The Gym Industry's Cutting Season

In this series, Going Deep, we'll be doing bite-sized explorations into the most interesting industries, businesses and economic events, in Australia and around the world.

For today's episode, we're looking at Australia's gym economy - one of the biggest and most surprising fitness markets on the planet.

In particular, how a single Paddington studio grew into a billion-dollar global franchise, then imploded on the New York Stock Exchange.

In this episode, Brett and Justin explore how Australians became one of the most gym-obsessed nations on earth, what the F45 story tells us about the limits of boutique fitness, and whether the Pilates boom is the next big thing... or the next big warning sign.

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Note: This recording took place in February 2026. All numbers noted were accurate as of this date.

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