Royal Commission hits financial services employment

Sunsuper/Sunsuper-Australian-Job-index/Banking-Royal-Commission/

22 January 2019
| By Mike |
image
image image
expand image

The Royal Commission has taken its toll on the financial services industry, with new research revealing that employment in the sector has shrunk by nine per cent when compared to last year.

The latest Sunsuper Australian Job Index, released today, revealed that while the permanent job market rose by 11.4 per cent over the period, the weakest performing industry was financial and insurance services which recorded a 9.6 per cent decline.

Commenting on the research, Sunsuper chief economist, Brian Parker said it was hardly surprising that financial services had emerged as the worst performing industry in 2018 when it came to employment demand.

“The Royal Commission and its aftermath seem to have an ongoing impact on employment demand and career opportunities in the sector,” Parker said. “The only comfort from these results is that demand started to stabilise in the last quarter of 2018 (growing 1.6 per cent) suggesting that the worst may be over and some rebuilding may occur in the year ahead.”

By comparison to financial services, healthcare and social assistance were the stand-out areas with employment demand expanding to 34.2 per cent, reflecting 12 successive monthly rises.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

3 weeks 6 days ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 3 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

2 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3