Industry Profile - Financial ServicesTo Economy
As the fastest growing service industry in New South Wales, financial and insurance industries account for just over 46% of the industry's total revenue in Australia. Due to compulsory superannuation legislation introduced in 1999, Australia has the 4th largest pool of managed funds in the world, a fact which has greatly increased the growth rate of the financial services industry. With major economic and financial institutions such as the Australian Stock Exchange and the Reserve Bank of Australia as well as 80% of Banking Head Offices located in Sydney, the city is the nation’s key economic centre.
Supported by its reputation as one of the most financially sound markets in the world and its attractive and internationally competitive remuneration packages, the NSW finance services industry is one of the country’s biggest employers with NSW accounting for approximately 43% of these highly skilled and educated financial innovators.