The Finance Sector Union today called on the Rudd Government to flex some regulatory muscle in the finance industry and learn from past mistakes.  It wants the Government to attach tough conditions to any possible sale of AXA insurance to protect jobs and consumers.

The union, which represents workers at AXA and NAB, which wants to buy it, said the Government can’t afford to ask nicely because it is clear finance companies do not listen.

Leon Carter, the FSU’s National Secretary said “With AXA, the Government needs to show it’s learned and attach tough conditions that protect consumers and workers. “Australia can’t afford less competition in the finance sector, or more jobs sent off shore.”

Mr Carter said NAB’s proposed purchase of AXA will be a major test for the ACCC.  Following Westpac’s galling mortgage rate hikes, the ACCC admitted it might have done things differently if it knew how the merged bank would behave.

“We can’t afford for the ACCC to make another merger mistake.  And Australians are tired of seeing a Government let the finance industry do what it wants,” said Mr Carter.

He called on the Rudd Government to attach strict prohibitions against off-shoring current AXA jobs, or laying off current AXA workers.  He also said serious conditions need to be attached to prevent NAB using large market share in retirement savings from acting against competition.

“The last thing Australia needs is for NAB to do to superannuation what Westpac did to mortgages,” said Mr Carter.  “We call on the Government to help prevent that now, and to tell NAB that it simply isn’t allowed to send AXA jobs out of Australia.”

About 2,000 Australians work at AXA, with most at the company’s Melbourne headquarters.  The FSU recently signed an enterprise agreement with the company, which Mr Carter said he expects the Government to require any new owners to accept.

Spokesperson: Leon Carter 0409 946 597
Media: Leanne Shingles 0423 821 773