QTPA Member Alert | INDUSTRY CHANGES 1860-1969-2011 (7/6/2012)
INDUSTRY CHANGES 1860-1969-2011
In a recent article researched and written by Phil Ruthven (CEO IBISWorld) printed in the latest Australian Company Directors Magazine in June2012, an interesting comparison was done between the mix of Australian Industries based on the share of GDP in constant 2011 price terms over the past 160 years. It is an indication of how life has changed and how industries have changed. It is also a very clear statement that the world moves on around us and we must all so to ensure viability and sustainability. We cannot live in the past (remember it by all means) but must always be looking to the future in our business direction. I have distilled this information down for easy comparison. Some sectors have expanded and grown within themselves which would be expected.
I am sure you will find the tables below of interest indicating the changes, especially the decline in ‘Agriculture’ as a percentage of GDP and the consistency in Construction. Dwelling Ownership has also remained constant. It is of interest that Mining has in fact reduced from the early 1860s as a %. The areas that have increased are in communication, insurances, taxes and services.
Australia’s Industry Mix 1860-1960-2011 (ABS/IBISWorld 2012)
| GDP* in Constant 2011 Price Terms | 1860 TOTAL GDP $6.7 billion | 1960 TOTAL GDP $234 billion | 2011 TOTAL GDP $1335 billion |
| Agriculture (Primary Industry) | 23% | 11% | 2.2% |
| Mining (Primary Industry) | 14.6% | 1.8% | 7.3% |
| Manufacturing | 4.2% | 28.9% | 8.2% |
| Utilities | 0.5% | 3.1% | 2.1% |
| Construction | 8.5% | 7.7% | 7.9% |
| Wholesaling | 2.4% | 1.5% | 4.2% |
| Retail | 9.6% | 6% | 4.4% |
| Transport | 2.9% | 5.9% | 5.1% |
| Finance and Insurance | 3.7% | 3.8% | 9.7% |
| Property and Business Services | 2.7% | Split below | Split Below |
| Dwelling Ownerships | 8.4% | 7% | 8% |
| Hospitality | 2.5% | 2% | 2.3% |
| Government Administration | 5.5% | 3.9% | 5% |
| Health | 0.3% | 3% | 5.9% |
| Arts and Recreation | 0.3% | 1% | 0.9% |
| Telcos and Media | – | 1.6% | 3.2% |
| Admin and Support Services | – | 0.8% | 2.3% |
| Professional and Technical Services | – | 1.5% | 6.6% |
| Rental/Hiring/Real Estate | – | 0.7% | 2% |
| Industry Taxes | – | 4.8% | 6.4% |
| Education | – | 3% | 4.5% |
| Personal & Other Services | 9.1% | 2% (above) | 1.7% (above) |
*GDP-Gross Domestic Product or Annual Revenue.
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