LvO talks “bullshit” services jobs on Radio 2GB

This morning I was interviewed by Luke Grant from Radio 2GB to discuss yesterday’s article on Australia’s “bullshit” services jobs boom.

Below is the exerpt:

Leith Van Onselen, from Macrobusiness – the ‘Unconventional Economist’, about his article ‘Australia’s services “bogus” jobs boom

He writes ‘the types of services jobs that have been created are more about shifting wealth around the economy, rather than creating new wealth. These jobs typically rely on never-ending population growth, exhibit low productivity, are non-tradable, and are paid for to a large extent via taxation, asset sales and debt accumulation.’

Put simply, the Australian economy’s growth levers are not operating properly, and it has become overly reliant on government spending, ponzi growth, and ‘bullshit’ services jobs.

Leith van Onselen

Leith van Onselen is Chief Economist at the MB Fund and MB Super. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.


      • No one is “having a go” in the Compliance Division – in either sense of the term. That’s where dead wood goes to die a second death.

    • ‘Tribe Coach’, ‘Agile Leader’, ‘Squad Coach’, ‘Culture Leader’, ‘Advice Coach’. Just a small sample of the job titles. FMD.

    • Saw one the other day for a ‘Safety, Wellbeing, Diversity & Inclusion Specialist.’ Paying $130K.
      Lumping all the bullsh!t jobs into one,

    • Compliance and Regulation internals are just cheaper than paying compensation when liability crops up later; risk management 101.

  1. Jumping jack flash

    Probably all part of the plan.

    Banks gain control over an economy from lazy governments who have far better things to do than run an economy, and simply no time.
    After gaining control they create all the money through debt creation, taking their cut via the interest on that debt, and then the services economy distributes the debt around. The most efficient way to create debt is by mortgages – the biggest lump of debt you will ever meet, as a regular person.

    Export manufacturing is no longer required, and its a good thing too: Due to all the debt, it is now completely impossible to pay workers enough for them to sustain their debt piles, and keep the prices of any manufactured goods globally competitive.
    (Utilities and other essentials are of course gouged for all they’re worth, for this exact reason)
    (A constant stream of unencumbered immigrants is therefore also required as workers)

    Then the banks wield total power, using interest rates to control the economy, since the entire economy is just debt being transferred around. (Paying for services, “buying” houses, etc, etc)

    However, as we are now experiencing, it certainly isn’t sustainable, and it is due to the banks’ cut – the interest. Banks are a parasite which is slowly killing their host economy.

  2. Well done, a good interview expressed in simple language that the listening audience can follow. The message needs to be repeated again and again until it sinks in.
    Only wish it was in prime time when the coverage would be greater.

  3. Is it any wonder why productivity is failing when our biggest employers and companies are in the parasitic FIRE sector? You know…bankers, consultants, RE agents, sales goons and all the other super important people without whom the world would surely stop rotating.

    While there has been huge growth in the health sector, don’t be fooled that all of it is “caring”. From what I’ve seen the majority of it is admin, HR and bloated managerial bureaucracy.

    Case in point, the hospital my GF works at has two levels devoted to patient’s and actual healthcare, the following three levels are admin/management. They’re moving to a new building because admin are running out of room.