Australia’s FIRE economy toasts its host

Wednesday, 10 December 2014

While the manufacturing sector continues to gasp for air, with capex slumping to the smallest share of GDP on record:

Last week’s national accounts release for the September quarter confirmed that Australia’s FIRE economy – Finance, Insurance and Rental, Hiring & Real Estate Services – continues to grow from strength to strength, rising to a new record high 11.3% share of the Australian economy (see next chart).

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.