Melbourne's financial services sector employs 120,000 as superannuation giants anchor the economy

Melbourne's financial services sector employs approximately 120,000 people — the city's largest private sector employment cohort — and generates an estimated $38 billion in annual economic activity as the headquarters of NAB and ANZ, the domicile of Australia's largest industry superannuation funds, and the home of a significant insurance, investment management, and financial technology ecosystem that has grown around the major institutions.

The superannuation sector is the most distinctive component of Melbourne's financial services landscape, with AustralianSuper, HESTA, Hostplus, Cbus, and REST all headquartered in the city and collectively managing more than $800 billion in member funds. The funds' investment decisions, operational employment, and the advisory and service ecosystem that surrounds them generate economic activity at a scale that is rarely appreciated outside the financial services industry.

Collins Street's financial services strip remains Australia's second financial address, housing the Melbourne offices of global investment banks, fund managers, and financial advisory firms that cluster near the major Australian institutions. The concentration of financial intelligence, capital, and professional networks on Collins Street and its surrounding blocks creates collaboration and deal-flow dynamics that make physical presence in Melbourne valuable for financial services firms competing for institutional mandates.

Melbourne's fintech sector has grown within the ecosystem created by the major financial institutions, with several Melbourne-based financial technology companies having scaled to the point of national and international market presence through the access to institutional capital, talent, and partnership opportunities that the city's financial services concentration provides. The Melbourne fintech community's annual deal count has grown 45 per cent over three years.

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