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Regional Industry Data

Regional industry information is available from the Employment Region and SA4 Region channels.

Financial and Insurance Services

Financial and Insurance Services employs approximately 469,700 persons (ABS seasonally adjusted data), which accounts for 3.6 per cent of the total workforce. Over the past five years, employment in the industry has increased by 10.9 per cent. The median age for workers in this industry is 40 years and median weekly earnings are around $1,539 per week.

IMPORTANT NOTE: Employment data for the February 2021 quarter are presented in seasonally adjusted terms, rather than trend. Seasonally adjusted data may be more volatile than trend, however, more readily show the significant impact of COVID-19 on the Australian labour market. Moreover, employment data for some industries may exhibit a high degree of volatility as the pandemic has caused greater disruption in different segments of the economy. Please use February 2021 employment data with caution.

The Industry & Occupation quarterly employment update data visualisation can provide more context around recent movements in industry and occupation employment.

Employment Characteristics

Data

Employment Level - February 2021 ('000)

469.7

Workforce Share - February 2021 (%)

3.6

Employment Growth - Five years to February 2021 ('000)

46.2

Employment Growth - Five Years to February 2021 (%)

10.9

Male Share of Employment - February 2021 (%)

51.5

Female Share of Employment - February 2021 (%)

48.5

Median Age - 2019

40

Full Time Share of Employment - February 2021 (%)

84.1

Average Full Time Hours - February 2021

39

Median Weekly Earnings in Main Job - August 2020 ($)

1539

Projected Employment Growth - Five Years to November 2025 ('000)

28.8

Projected Employment Growth - Five Years to November 2025 (%)

5.9

Sources: ABS, Labour Force, Australia, Detailed, Quarterly, cat. no. 6291.0.55.003, seasonally adjusted. Average full time hours data is National Skills Commission seasonally adjusted; Median age data are ABS, customised report; Earnings data are ABS, Characteristics of Employment Cat. No. 6333.0, August 2020; National Skills Commission, 2020 employment projections, five years to November 2025.

Top 10 Occupations

(For more information, select an occupation below)


Number Employed

(four quarter average, 2020)


Bank Workers

47,400

Financial Investment Advisers and Managers

45,100

Financial Brokers

31,500

Insurance, Money Market and Statistical Clerks

29,600

Credit and Loans Officers

28,400

Accountants

20,200

Software and Applications Programmers

17,000

Advertising, Public Relations and Sales Managers

15,400

General Clerks

12,900

Other Hospitality, Retail and Service Managers

12,600

Source: Four quarter average and custom data based on ABS Labour Force, Australia, Cat no: 6291.0.55.003.


Supporting data

Employment Projections

Where will the jobs be in the future? The National Skills Commission projects employment growth over the next five years by region, industry, and occupation.

Vacancy Report

Online job advertising levels and trends by region, occupation and skill level are detailed in the monthly vacancy report.

Employers’ Recruitment Insights

The National Skills Commission surveys businesses to monitor recruitment conditions across Australia and provide insights into what employers are looking for.

Workforce Shortages

The National Skills Commission carries out research to identify workforce shortages at the state, territory and/or national level for around 80 occupations.