Financial and Insurance Services

Employed
561,100
Part-time Share
14.0%
Workforce Share
3.9%
Female Share
48.0%
Median Weekly Earnings
$1,750
Median Age
40

About this data

Around 3.9% of workers have their main job in the Financial and Insurance Services industry.

Businesses in this industry are mainly involved in activities like:

  • Banking and other financial services
  • Life, health and other insurance cover
  • Superannuation funds
  • Other auxiliary finance and insurance services

A large share of the workforce work in cities.

Median earnings are $1,750 per week, higher than all industries median earnings of $1,300.

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    Employment

    Employment in the Financial and Insurance Services industry grew over the 20 years to November 2023.

    The number of workers grew by 9,800 (or 1.8%) over the last year.

     

    Sectors

    Depository Financial Intermediation is the largest sector in the Financial and Insurance Services industry, employing 200,500 workers.

     

    Occupations

    Financial Investment Advisers and Managers is the largest employing occupation in the Financial and Insurance Services industry.

    The 10 largest employing occupations are shown below.

    Some occupations are common across a number of industries.

    Largest employing occupations

    Source: Ranked using ABS, Labour Force Survey, 2022, four-quarter average data, customised report.
    ANZSCO CodeOccupation title
    2223Financial Investment Advisers and Managers
    5522Credit and Loans Officers
    5521Bank Workers
    2221Financial Brokers
    5523Insurance, Money Market and Statistical Clerks
    2211Accountants
    2222Financial Dealers
    1322Finance Managers
    2613Software and Applications Programmers
    5311General Clerks

    Related

    Useful links

    Australian and New Zealand Standard Industrial Classification

    The Australian and New Zealand Standard Industrial Classification (ANZSIC) provides a basis for the standardised collection, analysis and dissemination of economic data on an industry basis for Australia and New Zealand. ANZSIC is a hierarchical industry classification with four levels - divisions (the broadest level), subdivisions, groups and classes (the finest level).

    There are 19 division level industries which provide a broad picture of the economy and is most suitable for the publication of summary tables in official statistics.

    The subdivision, group and class levels provide increasingly detailed dissections of these categories for the compilation of more specific and detailed statistics. The sector data is at the group level.

    For more information on the ANZSIC visit the ABS website.

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