The government has called an election and is now in caretaker

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25 September 2000

# 7. What is making Australia a global financial centre?

DID YOU KNOW …

Our finance sector is bigger than mining

  • In 1998-99 Australia's finance and insurance sector contributed 6.2 per cent to GDP. It has remained at around 6 per cent of GDP since 1996-97.
  • The finance and insurance sector is the 4th largest sector in the Australian economy. The sector is larger than both agriculture (3.3 per cent) and mining (4.0 per cent) sectors.
  • In 1998-99 turnover of the Australian financial markets was over $A38.4 trillion ($US26 trillion), an increase of 11 per cent from the level in 1997-98.

Composition of the Australian economy (1998-99)

Composition of the Australian economy (1998-99)

Source: AFMA Annual Report, ABS Cat. 5206.0, Australian National Accounts (National Income, Expenditure and Product) table 38.