Archived News for Finance Sector Professionals

Finance professionals and other skilled workers will enjoy increasing employment demand over the next five years according to a new report published by the Department of Education, Employment and Workplace Relations.

The Australian Jobs 2011 finds that ‘The Financial and Insurance Services industry is a relatively small employing industry, with 388 200 workers. Over the five years to November 2010, employment rose by 12 600 (or 3.3%). This growth was concentrated in the Insurance and Superannuation Funds and Finance sectors. Employment is expected to increase by 24 000 (or 6.2%) over the next five years, with all major subdivisions expected to expand.’

Other findings in relation to the Financial and Insurance Services sector include:

Relatively few people in the industry work part-time (18%) compared with all industries (30%).
More than half of the workforce is female (52%) which is higher than the all industries average (45%).
The industry also has a significantly younger age profile compared with all industries (29% of workers are aged 45 years or older compared with 38%).
The higher education sector plays an important role in the provision of skills for this industry, with around two in every five workers holding a Bachelor degree or higher qualification.
The majority of large finance and insurance companies operate from capital cities resulting in employment in this industry being highly concentrated in metropolitan areas.
Around 19% of workers (or 76 200 people) are employed in regional Australia, the lowest proportion of any industry.

Latest figures show housing finance trending down

Figures released today by the Australian Bureau of Statistics show that the number of new housing finance commitments fell by 1.5 per cent in March, continuing a downward trend in home lending.

Infrastructure investment initiatives welcomed

The Financial Services Council has welcomed infrastructure initiatives in the 2011 Federal Budget, saying they would make infrastructure a more attractive investment for superannuation funds and fund managers.

ASSOB targets 100 companies to receive equity funding in the 2011-12 financial year

The Australian Small Scale Offerings Board (ASSOB), Australia's capital raising platform for equity raisings for smaller companies, has set a target of list 100 companies to raise up to $100 million in the 2011-12 financial year.

New Commission to oversee Not-for Profits

A new Australian Charities and Not-for-Profits Commission (ACNC) will begin operation from 1 July 2012 with responsibility for determining the legal status of groups wanting charitable, public benevolent institution, and other NFP benefits.

IPA Concerns about lack of funding for regulatory oversight

The Institute of Public Accountants, (formerly National Institute of Accountants), has expressed concern about the lack of funding in the 2011-2012 budget for the increases in regulatory oversight planned by the Australian Government.

Report forecasts strong growth for Financial Services sector

The 2011 Environment Scan conducted by Innovation and Business Skills Australia (IBSA) has predicted strong growth in the Financial Services sector, forecasting that industry revenues will grow at an average rate of 5.3 percent to reach $212.5 billion by June 2015.

Driving the Australian dollar higher

The so-called carry trade is believed to be behind much of the recent spurt in the Australian dollar's value against the Greenback.

Steady half year for major banks

Australia’s major banks - ANZ Bank, CBA, Westpac and NAB - have posted a profit before tax of $15.7 billion for the 2010-2011 half year, up 8 percent from last year’s $14.5 billion, however the results are mostly predictable and reflect a half year of little change, according to KPMG's survey of Major Australian Banks Half Year 2011.

Government approves new securities exchange

The Australian Government has granted a licence to Chi-X Australia Pty Ltd (Chi-X) under s795B(1) of the Corporations Act as an alternative securities exchange to boost competition in Australia's financial markets.

Rural Finance Counselling Services to be continued

Minister for Agriculture, Fisheries and Forestry, Senator Joe Ludwig, has announced that the Rural Financial Counselling Services scheme will be continued across Australia for a further four years.

Extension of Capital Gains Tax Loss Relief for Fund Mergers

The Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, has announced the Government will extend the temporary loss relief for merging superannuation funds from 30 June 2011 to 30 September 2011.

Government appoints Greg Medcraft as ASIC Chairman

The Australian Government will recommend to the Governor-General that Greg Medcraft be appointed Chairman of the Australian Securities and Investments Commission (ASIC).

Senate report recommends improvements to encourage banking competition

The Senate Economics References Committee has released the report of its inquiry into competition in Australia’s banking sector, warning that the ‘flight to quality’ that occurred as a result of the GFC has caused concentration of the banking market and increased dominants of the ‘big four’ banks which has the potential for undesirable impacts on competition.

NSW "Black Hole" blows out: Premier

The NSW Premier, Barry O’Farrell, has claimed that the $4.5 billion ‘black hole’ in the State’s finances left by the former Labor Government has blown out by an extra $759 million.

Inquiry highlights need for SME access to finance

An inquiry by the Parliamentary Joint Committee on Corporations and Financial Services on access to finance for small and medium business has found that while SMEs do have access to finance, it is on terms less favourable than prior to the global financial crisis.