Professional services

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.

Useful websites

Industry associations