It’s official – the financial services industry is among the fastest-growing sectors of the Australian economy.

Financial Services & Regulation Minister Joe Hockey says the sector is expected to have grown 5.2% by the end of this financial year.

He was commenting on IBIS research published last week by Business Review Weekly, which said finance and insurance will account for 15.9% of the $1.9 trillion revenue produced by Australia’s industries this financial year. This compares with government administration and defence (14.1%), manufacturing (13.1%), wholesale trade (12.8%), and retail trade (10.1%).

IBIS said finance and insurance are Australia’s biggest revenue-earners and will generate 6.9% of the country’s GDP. Not only that, finance and insurance will be the second-fastest growing sector of the economy over the next five years. Only communications will grow faster.

Not surprisingly, Mr Hockey believes the Government should take much of the credit. “This is proof positive that the reforms have made financial services one of the lynchpins of the Australian economy, and a sector that generates tens of thousands of jobs.

“Far from being a quarry or a holiday destination, Australia is a growing hub for financial services and a centre that can provide the world’s financial operations with access to the Asia region.”