The financial and insurance services industry is projected to have 17,500 new workers enter the workforce by 2028.
Workforce projections: 3-year and 10-year outlook
Workforce projections – industry
Time period | Employment growth | Retirements | New workers expected5 | ||
|---|---|---|---|---|---|
No. | Share | No. | Share | ||
2025 to 2028 | 9,700 | 56% | 7,800 | 44% | 17,500 |
2025 to 2035 | 32,200 | 54% | 27,600 | 46% | 60,000 |
Workforce projections – Victoria
Time period | Employment growth | Retirements | New workers expected5 | ||
|---|---|---|---|---|---|
No. | Share | No. | Share | ||
2025 to 2028 | 143,000 | 38% | 230,000 | 62% | 373,000 |
2025 to 2035 | 650,000 | 45% | 804,000 | 55% | 1,454,000 |
Note: Totals may not sum exactly due to rounding.
New workers expected⁵ by industry subdivision from 2025 to 2028
Industry subdivision | Number of workers | VET | Higher education | No post-school qualifications |
|---|---|---|---|---|
Finance | 7,400 | 16% | 64% | 20% |
Auxiliary finance and | 6,800 | 22% | 63% | 15% |
Insurance and superannuation | 3,200 | 24% | 55% | 21% |
Occupations with high new workers expected⁵ with direct TAFE study pathways⁶ from 2025 to 2028
Occupation | New workers expected5 | TAFE pathways into occupation6 | Available under Free TAFE7 |
|---|---|---|---|
Credit and loans officers | 1,840 | Certificate IV in Finance and Mortgage Broking | - |
Financial investment advisers and managers | 1,400 | Higher education qualification required | - |
Bank workers | 1,100 | Certificate IV in Finance and Mortgage Broking | - |
Financial brokers | 1,100 | Diploma of Finance and Mortgage Broking Management | - |
Certificate IV in Finance and Mortgage Broking | - | ||
Insurance, money market and statistical clerks | 740 | Higher education qualification required | - |
Inner metropolitan (within metropolitan Melbourne) and Barwon (within regional Victoria) are expecting the highest share of new workers
New workers expected⁵ for financial and insurance services, by region⁸, from 2025 to 2028
New workers expected – industry
| Employment growth | Retirements | New workers expected 2028 | Share of total new workers expected |
|---|---|---|---|---|
Industry | 9,700 | 7,800 | 17,500 | 5% |
New workers expected – Metropolitan Melbourne
| Employment growth | Retirements | New workers expected 2028 | Share of total new workers expected |
|---|---|---|---|---|
Metropolitan Melbourne | 9,100 | 7,000 | 16,200 | 92% |
Inner metropolitan | 6,600 | 4,900 | 11,500 | 71% |
Eastern metropolitan | 530 | 550 | 1,100 | 7% |
Western metropolitan | 670 | 350 | 1,000 | 6% |
Inner south-east metropolitan | 460 | 530 | 990 | 6% |
Southern metropolitan | 400 | 400 | 800 | 5% |
Northern metropolitan | 430 | 300 | 730 | 5% |
New workers expected – Regional Victoria
| Employment growth | Retirements | New workers expected 2028 | Share of total new workers expected |
|---|---|---|---|---|
Regional Victoria | 610 | 750 | 1,400 | 8% |
Barwon | 310 | 240 | 560 | 41% |
Gippsland | 120 | 100 | 220 | 17% |
Loddon Campaspe | 60 | 160 | 220 | 16% |
Central Highlands | 70 | 70 | 140 | 10% |
Ovens Murray | 70 | 40 | 100 | 8% |
Goulburn | 10 | 40 | 50 | 4% |
Great South Coast | -10 | 40 | 30 | 2% |
Mallee | -10 | 40 | 30 | 2% |
Wimmera Southern Mallee | 0 | 20 | 10 | 1% |
Note: Totals may not sum exactly due to rounding.
- 92 per cent of new workers expected for the industry will be located within metropolitan Melbourne, with inner metropolitan and Eastern metropolitan with the highest share of new workers
- 8 per cent of new workers expected for the industry will be located within regional Victoria, with Barwon and Gippsland with the highest share of new workers.
Updated