Financial Services

Melbourne's financial services sector is growing. Approximately 50 per cent of Australia's funds and superannuation assets are managed here. In 2016, 919 establishments (businesses and organisations) in the Financial Services sector provided 62,875 jobs. The sector has total output worth $32.8 Billion and contributes $21.1 Billion in Gross Local Product to the City of Melbourne economy.

Number of Jobs ( 2002 - 2016)

The graph below shows the change in the number of jobs in the Financial Services sector between 2002 and 2016.


Industry Sub-Sectors

The table below provides detail of the sub-sectors within the Financial Services sector in the City of Melbourne.

Description Jobs Establishments
Finance 33,594 207
Sub-sectors Jobs Establishments
Non-Depository Financing 875 14
Credit Union Operation 121 12
Financial Asset Investing 2,218 77
Banking 29,450 93
Others 930 11
Insurance and Superannuation Funds 13,816 104
Sub-sectors Jobs Establishments
Life Insurance 827 4
Health Insurance 1,960 10
Superannuation Funds 5,536 37
General Insurance 5,493 53
Auxiliary Finance and Insurance Services 15,465 608
Sub-sectors Jobs Establishments
Auxiliary Insurance Services 1,720 38
Financial Asset Broking Services 2,165 61
Other Auxiliary Finance and Investment Services 11,580 509
Total 62,875 919


Contribution to the local economy

The Financial Services sector accounts for 13.8% of the City of Melbourne's total employment.

The Financial Services sector accounts for 22.91% of the City of Melbourne's Gross Local Product (GLP).

Workforce Profile

The graph below details the composition of those employed in the Financial Services sector in the City of Melbourne. The graph describes the proportion of employees that can be considered as part-time, full-time, casual and contractors. The graph also details the proportion of female and male employees in the Financial Services sector.


Floor Space

The graph below details the total floor space occupied by the Financial Services sector in the City of Melbourne between 2002 and 2016 (in square metres). The figures provide an alternative measure of growth or decline in the sector. The figures are also relevant for understanding how this industry is impacting on then local commerical property market.