In a marker of trends bound to be reflected more widely across the financial services industry, payrolls and employment numbers in what the ABS labels ‘Auxiliary finance and insurance services’ are – once again – running hard.

Employment in this sector climbed to 180,000 as at June 2023, up from 169,000 one year earlier and 155,000 two years earlier.

Total payroll for the financial sector were $24.2 billion over the year to June 2023, a rise of eight per cent in one year, comfortably ahead of inflation and the economy-wide rises in wages.

On the other hand sector revenue is also skipping along, up six per cent to $74 million over the last year.

Auxiliary finance is a profitable financial sub-sector, but one where this sector’s profits have been in reverse. The ABS said aggregate EBITDA fell to $14.4 billion over the year to June 2023, down from $16.3 billion in 2022.

Industry valued added was stable at $39.7 billion, the annaul ABS publication Industry Australia shows.