Fact Sheet: The Financial Services Sector in Australia

The financial services sector is made up of a variety of financial firms including banks, investment houses, lenders, finance companies, real estate brokers, and insurance companies.

The financial services sector is the biggest (by revenue) in Australia, with revenue for 2021 forecast to be $195.6 billion. There are over 490,000 people employed within the financial and insurance services sector and over the past five years, employment in the industry has increased by 6.7%.

So how does the sector recruit and retain top talent, yet fulfil the demand for the continuously widening skills gap?

This fact sheet takes a look at the industry challenges in the financial services sector, such as:

  • Compliance
  • Skills shortages
  • Attracting and retaining top talent
  • Impact of COVID-19

and which ELMO solutions can help address these challenges.

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