FINANCE AND INSURANCE
Definition and scope
The Finance and insurance industry includes all units mainly engaged in the provision of finance, in investing money in predominantly financial assets, in providing services to lenders, borrowers and investors, in providing insurance cover of all types, and in providing services to insurance underwriters and to people or organisations seeking insurance.
ANZSIC Division K, Finance and insurance, consists of three sub-divisions:
- Finance (sub-division 73)
- Insurance (sub-division 74)
- Services to finance and insurance (sub-division 75).
Summary of GSP(P) sources and methods
The methodology for Finance and insurance uses an output indicator approach to compile national GVA estimates. The output volumes then form the basis upon which volume measures of value added are derived at the division level.
Component national current price and volume data are collected at the industry sub-division level. These are sourced from the Australian Prudential Regulatory Authority (APRA) for Finance and Insurance and from the Economic Activity Survey for Services to finance and insurance.
These national data are allocated to state using hours worked, by state, by industry group from the ABS Labour Force, Australia. Both current price and volume measure output values are split by state and by industry sub-division.
Industry sub-division volume output data are then summed to derive a total for the industry which is then chained to compile the state volume output.
These state output indicators are used to derive volume measures of GVA for Finance and insurance. The state volume GVAs are benchmarked to the annual national industry volume GVA.
Results for Finance and insurance
Finance and insurance gross value added(a), Chain volume measures(b) |
|  |
| 2000-01 | 2001-02 | 2002-03 | 2003-04 | 2004-05 | 2005-06 | |
Values ($m) | |
| |
| New South Wales | 24 411 | 24 728 | 26 035 | 27 895 | 28 401 | 30 030 | |
| Victoria | 15 974 | 16 482 | 16 816 | 17 532 | 17 714 | 18 289 | |
| Queensland | 5 748 | 6 397 | 6 457 | 6 886 | 7 474 | 8 264 | |
| South Australia | 3 472 | 3 645 | 3 365 | 3 224 | 3 179 | 3 468 | |
| Western Australia | 3 945 | 4 055 | 3 845 | 3 762 | 3 734 | 3 892 | |
| Tasmania | 919 | 978 | 967 | 934 | 888 | 911 | |
| Northern Territory | 310 | 326 | 306 | 287 | 270 | 262 | |
| Australian Capital Territory | 804 | 780 | 649 | 594 | 638 | 767 | |
| Australia | 55 339 | 57 144 | 58 349 | 61 101 | 62 299 | 65 883 | |
Percentage changes from previous year (%) | |
| |
| New South Wales | -3.0 | 1.3 | 5.3 | 7.1 | 1.8 | 5.7 | |
| Victoria | 0.2 | 3.2 | 2.0 | 4.3 | 1.0 | 3.2 | |
| Queensland | 11.3 | 11.3 | 0.9 | 6.6 | 8.5 | 10.6 | |
| South Australia | 12.7 | 5.0 | -7.7 | -4.2 | -1.4 | 9.1 | |
| Western Australia | 8.0 | 2.8 | -5.2 | -2.2 | -0.7 | 4.2 | |
| Tasmania | 4.4 | 6.3 | -1.1 | -3.4 | -4.9 | 2.5 | |
| Northern Territory | 10.4 | 5.2 | -6.2 | -6.1 | -6.1 | -2.7 | |
| Australian Capital Territory | 10.5 | -3.0 | -16.7 | -8.5 | 7.5 | 20.2 | |
| Australia | 1.3 | 3.3 | 2.1 | 4.7 | 2.0 | 5.8 | |
| |
| (a) At basic prices. |
| (b) Reference year for chain volume measures is 2004-05. |
Finance and insurance gross value added(a), Chain volume measures(b)-Percentage changes
Finance and insurance gross value added(a), Chain volume measures(b)-Percentage changes
Finance and insurance gross value added(a), Chain volume measures(b)-Percentage changes
Finance and insurance gross value added(a), Chain volume measures(b)-Percentage changes
In 2005-06, all states had positive growth except for the Northern Territory. Queensland and the Australian Capital Territory had extremely strong growth at 10.6% and 20.2% respectively due to high increases in hours worked in the banking and general insurance industries relative to the rest of Australia.
Finance and Insurance gross value added, State shares - Current prices |
| |
| 1989-90 | 1994-95 | 1999-00 | 2003-04 | 2004-05 | 2005-06 | |
| % | % | % | % | % | % | |
| |
| New South Wales | 45.5 | 44.1 | 47.3 | 46.1 | 45.6 | 46.3 | |
| Victoria | 27.5 | 26.5 | 27.1 | 27.9 | 28.4 | 26.7 | |
| Queensland | 10.7 | 12.9 | 10.7 | 11.5 | 12.0 | 12.7 | |
| South Australia | 6.3 | 6.6 | 5.7 | 5.5 | 5.1 | 5.3 | |
| Western Australia | 6.4 | 6.9 | 6.0 | 6.3 | 6.0 | 6.2 | |
| Tasmania | 1.5 | 1.4 | 1.3 | 1.3 | 1.4 | 1.4 | |
| Northern Territory | 0.4 | 0.4 | 0.5 | 0.4 | 0.4 | 0.4 | |
| Australian Capital Territory | 1.6 | 1.3 | 1.4 | 0.9 | 1.0 | 1.0 | |
| Australia | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | |
| |
New South Wales accounted for almost half of Australian Finance and insurance GVA throughout the time series. Victoria accounted for 26.7% in 2005-06.
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