Australian Technology shares – the more things change, the more they remain the same.

“The more things change, the more they remain the same” is a well-known quote from French writer Jena-Baptiste Alphonse Karr.

These words are still relevant 250 years later as the Technology sector in Australia has made a massive shift in the last two years, to become the market sector housing some of the ASX’s best growth stories.

Computershare (CPU) used to dominate the sector and dwarf the movements of the Technology index’s other constituents. Today CPU sits in fourth position at $8.7b, behind Xero (XRO) at $8.8b, AfterpayTouch (APT) at $9b and Wistech Global (WTC) at $11b.

Interesting that three of the four Technology companies operate in the financial services space (WTC is the exception), which is still the largest segment of the Australian share market dominated by the Big Four Banks.

Investors could be excused for feeling that while the Technology sector has rapidly grown and captured investor’s attention, the Australian share market is still heavily dependent upon the underlying financial services and mining companies.