Given all the recent calamities, Queensland’s finance sector isn’t as bad as you might expect
It has been a tough few years in Brisbane: the GFC in 2007, the floods in 2011 and now a slowdown in the mining industry and 14,000 public sector job cuts.
All of these events will severely impact employment and GDP growth in Queensland for several more years, but does it mean there are no jobs available? Yes and no – you might not be able to find the role you want, but there are openings out there if you are willing to be flexible.
Prospects in the finance sector aren’t as bleak as you might expect; that is if you have a solid track record. Many of the big four banks are looking for experienced business bankers and are forced to fight for talent following the recent exodus of staff after a disappointing bonus season.
The main problem within the big four appears to be staff morale; employees are working long hours trying to achieve potentially unobtainable targets and being performance managed as a result. With no bonus in sight a new job is an appealing option, if you can find one.
Financial planning is quiet for the big four. However, there is still demand for self-employed independent financial advisors.
Mortgage brokers remain busy, probably because they can write loans to second-tier lenders. This is something their big four competitors can’t do and as a result their mortgage sales have slowed down considerably. This decrease is also driven by a reduction in property values and serviceably requirements (both linked into credit management decisions).
So, where to from here?
We all continue to blame Europe, China and the US for the challenges we face locally. To some extent this is right, however, people will still buy and sell homes, retire, need insurance, and borrow to invest. These activities will keep the financial services market in Brisbane moving (whether expanding, contracting, or stagnant).
It appears that many employers now have the luxury of choice when selecting staff, a luxury that they have not had for many years. It will be interesting to see how companies take advantage of this opportunity in a market traditionally known for its skills shortages.
The author is a Brisbane-based finance professional. The views expressed are his own and not those of eFinancialCareers.
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