Australia’s financial markets: a story of strength and resilience

Austrade media release

27 September 2010

Austrade will tonight launch its 2010 Financial Services Benchmark Report in conjunction with the Australian Financial Markets Association's (AFMA) 2010 Australian Financial Markets Report.
 
This year’s launch of the two publications marks a 10 year association between the two organisations, one which demonstrates Austrade’s strong working relationship with AFMA.
 
Australia’s financial services sector produces more than ten per cent of Australia’s annual GDP, and contributes almost four times more to national output than agriculture and fishing and is also larger than mining.
 
The sector is also one of the nation’s leading employers, with an estimated workforce of 400,000, including some of the most skilled and educated people in Australia.
 
The Benchmark Report provides a comprehensive overview of the financial services industry. Assets totalled almost A$4.8 trillion at the end of March 2010 – equivalent to approximately four times GDP.
 
Banks accounted for A$2.6 trillion or 55 per cent, while superannuation funds, life offices and other managed funds accounted for A$1.7 trillion or 36 per cent of total financial assets at March 2010.
 
Australia also has the fourth largest pool of contestable funds under management globally and the largest in the region, with A$1.7 trillion in funds under management underpinned by our superannuation system. This is a five-fold increase since 1995 with a compound annual growth rate of 12 per cent.
 
Australia’s exchanged traded financial markets grew by 5.4 per cent in the last year with total turnover exceeding $100 trillion. Of this, OTC (Over-the Counter) accounted for 66 per cent total financial market turnover or almost A$67 trillion.
 
In addition to the Benchmark Report, Austrade produces a number of highly respected specialist publications covering the Investment Management, Insurance, and Alternatives sectors.
 
A copy of Austrade’s 2010 Financial Services Benchmark Report can be found at (after 6pm): www.austrade.gov.au/Benchmark2010

ENDS

Media contact

Sarkis Khoury, Senior Media Adviser, T: 02-9392-2118, M: 0414 401 072