Financial and Insurance Services

In 2018, 961 establishments (businesses and organisations) in the Financial and Insurance Services sector provided 66,463 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 and Insurance Services sector between 2002 and 2018.


Industry Sub-Sectors

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

Description Jobs Establishments Output ($ billion) GLP ($ billion)
Insurance and Superannuation Funds 15,096 106 7.335 4.715
Finance 35,370 218 18.778 12.07
Auxiliary Finance and Insurance Services 15,997 637 8.365 5.376
Total 66,463 961 34.478 22.161


Contribution to the local economy

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

The Financial and Insurance 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 and Insurance 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 and Insurance 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.