Finance and insurance services represent over 4.5% of all imports in the Central West NSW region. There are opportunities within this sector to replace the significant amount of current imports and support a growing resident and business population.
Typical businesses in this industry include banks and credit unions, superannuation providers, insurance companies, investment advisors, stockbrokers and wealth management firms.
The range of services provided by this sector include financial transactions involving the creation, liquidation, or change in ownership of financial assets, and/or in facilitating financial transactions.
Source: Australian Bureau of Statistics, NSW Central West Region Export/Import Contribution Study, 2014.
The Finance and Insurance Services sector continues to demonstrate opportunities for growth in the region to meet current and future market demand.
The Finance and Insurance Services sector’s Gross Regional Product Contribution is $275.78 million, accounting for 2.9% of the region’s GRP, lower than the State average (13%).
The sector employed approximately 1,051 residents across the Central West region in 2011 representing 1.4% of the region’s resident workforce.
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Industry Gross Regional Product Contribution
The Financial and Insurance Services sector accounted for 2.9% of the region’s GRP.
The import value of the Financial and Insurance Services sector represents 9.2% of total imports.
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Business entities are actively trading in the Financial and Insurance Services sector.
People are employed in the Financial and Insurance Services Sector.
Sources: ABS, NIEIR, A.P. SHEERE CONSULTING, NSW Central West Region Export/Import Contribution Study, 2014.
Forecast trends point to continued growth in the Finance and Insurance Services sector in order to meet current and future demand from businesses and residents, commensurate with a growing and ageing population.
Some opportunities that have been identified include:
- Import replacement opportunities in respect of Financial and Insurance services (which is one of the highest categories of regional imports by value).
- Opportunities for businesses to establish and invest within this sector due to the lack of representation of this sector in the region.
- Niche service offerings in line with demographic trends and requirements of an ageing population, particularly in the 65 years and over cohort.
Source: NSW Central West Region Export/Import Contribution Study, 2014, A.P. SHEERE CONSULTING