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.