Australia’s sophisticated financial services sector is the nation’s largest industry, representing a hub for investment in the Asia-Pacific.
The regulatory system in Australia is geared toward providing a stable and competitive environment for businesses operating in the financial services sector. Australia has a set of well-developed financial markets, a highly skilled financial workforce and a reputation as a regional leader in the area of investment management.
The strength of the financial services sector in Australia is shown by the economy’s resilience. Australia was one of the strongest economic performers during the global financial crisis of 2007-09, managing to maintain confidence amongst businesses, consumers and investors and avoid recession. Part of Australia’s strong response to the recent global economic downturn can be attributed to the nation’s banking system: all four major banks rank in the world’s 20 safest banks (i.e., those with the highest credit ratings). Australia’s financial services sector also benefited from the swift and effective policy response to the crisis that was delivered by the Australian Government. This graph shows the steadiness of Australia’s financial services industry during the global financial crisis from 2007-09 and renewed growth from 2010 onward.
Australia’s already highly developed financial services sector is committed to ongoing improvement through government-industry collaboration, boosting its ability to service rapidly growing pools of funds in the Asia-Pacific now and into the future.