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.
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