service sector. It is one of the fastest growing sectors of the Australian economy.
Australia has always been a service sector oriented economy. Statistics show that in 1870 thirty seven percent of the employment was generated by the service sector; one of the world’s highest proportion of employment in services during that time. Even now the percentage is huge, it is seventy five percent (ABS, Submission no. 44, pg
Introduction
Life without services is unimaginable. Today everything we need or do is a service. Service is usually defined as something intangible. However, it is not the norm nowadays. From education to electricity, services have taken over everything.
The Australian Roundtable Services defined services as a source for delivering any intellectual content or an experience. It may also include some kind of help, care or utility or even some information. But the main point is that the major part of that activity will be intangible and thus, cannot be touched or felt. It does not reside in any physical object.
What are Services?
The Australia Bureau of Statistics (Submission no. 44, pg 4-5) has identified many industries as service industries. Electricity, gas, water, construction, wholesale trade, retail trade, accommodation, education, finance, insurance, personal services, transport, storage are some of the industries in the service sector. Service sector plays a huge part in the country’s economy. It is the largest sector of the economy. The reason is simple there has been more investment, employment and interest of the government towards the service sector. It is one of the fastest growing sectors of the Australian economy.
Australia has always been a service sector oriented economy. Statistics show that in 1870 thirty seven percent of the employment was generated by the service sector; one of the world’s highest proportion of employment in services during that time. Even now the percentage is huge, it is seventy five percent (ABS, Submission no. 44, pg