The advanced skills of Australian financial services workers provide a powerful comparative advantage over our Asia-Pacific counterparts, according to a new report.

Latest figures from the Australian Trade Commission (Austrade) show Australia’s financial services sector employs 400,000 people, well ahead of Hong Kong (210,000) and Singapore (158,200).

Austrade’s latest information highlights Australia’s “excellent education and training facilities, a strong regulatory environment, sophisticated business infrastructure and a large skilled immigration intake”.

“Taken together, they provide a powerful competitive advantage for multinational companies and financial institutions looking to service burgeoning markets in the Asia-Pacific region.”

Austrade says 65% of people employed in financial services in Australia have post-school qualifications.

Sydney now employs around 45% of the number of financial sector employees currently working in London or New York, the report says.