The employment in the business services sector in Australia has shown a steady upward trend from 2013 to 2023, standing at 5.95 million persons in 2023. The year-on-year variations have been consistently positive in the last decade, reflecting a resilient growth trajectory despite minor fluctuations. Over the past five years, the Compound Annual Growth Rate (CAGR) was approximately 1.11%, indicating stable but gradual growth.
Looking ahead, the forecasted data from 2024 to 2028 suggests that this growth will continue, albeit at a slightly decelerating pace, with a forecast 5-year CAGR of 0.8%, culminating in a 2028 forecasted value of 6.26 million persons employed. This is an overall projected increase of 4.07% from 2023 to 2028.
Future trends to watch for include:
- Technological advancements impacting job roles in business services.
- Economic conditions and policy changes that might influence employment rates.
- Emerging business service sub-sectors with potential higher growth rates.
