public sector


The part of the economy concerned with providing basic government services. The composition of the public sector varies by country, but in most countries the public sector includes such services as the police, military, public roads, public transit, primary education and healthcare for the poor. The public sector might provide services that non-payer cannot be excluded from (such as street lighting), services which benefit all of society rather than just the individual who uses the service (such as public education), and services that encourage equal opportunity.

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Growth in the public sector was skyrocketing, so James decided to apply for one of the many new positions in road construction that had just emerged.

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After working for mere hundreds of thousands of dollars as a senator, Billy Bob leveraged his years of experience in the public sector to get a job making a more respectable 7 figure salary in the private sector.

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Companies within the public sector can be one of two types - either funded directly by the government or publicly owned where a majority of the company's shares are owned by the government.

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Australian Accounting Standards Board (AASB) The Government Pension Investment Fund