The Foundation of Services Economy

Australia operates primarily as a services economy, with key industries such as healthcare, social assistance, and retail dominating employment. Despite the prevalence of tertiary services, the existence of these industries relies heavily on the availability of essential materials and resources like energy, technology, and transport. The podcast highlights the paradox within economics, where the value of fundamental materials like steel and concrete is often undervalued in economic metrics like gross domestic product. It argues that without these materials, entire sectors of the economy would disintegrate, underscoring the need to acknowledge the foundational role of material goods in supporting service-oriented jobs.