Thousands of FSU members in Australian banks are facing uncertainty with major banks using the global financial meltdown to launch opportunistic takeovers. The big banks who have been circling their smaller competitors are now swooping in for the kill, with scant regard for workers or the community.

The FSU is calling for a moratorium on bank mergers until the federal parliament’s House Economics Committee Inquiry into Competition in the Banking sector is completed.

The government must step in and stop the fire-sales of BankWest, Suncorp and St George. It’s time to intervene with responsible long-term thinking, and put an end to the short-term thinking that has led to the current financial turmoil.

The Commonwealth Bank (CBA) today confirmed it is in exclusive talks with British mortgage lender HBOS about a potential takeover of BankWest and Suncorp has advised the market that they have interest in the banking and wealth management arms of the company. This of course comes on top of Westpac’s bid for St George.

When decisions are made with only short-term opportunism in mind, we face job losses, reduced competition in the market and uncertainty in the banking sector.

The only certainty for FSU members is that you do have rights at work. Your union can provide you with advice on your industrial rights, and assistance to ensure you can access your entitlements.

If you need advice or assistance, call the FSU Member Rights Centre on 1300 366 378.