Financial and insurance services
Financial and Insurance Services employs approximately 413 000 persons, full time and part time, which is around 3.6 per cent of the total workforce. Over the past five years, employment in the industry has increased at a rate of 0.4 per cent per annum. The median age for workers in this industry is 38 years and median earnings are around $1227 per week (before tax) for full-time employees.
Industry Employment Outlook Reports provide detailed analysis of employment characteristics, trends and prospects by industry, and highlight specific sectors where job growth is the strongest. Specific issues highlighted in these reports include workforce ageing, employment share by gender, educational profile, weekly earnings, average hours worked, regional and occupational employment.
This information is also available in the Industry Employment Profiles. These profiles are charts which present industry employment data for broad industries (ANZSIC 1 digit) and specific industries (ANZSIC 3 digit). These are in an easy to use format through Excel spreadsheets, allowing users to copy and paste ready-made charts.
|
Employment Characteristics |
|
|---|---|
|
Employment Size (000's) - Feb 2013 |
413.4 |
|
Average Unemployment Rate (%) (Year 2011)* |
2.2 |
|
Male % share of employment (Year to Feb 2013) |
47.9 |
|
Female % share of employment (Year to Feb 2013) |
52.1 |
|
Full time % share of employment (Year to Feb 2013) |
82.9 |
|
Average full time hours (Year to Feb 2013) |
39.3 |
|
Median Weekly Earnings (full time employees) 2011 |
$1227 |
|
Employee % share of all employment (Year to Feb 2013) |
96.3 |
|
Employment Growth |
|
|
Projected Growth - 5 years to 2016-17 (% pa) |
0.8 |
|
Projected Growth - 5 years to 2016-17 ('000s) |
18.5 |
|
Recent Growth - 1 year (% pa) |
-3.1 |
|
Recent Growth - 2 years (% pa) |
0.8 |
|
Recent Growth - 5 years (% pa) |
0.4 |
|
Recent Growth - 10 years (% pa) |
1.7 |
|
Recent Growth - 1 year ('000s) |
-13.2 |
|
Recent Growth - 2 years ('000s) |
6.5 |
|
Recent Growth - 5 years ('000s) |
7.5 |
|
Recent Growth - 10 years ('000s) |
62.6 |
|
Workforce Ageing |
|
|
Median age in years (Year 2011) |
38 |
|
Mature Age Employment ('000s) - Aged 45+ (Year 2006) |
114.5 |
|
Mature Age Employment ('000s) - Aged 45+ (Year 2011) |
129.4 |
|
Mature Age Employment Growth ('000s) - 2006 to 2011 |
14.9 |
|
Mature Age Employment - % Share Aged 45+ (Year 2011) |
30.5 |
* Industry unemployment rates include only those unemployed people whose last job was in an identified industry within the past two years. They do not include those who have been unemployed for more than two years or who have never worked. They are therefore generally lower that the labour force-wide unemployment rate.
Main occupations
The top 10 occupations for people employed in this industry are shown in the table below, along with the numbers employed in year-average terms. You can find out more about these occupations by clicking them and following the links to the Job Outlook web site.
Source: DEEWR Special Order based on ABS Labour Force, Australia, Cat no: 6291.0.55.003 – Calendar Year Average 2011.
Largest employing regions
The top 10 DEEWR Labour Market Regions for employment in this industry are shown in the table below, along with the numbers employed in year-average terms. More information about these regions can be found by clicking them and following the links to the Labour Market Information Portal.
| Sydney | 152.2 |
| Melbourne | 101.7 |
| Brisbane | 55.6 |
| Perth | 28.6 |
| Adelaide | 18.1 |
| Hunter | 13.5 |
| Western Victoria | 9.4 |
| Southern NSW (incl ACT) | 7.7 |
| Central and North QLD | 5.6 |
| Tasmania | 5.6 |
Source: Four quarter average based on ABS Labour Force, Australia, Cat no: 6291.0.55.003 – August 2012.