Issue No.6 of 2009
Thursday 19 March

Rudd must force banks to change their ways

As the global financial crisis reaches Australia, the Rudd Government's rhetoric and response are at odds. In magazines, Mr Rudd writes about the collapse of casino capitalism and how government can save markets from themselves.

In office, Mr Rudd resolutely refuses to force banks to change their ways. This, despite them accepting taxpayer support, and ignoring the lessons that banking crises elsewhere teach. Namely, that more regulation creates healthier banks; and loading people up with debt they don't need creates vast economic and social problems.

For years, the Finance Sector Union (FSU) has urged more stringent rules for Australian banks. Often, as a lone voice defending the four pillars policy that stops our big banks from merging. It is both ironic and validating that people who railed against the policy now say it has been instrumental in ensuring Australian banks have remained resilient to the global financial crisis.

 Click here to read more

This article appears on the ABC website in the Opinion section, and attracted 100 comments before the forum was closed by the moderator. You can read the article and the comments here:

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Offshoring at ANZ 

Media reports last week suggest ANZ will offshore 500 jobs to India in the next six months. The FSU has been in touch with the bank, who won’t confirm this number and have not provided specific details. The union will continue to press for details, and will advise FSU members as soon as solid information becomes available.

FSU opposes the practice of offshoring finance sector jobs.  In view of the current economic crisis and the guarantee of tax-payer support for Australian banks, ANZ should commit to - and invest in - their Australian workforce, and keep jobs in Australia.

Click here to read more

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Fiserv non-union Agreement looking shaky 

The FSU is waiting on final numbers from this week’s ballot on the Fiserv non-union Agreement, but early indications point to a substantial ‘No’ vote. FSU will advise members at Fiserv of the final result as soon as they are known. If the ballot knocks out the non-union Agreement, FSU will seek to negotiate a better deal for Fiserv members. Watch this space.

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Media round-up 

The FSU is your voice in the workplace, at the bargaining table, in Canberra, and in the national media. Stories in the last fortnight have been predominantly about job losses in the finance sector, with the ANZ offshoring story getting the most media coverage; FSU appeared on all television news bulletins on Friday 13th March, the story hit the front pages of most of the nation’s newspapers on Saturday 14th March, and was reported in Chinese, Malaysian, United States and New Zealand media in the following days. Here’s a small selection of your union in the news:

 Rudd should put conditions on banks: union – The Age, Friday 13th March

 Finance Sector Union moves to stem bank job losses – Courier Mail, Sunday 15th March

 No relief as National Australia Bank cuts staff -  Herald Sun, Tuesday 17th March

 Check out the Herald Sun cartoon on ANZ offshoring

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Massive Melbourne International Comedy Festival ticket giveaway 

We could all do with a laugh! Thanks to our friends at Comedy @ Trades, the FSU has a number of Melbourne International Comedy Festival tickets to give away.

For one lucky member we’ve got 5 double passes to any five shows staged at Trades Hall during the festival (that’s right people, 10 tickets! Estimated value $200+) and five runners up will win 1 double pass each.

How to enter:

1. Thinking about media reports of ANZ offshoring Australian jobs, write a caption for this photograph of ANZ CEO Mike Smith. The funnier the better.

2. Visit the Comedy@Trades website and choose 5 shows that you wish to see (Wed and Thurs performances only)

3. Email your caption, and your list of five shows, together with your FSU membership number to by close of business Wednesday 25th March.

4. Winners will be notified by return email by Friday 27th March. As is it is difficult to reallocate these tickets, you must be able to attend shows on the dates you nominate.

Good luck!

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Need to rent a car? 

Choose from two special car rental deals available to you
through Member Advantage.

Deal 1
• Europcar’s best rate of the day with a 5% discount
• Standard excess on the insurance (damage liability fee)

Deal 2
• Reduced excess on the insurance (damage liability fee)
• Great negotiated rates
Visit to make an
online booking, or call Member Advantage on 1300 853 352.

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FSU on Facebook 

Don’t forget to check out your union’s page on Facebook, and becoming one of our growing number of fans! Be the first to start a discussion and network with finance sector colleagues.

 Click here to visit FSU on Facebook

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