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The Hume Workforce Development Committee Hume Regional Development Australia. Financial and Insurance Services Labour Market Snapshot. Workforce Planning Australia | December 2012. Financial and Insurance Services Industry Overview.

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the hume workforce development committee hume regional development australia
The Hume Workforce Development CommitteeHume Regional Development Australia

Financial and Insurance Services

Labour Market Snapshot

Workforce Planning Australia | December 2012

financial and insurance services industry overview

Financial and Insurance Services Industry Overview

The Financial Services Industry employs 426, 900 people, representing around 3.5% of the total Australian workforce.

The Industry plays a critical role as a barometer for the Australian economy in the global environment and as such is highly sensitive to the state of international money markets. Signs of recovery were evident during 2010 and 2011, however following the downturn experienced in 2008-09, further instability in late 2011 in the United States and Europe has once again impacted on the Australian Financial Services Industry.

The Industry is highly regulated, which provides confidence to local and overseas investors.

The industry ranks second behind mining for gross value added – making it a very important contributor to Australia’s economy, with widespread demand for its services from all industries.

Workforce development needs are being driven by continuing and expanding regulation of occupations in the sector; extension of the reach of existing technology, eg the National Broadband Network (NBN), and the emergence of new innovations in information technology (IT).

Demand for specialisation continues, combined with an increasing demand for skills converging with IT and business.

Source: IBSA Environmental Scan 2012

insurance industry segments

Insurance Industry - Segments

The Financial and Insurance Services industry is divided into nine key sectors:

Source: DEEWR, Australian Jobs, 2011

financial and insurance services industry employment

Financial and Insurance Services Industry Employment

  • Arts and Recreation Services is the third smallest of 19 industries classified under ANZICS. In August 2012 approximately 218,000 people were employed in the industry.

Industry Employment Level February 2012

Source: ABS Labour Force Survey (trend data) cat no 6291.0.55.003, DEEWR, Skills Info 2012 .

historical employment growth

Historical Employment Growth

Employment growth has been gradual with some minor fluctuations over the period 1993-2011. Total employment was 426, 900 people as at May 2012.

Employment is sensitive to factors including macroeconomic, financial regulation, the global economic environment, industry policies and changes in technology.

Figure: Employment Level (‘000)- 1994 to 2012

Source: ABS Labour Force Survey cat. no. 6291.0.55.003, (trend data)

employment by industry sector

Employment by Industry Sector

  • The largest industry sector is Depository Financial Intermediation (includes Banking), accounting for 182, 900 workers (43% of employment at May 2012)
  • Auxiliary Finance and Investment Services (Asset brokering etc.) is the second largest employing sector employing 100, 800 workers (24%) followed by Health and General Insurance (64, 900 workers or 15%).

Figure: Employment levels by industry sector 2012

Source: ABS Labour Force Survey cat. no. 6291.0.55.003, (trend data

projected employment growth

Projected Employment Growth

  • Project employment growth is expected to vary significantly across the nine industry segments.
  • Over the next 5 years growth is predicted to be strongest in Superannuation Funds (13.1%) followed by Health General Insurance (6.1%) and Auxiliary Finance and Investment Services (5.1%)
  • Segments predicted to decline include:
    • Non- Depositary Financing (-22.4%)
    • Financial Asset Investing (-15%)
    • Life Insurance (-9.4%)

Source: DEEWR, Finance and Insurance Services Employment Outlook 2012 (DEEWR Employment Projections to 2016-17)

employing regions

Employing Regions

The distribution of industry employment tends to correspond with population distribution, as most households and businesses use finance & insurance services.

N.S.W dominates employment (42% or 180, 000 workers), with the Greater Sydney region alone accounting for 36% of total employment.

Victoria accounts for another 27% (or 113, 800 people) of employment with the vast majority of those workers located in the Melbourne area.

Figure 4: Employment Change by State (‘000) – five years to May 2012

Source: DEEWR, Finance and Insurance Services Employment Outlook 2012

top employing occupations

Top Employing Occupations

  • Employment is concentrated in three occupational groups:
    • Clerical /Administrative (44%)
    • Professionals (35%)
    • Managers (16%).
  • Over the last decade, there has been a decline in Clerical / Administrative Workers and growth in the proportion of Professionals.
  • Occupations projected to generate growth over the next 5 years include Accountants (11 400), Other Hospitality, Retail and Service Managers (3,300), Finance Managers (3,100) and Financial Investment Advisers and Managers (3,100)
  • Employment of Bank Workers (the single largest occupation in the industry) is projected to decline slightly (by 1000 workers) in the coming five years.

