Materials arrived for my bookkeeping course and the first unit looks at the financial services industry. It’s been many years since Australia’s economy rode upon a sheep’s back, and now the services sector outstrips even the mining industry. The financial services industry in particular plays a major role, and contributes over 8.6% in Gross Domestic Product (2007).
Had a look over the statistics of Australia’s global trade on the Austrade site which positively demonstrate Australia is booming. But the finance sector is suffering a labour shortage according to this report. There are fewer women in the industry, suggesting a gender stereotype? and as the baby boomer generation retires from the workforce, there are concerns about making up the shortages they leave behind.
It is an interesting time to be studying this subject, given the current “global meltdown”. World leaders in Asia and Europe are urging financial reform, with tougher regulation. It is a time when governments are critically assessing the nature of free markets and trade.
Also reading a fascinating book at the moment Confessions of an Economic Hit Man tells the story of US financial imperialism in the name of free trade and economic development. Paints a very cynical picture indeed of US interests in developing nations.
enjoy the new course Liss.