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 486,300 persons (ABS trend data), which accounts for 4.0 per cent of the total workforce. Over the past five years, employment in the industry has increased by 23.9 per cent. The median age for workers in this industry is 39 years and median weekly earnings are around $1,500 per week.
IMPORTANT NOTE: Employment data for the May 2020 quarter are presented in seasonally adjusted terms, rather than trend. Seasonally adjusted data may be more volatile than trend, however, more readily show the significant impact of COVID-19 on the Australian labour market. Moreover, employment data for some industries may exhibit a high degree of volatility as the pandemic has caused greater disruption in different segments of the economy. Please use May 2020 employment data with caution.
Employment Characteristics
|
Data
|
Employment Level - May 2020 ('000)
|
486.3
|
Employment Growth - Five years to May 2020 ('000)
|
93.9
|
Employment Growth - Five Years to May 2020 (%)
|
23.9
|
Male Share of Employment - Year to May 2020 (%)
|
51.8
|
Female Share of Employment - Year to May 2020 (%)
|
48.2
|
Full Time Share of Employment - Year to May 2020 (%)
|
86.8
|
Average Full Time Hours - May 2020
|
39
|
Median Weekly Earnings in Main Job - August 2019 ($)
|
1,500
|
Projected Employment Growth - Five Years to May 2024 ('000)
|
20.4
|
Projected Employment Growth - Five Years to May 2024 (%)
|
4.6
|
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; Earnings data are ABS, Characteristics of Employment Cat. No. 6333.0, August 2019; National Skills Commission, 2019 employment projections, five years to May 2024.
Top 10 Occupations (For more information, select an occupation below)
|
Number Employed (four quarter average, 2019)
|
| Bank Workers
|
48,400
|
| Financial Investment Advisers and Managers
|
39,000
|
| Financial Brokers
|
32,100
|
| Insurance, Money Market and Statistical Clerks
|
26,100
|
| Credit and Loans Officers
|
23,100
|
| Software and Applications Programmers
|
18,200
|
| Accountants
|
17,200
|
| Financial Dealers
|
14,400
|
| General Clerks
|
13,400
|
| Finance Managers
|
13,300
|
Source: Four quarter average and custom data based on ABS Labour Force, Australia, Cat no: 6291.0.55.003.