OK, my title may be a bit incendiary… But I’ve about had it with the recent constant parade of articles calling for “return to the office” as a cure for everything. It’s almost like the Murdoch press has a vested interest? Anyway, we’re in a cost of living crisis and we’re calling to lump everyone with higher travel, and food costs all over again. So much for work life balance. If everyone does return to their offices will the press start running fluff articles about all the suburban cafes and restaurants that are suffering now that their local post-pandemic foot traffic is stuck back in the city?
Hate to shatter your world view but mining is only about 5.8%% of the economy — same size as our manufacturing industry coincidentally. Realestate only makes up 3.1% of the economy.
Most of the economy is services at 68%. Our health care industry (part of services) is larger than our mining industry. Our education industry(again services) is 4.8% of the economy. We actually have a pretty diversified economy.
Manufacturing isn’t the be all of an economy and it isn’t where the wage to profit ratio is equitable. We all earn more as a service economy than we would as a manufacturing economy.
https://en.m.wikipedia.org/wiki/Economy_of_Australia
https://web.archive.org.au/awa/20190308031902mp_/https://publications.industry.gov.au/publications/industryinsightsjune2018/documents/IndustryInsights_1_2018_Chapter2_ONLINE.pdf
I have a question,
If our economy is all service related we would be very insular and not bringing in outside investment. Woudlnt that cause stagnation?
I sell coffee to buy healthcare who buy education who bye coffee. Round and round