The financial services industry represents the single largest component of all sectors in the Australian economy (by market capitalisation). In recent decades, the financial services industry has witnessed rapid and extensive change, emanating from advances in technology, globalisation, innovation in product development and service delivery, increased competitive pressures, and continued market deregulation. This publication provides information on the role, contribution and importance to the Australian economy of the four key sectors within Australia's financial services industry-Capital Markets, Investment Management, Banking, and Insurance. Also described are: recent developments that have impacted on each of the sectors; the major participants in the sectors; and international comparisons that assist a better understanding of how Australia's financial services industry compares globally. This study was a collaborative project involving AXISS Australia, Capital Markets CRC Limited and SIRCA Limited.