The Federal Government’s latest jobs report has highlighted the growing need for financial services professionals to fill positions across the sector.
Key points:Financial services jobs grew by 3.4 per cent in the second quarter of 2019, according to the Australian Bureau of Statistics’ latest jobs statisticsThe total number of financial services jobs in Australia grew by 7.9 per cent last yearThe number of people employed in financial services increased by 1.6 per cent during the same periodThe Federal Government is seeking to increase the number of positions available across the financial services industryThe number and growth of jobs in financial industries have been trending in the right direction over the past year, with the number and size of financial sector jobs in New South Wales and Victoria growing by 3 per cent and 3.6 percent respectively.
Key Points:Financial service jobs grew in the first quarter of this year by 3% and 4.4% respectivelyThe total jobs in the financial industry grew by about 7.5 per cent from the same time last yearFinancial services is Australia’s fastest growing industrySource: ABSData, Financial Services: Job numbers up, jobs lostThe growth of the financial sector has been driven by a combination of a number of factors, the Australian Financial Services Association (AFSA) said in a statement.
“As the Federal Government seeks to increase employment opportunities for all workers, the Government is investing $10 billion over four years to strengthen the financial system, create jobs, and ensure the safety and soundness of our financial markets,” the AFSA said.
“These investments are necessary to support the financial stability of the Australian economy.”
The Government is currently reviewing a number measures to increase financial security, including new rules on the number, types and sizes of financial products that are covered by financial products insurance.
The Federal Budget will also see a major shake up of the Financial Stability and Liquidity Oversight Council, which has been overseeing the financial markets since 2009.
The Council has been tasked with ensuring that the system is stable and transparent.
The government has also promised to continue to ensure that all financial services businesses comply with the new financial services rules.
The council has been criticised for not being transparent enough with the data it holds about the number or size of businesses in its portfolio, which is vital for investors and the wider economy.
The new Financial Services Rules, which came into effect on January 1, 2020, will require all financial institutions to disclose the types and size for their business.
Financial Services has been a particularly hot area in recent years due to the global financial crisis, which saw the value of the dollar drop by $US80 billion, according a study by Australian Business Council (ABCC) economist Tim Loughton.
The economic downturn has led to a slowdown in financial activity, particularly in the banking sector, and the rise of new competitors such as technology services.
This year has been particularly challenging for financial service businesses.
The number one reason for the downturn was the lack of jobs, according the ABCC.
“That’s partly because people weren’t looking for them, partly because they didn’t know where they could find them and partly because the economy was weak,” Loughtons study said.
In the last two months, the number one thing that people are doing to fill these jobs is looking for the cheapest way to get out of the country and then they’re just looking for an alternative way to do it,” Mr Loughts said.
He said it’s an industry that’s particularly susceptible to the downturn because of its relative cheapness.”
The cost of moving out is much higher than the cost of leaving and the number 1 reason for that is that there’s very little supply,” Mr Jett said.
The report said that over the course of the past four years, the financial infrastructure in Australia has been “devastated”.”
The financial sector is at its lowest level since the financial crisis,” it said.
This is a snapshot of the jobs in finance for the year ended September 30, 2019.
This report contains a breakdown of financial service jobs in this section.