Forecast: Total Hours Worked in Business Services in Australia

The total hours worked in Australia's business services sector stood at 9.85 billion hours in 2023. From 2013 to 2023, the sector experienced moderate growth with a compound annual growth rate (CAGR) averaging 1.08% per year. The year-over-year variations fluctuated, with notable dips in 2013 and 2016 and relatively steady increases in other years.

For future trends from 2024 onwards, forecasted data suggests a continued but gradually slowing growth trajectory, with an estimated CAGR of 0.65% from 2023 to 2028. By 2028, the total hours worked are projected to reach 10.27 billion.

Future trends to watch for:

  • Impact of technological advancements and automation on work hours.
  • Potential effects of economic fluctuations and policy changes on the business services sector.
  • Shifts in work patterns, such as remote or flexible working arrangements.

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