Source: DEEWR, Finance and Insurance Services Employment Outlook 2012 (

recruitment difficulty

Recruitment Difficulty

DEEWR analysis has identified that recruitment difficulty is not particularly widespread in the Financial and Insurance Services industry, but that vacancies for a number of the industry’s largest employing occupations are considered difficult to fill by employers.

Hard to fill jobs include:

Table 1: Occupations Difficult to Fill in the Financial and Insurance Services Industry by Skill Level

Source: DEEWR, Finance and Insurance Services Employment Outlook 2012

skills in demand

Skills in demand

The following occupations and job roles were reported as in demand in the Financial Services industry at IBSA’s Escan industry consultation and validation forums conducted in 2011:

Source: IBSA Environmental Scan 2011

workforce development challenges

Workforce Development Challenges

Workforce development challenges identified by the IBSA Financial Services Environmental scan include:

Source: IBSA Environmental Scan 2011

financial and insurance services assistance by lga

Financial and Insurance Services Assistance by LGA

Total Industry

1,949 (2006)

1,904 (2011)

2.3%

2006 vs. 2011 Census Data

Wodonga

Moira

404 (2006)

159 (2006)

Indigo

71 (2006)

338 (2011)

156 (2011)

Towong

79 (2011)

39 (2006)

36 (2011)

G Shepparton

555 (2006)

Benalla

474 (2011)

75 (2006)

69 (2011)

Wangaratta

Strathbogie

219 (2006)

50 (2006)

217 (2011)

59 (2011)

Alpine

58 (2006)

Mitchell

77 (2011)

234 (2006)

Mansfield

294 (2011)

Murrindindi

27 (2006)

58 (2006)

Hume Region Boundary

Sub-region Boundary

Local Government Area (LGA) Boundary

38 (2011)

67 (2011)

Source: ABS Census Data 2006 and ABS Census Data 2011

employment growth projection in hume

Employment growth Projection in Hume

According to Monash projections employment is expected to decline steadily over the period to 2014-5 and level out over the 2015-6 period.

Employment will recover slightly in 2016-7 but will not return to previous levels.

Usage is restricted to the Department of Education & Early Childhood Development and third parties undertaking work on behalf of Skills Victoria.

Source: Monash Centre of Policy Studies, 2011 (Hume Employment: by ANZSCO occupation, '000 persons, 2010-1 to 2017-8)

occupational employment levels

Occupational Employment Levels

The top employing occupations employment levels in the region are as follows:

Finance & Insurance Services (Top 10 occupations by employment level Hume)

Usage is restricted to the Department of Education & Early Childhood Development and third parties undertaking work on behalf of Skills Victoria .

Source: Monash Centre of Policy Studies, 2011 (Hume Employment: by ANZSCO occupation, '000 persons, 2010-1 to 2017-8)

financial and insurance services occupation growth

Financial and Insurance Services Occupation growth

Monash projections show variable growth in Finance and Insurance occupations.

The largest occupations Financial / Insurance Clerks / Brokers will decline.

Usage is restricted to the Department of Education & Early Childhood Development and third parties undertaking work on behalf of Skills Victoria.

Source: Monash Centre of Policy Studies, 2011 (Hume Employment: by ANZSCO occupation, '000 persons, 2010-1 to 2017-8)

industry vet enrolments age profile

Industry VET Enrolments Age Profile

The Hume Finance and Insurance services industry has experienced an increase in VET course enrolments across all age groups.

Significant growth has been experienced in those aged 35-49.

Source: Data prepared 9 March 2012, Market Analysis team, Skills Victoria.

industry vet course level and diversity

Industry VET Course Level and Diversity

Growth in VET course enrolments is attributable to increased enrolments in the Certificate IV level qualification.

The diploma level course has experienced a decrease in enrolments.

The diversity of students enrolled in VET courses has been variable.

There has been an increase in the proportion of disabled students while CALD students have decreased.

There has been a very small increase in the proportion of Indigenous students (1%>).

Source: Data prepared 9 March 2012, Market Analysis team, Skills Victoria.

book keeper vet enrolments age profile

Book keeper: VET Enrolments Age Profile

Book Keepers in Hume have experienced an increase in VET course enrolments across all age groups.

The strongest growth has experienced in those aged 45-49.

Source: Data prepared 9 March 2012, Market Analysis team, Skills Victoria.

book keeper vet course and diversity

Book keeper: VET Course and Diversity

Growth in VET course enrolments is attributable to increased enrolments in the Certificate IV level qualification in Financial Services (Bookkeeping).

The Certificate IV level qualification in Financial Services (Accounting) has also experienced growth.

The diversity of students enrolled in VET courses has been variable.

There has been a significant decrease in the proportion of CALD students enrolled in VET courses.

