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FSC-UBS research: Financial Services is Australia’s fastest growing industry

26 Feb 2016
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Sally Loane image

Sally Loane

Financial Services has been Australia’s fastest growing industry over the past two decades according to the FSC-UBS State of the Industry Report released yesterday.

The report contains a comprehensive summary of the financial services industry covering key sectors of superannuation, life insurance, investment, financial advice and trustees.

Sally Loane, CEO of the Financial Services Council said: “The FSC-UBS Report State of the Industry Report shows financial services makes a significant contribution to Australia’s economic and employment growth.

“In the 12 months to 30 September 2015, the industry added $141 billion to the economy or $5,881 for every Australian. Financial Services exceeded all mining activities by $532 million, manufacturing by more than $40 billion and healthcare and social assistance by more than $35 billion.”

The FSC UBS State of the Industry Report shows financial services, as a major employer, accounts for 3.8 per cent or 451,000 Australian jobs of which 52 per cent are women.

Bryce Doherty, Head of UBS Asset Management, Australia said: “This report highlights a potential opportunity for innovative financial services firms to increase exports of financial services ,which are currently only 3.5 per cent of the $2.6 trillion in funds under management, but also the important role that the industry must play at home in providing clarity and simplicity for all Australians’ futures.”

He added: “Australia has world class fund managers who understand the need for the industry to continue to develop innovative, flexible and transparent products that help Australians fulfil their current and future financial needs. Alarmingly, recent surveys have indicated that over half of non-retired Australians consider it is likely that they will not have enough money for a secure and dignified retirement. It is essential that the finance industry works with government to provide clarity and incentives for Australians to ensure the number of future retirees requiring tax payer support is reduced to a minimum.”

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