Market Commentary

Aus finance lacking in exports, female leadership

Posted by Anton Murray Consulting on . Posted in Market Commentary

InvestorDaily

Despite the financial services industry remaining Australia’s largest, there are still deficiencies such as a lack of women in senior management roles and a failure to maximise exports, the Financial Services Council has ruled in a new report. The council’s 2019 State of the Industry report stated the sector now contributes $161 billion or 9 per cent the nation’s $2 trillion economy. The report also found Australian superannuation as at 2017, gained the highest five-year returns in the developed world, with the real annual return from 2012 to 2017 being 7.5 per cent, in comparison to other markets giving an average of 3.8 per cent.

About 70 per cent of the value of the financial services industry was found to be from banking and funds management (excluding super) while the remainder is from insurance, financial markets and related businesses. There are 10 per cent more employees in the sector than in 2017, now at 450,000. “Financial services is the largest industry in NSW and Victoria, and enjoys one of the fastest rates of productivity growth in the national economy. Its contribution to our export economy however remains nowhere near full potential,” Sally Loane, chief executive of FSC commented.

The rest of this article can be found at investordaily.com.au.

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