In 2023, the output of employment services in Australia stood at 71.21 Billion AUD. From 2013 to 2018, the sector experienced consistent growth, peaking at 85.65 Billion AUD in 2018. However, since 2019, the trend reversed, with consecutive year-on-year declines. Over the last two years, the output decreased by 8.82%. Specifically, the output decreased by 4.37% in 2022 and by 4.53% in 2023. The Compound Annual Growth Rate (CAGR) from 2018 to 2023 stands at -3.62%, indicating an average annual decline.
Looking ahead, the forecast indicates a continued decline in output. By 2028, the output is expected to be 54.83 Billion AUD, with a predicted 5-year CAGR of -4.18%. This signals an overall contraction of 19.22% in the employment services market over the forecast period.
Future trends to watch for include:
-The impact of technology and automation on employment services.- Changes in government policies regarding employment and workforce development.- Economic shifts that may influence employment rates and service demand.- The role of gig economy platforms in shaping the employment services landscape.
