Industrial service and services industries accounted for around 10% of Australia’s gross domestic product in 2016, according the latest Commonwealth Bureau of Statistics (CBS) data.
This was down from 11% in 2015 and 12% in 2014, and it was down 13% in the year to March 2017.
The decline in the sector has come as a result of a number of factors, including the collapse in the value of the Australian dollar, and the closure of Australian operations in some countries, including Russia and the United States.
While the data has a rough year-on-year trend, there is evidence that the industry has suffered from the recent economic downturn, particularly in the financial services sector.
The Australian Government recently released a report outlining the effects of the global financial crisis and the economic impact of the Chinese government’s crackdown on financial institutions.
It noted that the downturn has hit the Australian financial services industry particularly hard.
“The economic impact from the global downturn has had a profound impact on Australian financial and property services, which is one area that the Australian Government is working on strengthening,” the report said.
The report, which was released in September, also noted that services industries, including banking and insurance, had experienced a decline of around 8% in 2016.
It was due to the increased focus on managing risk and managing costs for consumers.
However, the ABS noted that in 2017, the number of new services jobs in the industry increased by more than 300,000, and that the number with a Master’s degree in financial services was up over 8,000.
The number of people working in financial and insurance services grew by a further 2,000 jobs in 2018, the report added.