General news

The conference supported the FSU’s calls for greater regulation around the use of AI, and made a resolution to:  

• note the largely unregulated use of AI in workplaces  
• acknowledge the risks of AI on workers and our community 
• recognise its potential benefits 
• demand its efficiencies are fairly shared with workers 
• urge governments to ensure it is used fairly and transparently.  

Julia told the conference that the thread through these issues is that finance workers are working harder and longer. 

“AI is improving efficiency but all of these gains are going to bosses with no benefit to workers,” she said.   

“Let’s keep talking about the actions we can take to ensure the productivity and capacity gains from AI are shared with workers through pay increases and shorter working weeks.” 

The call for a shorter working week was strengthened by FSU Delegate Adam Fletcher, who told the conference there would be many benefits to a four-day working week. 

“The benefits of improved productivity should be shared with workers and one of the ways to do this is through shorter working hours. Overseas experience is that the health and wellbeing of workers is dramatically improved when they have more time for personal and leisure purposes,” he said.  

Indeed, we’ve already seen the positive results of a four-day work week via a trial at Medibank.  

Macquarie University’s Health and Wellbeing Research Unit partnered with Medibank to trial a four-day working week using the 100:80:100 model (in which workers retain 100% of their pay, reduce their work hours to 80% and maintain 100% productivity).  

The trial involved 250 workers and results to date showed workers were performing better and feeling increased motivation, while productivity remained unchanged.  

At the conference, Adam also argued for the need for finance sector workers to benefit from AI. 

“With new technology coming into effect in the sector there is a huge upside for workers to be more productive. Therefore, it is time to have this conversation and make the change. Our current models are antiquated and more than 150 years old – we need to review and update these practices.” 

The FSU also supported an urgency motion to call on the NSW Labor Government to reform the NSW system of work, health and safety and workers compensation to ensure worker safety and provide appropriate support for injured workers to recover and safely return to work.  

“Every worker deserves a safe workplace and when injured, a safe return to work.”  

Read the FSU’s submission to the House of Representatives’ Inquiry into the Digital Transformation of Workplaces and the FSU’s submission to the Select Committee on adopting artificial intelligence.