Australia’s producer services sector
Producer services are the most valuable of Australia’s services, worth $AU369 billion of Australia’s GDP in 2016, the largest contributor to the national economy [ABS18]. Overall, producer services in Australia was worth 22 percent of GDP, employing more than 2 million people, and is expected to continue to be a core sector of Australia’s economy in the future [ABS18].
Australia’s four major banks are among the world’s largest banks by market capitalisation, and all rank in the top 25 globally for safest banks. They are also some of the most profitable in the world [AICFS18]. The strength of Australia’s financial services is underpinned by a mandated retirement savings scheme (superannuation), highly skilled and multilingual workforce, and advanced business infrastructure. Deep and liquid financial markets and regional leadership in investment management make Australia one of the major centres of capital markets activity in Asia. Underpinning much of Australia’s financial services strength is the growth of its investment funds sector. Australia has one of the largest pools of contestable funds under management globally, valued at approximately $AU1.3 trillion ($US850 billion) [AICFS18]. It is estimated 14.1 million Australians have a financial stake in the property industry through their superannuation funds [PCA15].