Finance job market drives national employment growth

According to a recent report from the Australian Bankers' Association (ABA), the finance and insurance sectors are among the key industries driving employment growth and opportunity in Australia.

The report, released last week, revealed that the broader finance and insurance industry is the 11th largest employer in Australia. Low unemployment, good salaries and generous paid leave entitlements are among the driving factors for strong employment growth, it said.

The research also revealed that despite belief to the contrary within the business community, the industry is the eighth largest employer of women in Australia and the 15th largest employer of men. According to the report, women account for 60 per cent of the workforce.

Prospects for those working within the broader finance and insurance industry have also been positive despite the volatility in financial markets, the report stated.

“[Recent]Australian Bureau of Statistics labour force data highlights that employment growth in Australia has been resilient, with employment growing by 1.9 per cent over the year to July,” ABA chief economist Tony Pearson said.

“The most recent data of employment by industry showed that growth in finance and insurance jobs has been among the strongest, lifting 9.9 per cent over the year to May,” he said.

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