Download Offshoring Media Fact Sheet updated Sept 2011

This meeting of National Conference rejects the recent announcements by Australian banks and finance companies that they intend to resume the offshoring of Australian functions and jobs to boost profits through the utilization of cheaper labour. We completely reject the assertion made by WBC’s CEO Gail Kelly (AFR 21/6/11) that this strategy is somehow good for both employees and customers and we affirm our opposition to offshoring in the finance industry.

In opposing the offshoring of Australian finance sector functions and jobs, National Conference notes the recent offshoring announcements made by industry is against the backdrop of:

2011 half year profit results of WBC ($3.17 billion), NAB ($2.7b), CBA ($3.3b) and ANZ ($2.8b) record profits last year of $22 billion combined by the four major banks WBC and CBA writing record number of loans during 2008 and 2009 on the back of the Australian Government’s stimulus package for first home buyer grants ($14K) and new home grants ($21K), the Australian Government’s bank deposit guarantee and wholesale funding scheme that shored up Australian banks during the GFC the extraordinary rise in Executive salaries across our sector the heavy community reliance on the professionalism and compassion shown by finance sector workers when assisting those in our community affected by recent floods and fires.

We believe that organizations that derive their profits from the Australian community should demonstrate real corporate & social responsibility by investing back into the community.

Consequently, National Conference resolves to commence an immediate public, political and industrial campaign to achieve the following outcomes:

• The rejection of offshoring of Australian finance industry functions and jobs
• Australian finance companies committing to investing in the future skills and job needs of the domestic finance sector
• Development of a long term industry plan for Australia’s finance industry.

Our campaign strategies will include initiatives that:

• engages with the community
• engages with politicians and political parties
• activates the FSU membership to participate in the campaign across our sector
• builds organisational alliances
• requires industry employers to reach agreement with the union that delivers on our objectives.

National Conference calls on the National Secretary to take all necessary steps to implement this plan as a matter of urgency.