The Financial Services and Insurance Gross Value Added (GVA) in Australia saw varying growth from 2013 to 2023. Notable fluctuations include a peak increase of 4.04% in 2014 and a significant decline to 0.39% in 2017. From 2018 onward, the industry displayed a steady positive trend, with 2023 standing at 3.04%. The year-on-year variations in 2022 and 2023 showed slight decreases, while the five-year CAGR leading up to 2028 is projected at -0.32%, indicating a marginal average annual decline.
Future trends to watch for:
- Technological advancements and their impact on traditional financial services and insurance models.
- Regulatory changes and their effects on market dynamics.
- Macroeconomic factors like inflation and economic growth influencing consumer behavior.
- Climate change and increased focus on sustainable finance and risk management.
Latest reports
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