Professional services contributes 18 per cent of Victoria’s total economic output, the largest contribution of any sector.
Over the last decade, Victoria’s professional services sector has grown substantially to become the largest segment of the Victorian economy. The sector plays a vital role in the Victorian economy accounting for A$65 billion of Victoria’s total economic output and employing over 380,000 Victorians. The sector is internationally competitive and exports over $2 billion worth of services each year.
A diverse range of businesses fall within the definition of professional services, which includes industry groups ranging from legal, architectural, engineering, accounting, life insurance, superannuation and financial asset investing to scientific research and management consulting services.
Trusted funds management
Thanks to its compulsory retirement savings (superannuation) system, Australia has funds of A$2.7 trillion under management, representing the third largest amount of funds management in the world. The funds management sector is stable and growing, with forecasts predicting the pool of superannuation funds to increase to A$9.5 trillion by 2035.
Victoria is a leading market for funds management in Australia with six of Australia’s top twelve pension funds and 60 per cent of Australian industry pension funds under management. Victoria is also home to Australia’s sovereign wealth fund, the $120 billion Future Fund, as well as the Victorian Funds Management Corporation and Treasury Corporation Victoria, with $51 billion and $50 billion funds under management respectively. With Australia’s managed funds market the third largest in the world, Victoria’s capabilities are world leading.
World-leading finance and insurance sector
Financial and insurance services account for over 10 per cent of Victoria’s total economic output and employ over 118,000 Victorians. Victoria is home to two of Australia’s big four banks and Australia’s two largest health insurers, as well a number of leading financial research organisations, such as the Australian Centre for Financial Studies.
Strong pipeline of design and engineering opportunities
With Melbourne consistently ranked one of the world’s most liveable cities, the Victorian Government is committed to ongoing investment in the development of our world-class infrastructure. Victoria’s strong pipeline of major infrastructure projects creates a wealth of future opportunities for Victoria’s design, architecture and engineering industries.
A sophisticated legal sector
Victoria has a sophisticated legal sector, with 27 per cent of Australian legal firms operating in Victoria. Australia’s legal system and governance ranks among the best in the world, providing a secure investment and business environment.
You can learn more about Victoria’s professional services industry from the Future Industries – Professional Services Sector Strategy.
- Actuaries Institute
- Australian Banking Association
- Australian Finance Industry Association
- Australian Institute of Architects
- Australian Institute of Landscape Architects
- Australian Institute of Superannuation Trustees
- Association of Financial Advisers
- CPA Australia
- Customer Owned Banking Association
- Engineers Australia
- Financial Services Council
- Financial Planning Association of Australia (FPA)
- Financial Services Institute of Australasia (Finsia)
- Institute of Chartered Accountants in Australia (ICAA)
- Institute of Certified Bookkeepers
- Institute of Management Consultants (IMC)
- Institute of Public Accountants (IPA)
- Law Council of Australia
- Law Institute of Victoria
- Mortgage and Finance Association of Australia (MFAA)
- National Credit Providers Association (NCPA) (formerly National Financial Services Federation)
- National Insurance Brokers Association of Australia
- Property Investment Association of Australia Inc. (PIAA)
- The Tax Institute