Financial and Insurance Services employs 448,800 people across Australia. Employment is concentrated primarily in the capital cities and in Australia’s eastern states. Nearly half the workers in this industry are employed in New South Wales.
This workforce is highly qualified, with 77% holding post-school qualifications (compared with 68% across all industries). Almost all jobs are for Professionals, Clerical and Administrative Workers and Managers.
Reflecting the time it takes to attain the required qualifications, just 7% of this workforce is aged 15 to 24 years old.
Financial and Insurance Services employment is projected to increase by 3.2% over the five years to 2023 (well below the 7.1% projected across all industries).
Sources: ABS, Labour Force (trend and annual averages of original data); ABS, Education and Work; Department of Jobs and Small Business, Industry Employment Projections
For more information see lmip.gov.au