LMIP data portal

Please enable javascript to access the full functionality of this site

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.


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 Survey of Employers' Recruitment Experiences is used to monitor recruitment conditions and to provide up-to-date information on regional labour market challenges.

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.