Financial Services

Melbourne's financial services sector is growing. Approximately 50 per cent of Australia's funds and superannuation assets are managed here. In 2018, 960 establishments (businesses and organisations) in the Financial Services sector provided 66,457 jobs. The sector has total output worth $34.5 Billion and contributes $22.2 Billion in Gross Local Product to the City of Melbourne economy.

Number of Jobs ( 2002 - 2018)

The graph below shows the change in the number of jobs in the Financial Services sector between 2002 and 2018.


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 35,364 217
Sub-sectors Jobs Establishments
Non-Depository Financing 1,127 15
Credit Union Operation 126 11
Financial Asset Investing 1,952 75
Banking 30,426 100
Others 1,733 16
Insurance and Superannuation Funds 15,096 106
Sub-sectors Jobs Establishments
Life Insurance 1,094 4
Health Insurance 2,240 10
Superannuation Funds 5,604 37
General Insurance 6,158 55
Auxiliary Finance and Insurance Services 15,997 637
Sub-sectors Jobs Establishments
Auxiliary Insurance Services 2,011 35
Financial Asset Broking Services 2,009 60
Other Auxiliary Finance and Investment Services 11,977 542
Total 66,457 960


Contribution to the local economy

The Financial Services sector accounts for 13.87% of the City of Melbourne's total employment.

The Financial Services sector accounts for 22.09% 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.


Floor Space

The graph below details the total floor space occupied by the Financial Services sector in the City of Melbourne between 2002 and 2018 (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.