A service industry is defined as a business that operates in the commercial sector, and has an annual turnover of at least $50 million, or is engaged in commercial activity that creates more than $25 million in revenue per annum.
Source: Business Insider title Is this the start of the end of the Australian service industry?
article The industry has been on the rise since the global financial crisis and is expected to see a major boom this year.
The Australian Service Industry Association says the sector has experienced a 25 per cent growth in recent years, with some services accounting for more than 80 per cent of the sector’s total revenue.
The association says the service sector will see growth of about 20 per cent over the next five years, driven by the rise in the number of people and the growth in the costs of running a business.
But the industry is facing an uncertain future and is not expected to recover from the global economic downturn in the near future.
It is now forecasting a downturn of about 30 per cent in 2020.
The industry is also experiencing a major slowdown in the global economy, with the global recession having brought about a sharp slowdown in employment.
This is according to research from PricewaterhouseCoopers, which found service industries in Australia experienced a 30 per one per cent reduction in employment from July 2016 to July 2017.
PwC says there are now fewer than 4 million full-time workers in the industry, down from more than 5 million in the early 2000s.PWC’s research also found service-sector jobs in Australia have declined for the third year running, as more people are retiring or leaving the workforce.