The proportion of disabled students has been stable.

There has been a very small increase in the proportion of Indigenous students (1%>).

Source: Data prepared 9 March 2012, Market Analysis team, Skills Victoria.

accountant vet enrolments age profile

Accountant: VET Enrolments Age Profile

Accountants VET course enrolments have declined over the period from 2008-2011(from 118 to 86).

The decline has been variable across age groups with a significant drop in those aged 35-39 and 35-39.

The only age group to experience minor growth was those aged 15-19.

Source: Data prepared 9 March 2012, Market Analysis team, Skills Victoria.

accountant vet course and diversity

Accountant: VET Course and Diversity

The decline in Accountants VET course enrolments is attributable to a significant decrease in enrolments in the Diploma of Accounting.

The Advanced Diploma of Accounting has experienced some minor growth.

Despite a decrease in enrolments the diversity of students enrolled in VET courses has increased.

There has been growth in the proportion of Disabled and CALD students enrolled in VET courses.

There are no indigenous students in VET courses.

Source: Data prepared 9 March 2012, Market Analysis team, Skills Victoria.

bank worker vet enrolments age profile

Bank Worker: VET Enrolments Age Profile

Bank worker VET course enrolments have grown slightly over the period from 2008-2011 (46 to 63)

The growth in Hume Bank Workers enrolments has been variable across age groups.

There has been significant growth in those aged 15-19 and 20-24.

There has been a decline in the 45-49 age group.

Source: Data prepared 9 March 2012, Market Analysis team, Skills Victoria.

bank worker vet course and diversity

Bank Worker: VET Course and Diversity

Growth in Bank Worker VET course enrolments is attributable to a significant increase in enrolments in the Certificate IV in Financial Services qualification. There has also been minor growth in the Cert III level Financial services course.

The diversity of students enrolled in VET courses has increased with growth in both Disabled and CALD students.

Source: Data prepared 9 March 2012, Market Analysis team, Skills Victoria.

finance broker vet enrolments age profile

Finance Broker: VET Enrolments Age Profile

Finance Broker VET course enrolments have grown slightly over the period from 2008-2011 (1 to 12)

The growth in Broker enrolments has been variable across age groups.

There has been a decline in the 20-24 year old age group.

Source: Data prepared 9 March 2012, Market Analysis team, Skills Victoria.

finance broker vet course and diversity

Finance Broker: VET Course and Diversity

Growth in Broker VET course enrolments is attributable to a significant increase in enrolments in both Diploma of Financial Services qualifications.

The diversity of students enrolled in VET courses has decreased with a reduction in the proportion of CALD Broker students.

Source: Data prepared 9 March 2012, Market Analysis team, Skills Victoria.

what this means

What this means?

The Financial Services Industry employs 426, 900 people, representing around 3.5% of the total Australian workforce.

Employment growth has been gradual with some minor fluctuations over the period 1993-2011. Total employment was 426, 900 people as at May 2012.

Over the next 5 years growth is predicted to be strongest in Superannuation Funds (13.1%) followed by Health General Insurance (6.1%) and Auxiliary Finance and Investment Services (5.1%)Segments predicted to decline include:

  • Non- Depositary Financing (-22.4%)
  • Financial Asset Investing (-15%)
  • Life Insurance (-9.4%)

Total industry employment in Hume is around 3,560 people. According to Monash CoPS projections Hume employment is expected to decline to 2014-5 and recover slightly in 2016-7, although it is not predicted to return to previous levels.

The Hume industry has experienced an increase in VET course enrolments across all age groups. Growth in VET course enrolments is attributable to increased enrolments in the Certificate IV level qualification and an increase in the proportion of disabled students. The proportion of CALD students declined.

data quality and limitations

Data Quality and Limitations

The data challenges included:

Different definitions of industries / occupations between ABS, Industry Skills Councils and Monash.

Different Time periods used by different sources

Old Data - ABS Census is now 6 years old. 2011 ABS Census data has been used where available.

Lack of HUME region industry data particularly for industries where employers are predominantly private sector (e.g. Retail, manufacturing and Transport and Logistics)

Lack of regional Skills Shortage Data – DEEWR lists are at the State level

Changes in name and level of VET qualifications (training packages)

Poor sourcing of data – The data source and date were unclear for some data sources.

Limitation of Liability

This Labour Market Snapshot has been compiled using data which, to the best of Workforce Planning Australia’s knowledge, was current and correct at the time of printing.

WPA gives no warranty as to the accuracy of the information contained herein nor its applicability to any specific circumstances. It is intended as a guide only and Workforce Planning Australia will not be liable to any person as a result of any actual or perceived inaccuracy contained in this report.