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 488,400 persons (ABS seasonally adjusted data), which accounts for 3.7 per cent of the total workforce. Over the past five years, employment in the industry has increased by 12.8 per cent. The median age for workers in this industry is 40 years and median weekly earnings are around $1,539 per week.
IMPORTANT NOTE: Employment data for the May 2021 quarter are presented in seasonally adjusted terms, rather than trend. Seasonally adjusted data may be more volatile than trend, however, more readily show the significant impact of COVID-19 on the Australian labour market. Moreover, employment data for some industries may exhibit a high degree of volatility as the pandemic has caused greater disruption in different segments of the economy. Please use May 2021 employment data with caution.
The Industry & Occupation quarterly employment update
data visualisation can provide more context around recent movements in industry and occupation employment.
Employment Characteristics
|
Data
|
Employment Level - May 2021 ('000)
|
488.4
|
Workforce Share - February 2021 (%)
|
3.7
|
Employment Growth - Five years to May 2021 ('000)
|
55.3
|
Employment Growth - Five Years to May 2021 (%)
|
12.8
|
Male Share of Employment - May 2021 (%)
|
49.9
|
Female Share of Employment - May 2021 (%)
|
50.1
|
Median Age - 2019
|
40
|
Full Time Share of Employment - May 2021 (%)
|
84.7
|
Average Full Time Hours - May 2021
|
38
|
Median Weekly Earnings in Main Job - August 2020 ($)
|
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.