Professional Services and Finance

Sector Fact Sheet

Melbourne has a long established, well regulated and diversified professional services sector. Its competitive reputation is based on a highly skilled professional workforce, a world-class education system, a sophisticated banking industry, a large asset management sector and a first class regulatory framework.

Professional services play a vital role in the Victorian economy. This highly innovative sector has invested over $1.6 billion in research and development activities which is supported through key agencies LaunchVic, Business Victoria, Global Victoria, Invest Victoria, Melbourne Entrepreneurial Centre and Monash University’s central startup hub, The Generator.

PROFESSIONAL SERVICES CREATES

MAKING THIS VICTORIA’S LARGEST INDUSTRY SECTOR

SOPHISTICATED BANKING SECTOR

Two of the four major Australian global banks, NAB and ANZ, are based in Melbourne, with Westpac and the Commonwealth Bank also having significant operations here. These four banks all rank in the top 35 of the world’s 50 safest banks, and are amongst the most profitable banks globally. Bendigo Bank, one of Australia’s only two regional banks, is also headquartered in Victoria.



A number of important foreign-owned financial institutions including two of the world’s largest banks – the Industrial and Commercial Bank of China and China Construction Bank have recently set-up representation in Melbourne.


A LEADING INSURANCE SECTOR

Victoria is home to 8 of Australia’s top 15 industry super funds, international investment firms including Franklin Templeton, Aliier, Credit Suisse, Goldman Sachs, JP Morgan, one of the world’s largest private equity firms TPG and Australia’s largest health insurers Medibank, Bupa and Australian Unity.

FUNDS MANAGEMENT

Melbourne is at the forefront of Australia’s superannuation and asset management industry. Australia has the world’s fourth largest pension market valued at US$1.9 trillion and has experienced one of the highest growth rates of pension fund assets in the world.

MELBOURNE’S FINTECH ECOSYSTEM

Melbourne has a vibrant grassroots fintech network that is supported by a number of key groups and annual events.

Key industry associations include Fintech Australia, Fintech Victoria, the Melbourne Fintech Meetup group and the Melbourne Blockchain Meetup group. Melbourne is also home to a growing number of innovation hubs and co-working spaces, like the York Butter Factory, Inspire 9, AngelCube and the Melbourne Hub, and there is strong industry support for the sector with high levels of collaboration.

Melbourne is the only Australian city that is among the best 22 cities for tech companies in the world. Victoria’s fintech sector is leading innovation in banking and payments, credit and lending, insurance and wealth management. Three Victorian fintech companies, Airwallex, Judo Bank and Afterpay Touch, are among the world’s top 100 fintech innovators.






CONTACT

Email us at:

bd@melbournecb.com.au