I, like many other Australians, have been watching the progress of new U.S. President Obama, paying particular attention to his plans to stimulate the U.S. economy, free up credit, and limit executive remuneration in the finance sector.

The Australian Government’s moves last year, to guarantee deposits and wholesale funding in Australian deposit taking institutions, underpinned the stability of our sector. According to new research released this week, the Australian financial services sector is holding up well in comparison to global counterparts.

International management consulting firm Oliver Wyman released its 12th annual State of Financial Industry report, citing the strength of some our major financial institutions as being the key to this resilience.

Yet, despite the government’s assistance to the sector, and its relative strength and stability in a global context, some Australian finance sector employers are still intent on slashing jobs, offshoring work, and keeping pressure on staff to sell credit products to customers.

The Australian Government is to be commended for encouraging Australian business to keep Australians in work, but should take the opportunity to attach conditions to the tax-payer funded assistance, to ensure finance sector jobs in Australia are maintained.

In the lead up to Australia Day this year, FSU members around the country heard first hand the union’s plan to secure Australian finance sector jobs and support the workers who keep our industry strong. 

In calling on employers in our sector to Invest in Australia, the FSU is seeking:

• Real Choices for Workers - so you can decide what is best for you and your future
• Skills Fund - to cover the cost of training, re-training and education
• No more offshoring – keep finance jobs in Australia
• Better payments for employees - for finance workers who do lose their jobs to help them get back on their feet and back into work similar to arrangements for manufacturing workers.  

We’re starting the conversation in finance sector workplaces, we’re talking to your employers, and we’re lobbying the Federal Government, so we can keep our sector strong in these tough times.

Read the FSU’s plan here.