Finance brokers numbers surge by over 50% in a decade

The number of financial brokers in Australia has grown significantly over the past decade, increasing by 53.9 per cent from 2014 to 2024, according to new data released by KPMG Australia. The sharp rise highlights a changing landscape in how Australians engage with financial services, particularly in the mortgage and lending sectors.

In 2014, there were 28,000 financial brokers employed nationwide. That number rose to 43,100 in 2024, making financial brokers one of the fastest-growing occupations over the past 10 years.

KPMG’s analysis, which reviewed more than 350 job titles to map occupational trends, found that shifts in consumer preferences and the digitisation of banking have contributed to the expansion of the broker profession.

“Ten years ago, there was still quite a dependence on going into a physical big four bank branch to complete your transactions,” said KPMG urban economist Terry Rawnsley.

“Whereas now, people have become much more comfortable with having a mobile broker come to their home rather than having that physical office, which has become less important.”

Rawnsley said the popularity of finance brokers is closely tied to broader trends in the housing and lending markets.

“While the rates of investment properties haven’t shifted much over the period, the average loan amount has increased significantly and people have larger mortgages, bigger financial stress,” he said.

“Traditionally, people would be stuck with the same provider for five years; now they can change rates every couple of years.

“Now they might call their broker regularly in pursuit of the best deals and the brokers help them navigate through all the various products and bargain for what’s best suited for them.”

The surge in broker numbers also reflects a growing number of Australians entering the housing market and more businesses seeking financial support.

“The growth in financial services reflects that more people in the country have been trying to get into the housing market, while more businesses have been looking for that financial support,” Rawnsley said.

Real estate agents similarly experienced strong growth due to a shift in property market trends, increasing from 83,900 in 2014 to 108,700 in 2024 or 29.6 per cent.

Rawnsley said that real estate job numbers saw their strongest post-COVID-19 growth in 2023–24.

“Most years the profession grew about 3 to 4 per cent, then during COVID it went down to sort of one and a half per cent before picking up again,” he said.

“In 2023-2024, it was up 4 per cent over that 12-month period, which was the fastest growth.”

He said the pandemic era drove people toward “sea change and tree change” lifestyle moves, particularly into regional areas, boosting demand for real estate services.

The KPMG report also highlighted broader workforce shifts across the country. Occupations in the care economy – especially aged care and childcare – led job growth between 2014 and 2024. Other fast-growing sectors included technology, marketing, HR, hospitality, and delivery services.

In contrast, roles such as executive assistants, travel agents, farmers, print manufacturing workers, and telecommunications installation and repair workers were among those in decline.

Australia’s workforce grew 22.9 per cent during the past decade, rising from 11.4 million to 14 million people. The 10 fastest-growing occupations alone accounted for nearly 40 per cent of that total growth.

“The surge in care economy occupations reflects a jobs market responding to Australia’s changing demographics,” Rawnsley said.

“As the older Baby Boomers enter their late 70s and early 80s, the need to rapidly expand aged care and related health services grows stronger.

“Meanwhile, increased participation of women in the workforce has meant the demand for childcare has similarly increased over the last decade.”

This article appears originally on Broker Daily sister brand REB and has been slightly altered for editorial purposes.