INTHEBLACK February / March 2026 - Magazine - Page 18
F E AT U R E
The
economics
of care
The care economy can deliver stronger productivity, gender-parity
gains and greater social resilience if it gets genuine support from
government, big business and the community.
Words Cameron Cooper
FOR A SECTOR THAT OFTEN FLIES
under the radar, the care economy is a big deal.
In fact, the International Labour
Organisation estimates that unpaid care work,
if compensated, would represent 9 per cent
of global gross domestic product (GDP),
or about US$11 trillion (A$16.83 trillion)
per year. Covering elements such as aged care,
health care, disability support, household
labour and child care, caregiving is a pillar
of social and economic wellbeing.
18 INTHEBLACK February/March 2026
Professor Irene Blackberry, director
of the Care Economy Research Institute
at La Trobe University, admits that
before the COVID-19 pandemic, the
term “care economy” had little recognition.
Now it is widely seen as an important
driver of inclusive growth.
“For many years, the care community
has been taken for granted, particularly the
unpaid or informal care,” Blackberry says.
“But COVID-19 clearly demonstrated
