Australian Trade Commission releases financial services report

Friday, October 14, 2011
Financial and insurance services compose the largest proportion of the Australian economy and is among the strongest areas of growth since 1998, according to a report released by Austrade this month.

The report Australia: A Wealth of Opportunities, Benchmark Report 2011, "explains why Australia is a good place to invest," according to a statement released by Austrade, the Australian Trade Commission.

The Australian economy has grown uninterrupted for the last 20 years, and the financial and insurance services have contributed to much of that growth. The services sector composes 11 percent of Australia's economy. Since 1998 the annual average growth rate for the sector was 4.9 percent, compared with an annual average growth rate of 3.4 percent for the rest of the country. Funds management has grown seven-fold since 1991, which is a compounded annual growth of about 10 percent.

The sector employs nearly 420,000 workers. "This multilingual and highly skilled workforce is one of Australia’s great strengths as a financial services centre in the Asian time zone," the report says.

Overall, Australia has been ranked the second most resilient economy in the world for two consecutive years; and among countries with populations of 20 million or more, Australia has been the most resilient economy since 2008. The report also shows Australia's world rankings in education, quality of life, economic stability. The full report is available at www.austrade.gov.au/Benchmark2011.

"It is pleasing to see how well Australia is performing when there is so much economic uncertainty in the world," said Australian Trade Minister Craig Emerson.