The Australian financial sector performance has been strong even during the coronavirus pandemic. The banking sector was able to show resilience due to the improvements made to the sector following the 2008 financial crisis. Banks continued to provide liquidity despite the varying performance of the economy.
The financial sector involves banking, asset management, and insurance companies. Over the past month, the financial sector has performed increasingly well in the stock market. The S&P/ASX 200 Financials index went up 3.12% over the past month, and it showed a weekly improvement of 0.25%. However, the index has declined 9.25% over the previous year.