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‘Banks are not neutral institutions’: Unions call for sanctions on Myanmar’s Central Bank

"In Australia, joining a union is a workplace right and a choice. In Myanmar, joining a union can cost you your freedom – or your life. That tells us everything we need to know about why democracy and trade union rights cannot be separated."

Julia Angrisano, FSU National Secretary

 

As the people of Myanmar continue to suffer human rights violations, including the persecution of union members, workers, and civil society organisations, Australia's union movement has called on the Australian Government to do more to stop the political violence and repression, including sanctioning the country's Central Bank.

Myanmar's civil war, which was triggered by the 2021 military coup, has led to a humanitarian crisis, including mass displacements and acute food shortages affecting millions of citizens.

Speaking alongside a panel that included President of the Confederation of Trade Unions of Myanmar Maung Maung at the recent Australian Labor Party (ALP) Conference, FSU National Secretary Julia Angrisano highlighted how the FSU had worked alongside other organisations to call on Australian institutions, including banks, to stop enabling the military junta.

"We challenged ANZ over its continued presence in Myanmar and called on the bank to take a stronger stand," said Julia.

"Some criticised us at the time. Then CEO, Shane Elliot, labelled our calls as ill-founded, calling us 'social justice warriors' – intimating that this was not trade union business and that we needed to stay out of it.

"But we understood something fundamental: banks are not neutral institutions.

"Financial systems can either help sustain democracy or they can provide the financial infrastructure that allows authoritarian regimes to survive.

"That is why our campaign has focused on the banking system."

At the ACTU Executive, Julia moved a resolution on behalf of all workers from across the union movement expressing solidarity with the people of Myanmar and urging the Australian Government to:

  1. expand targeted sanctions against military leaders, military owned businesses and their financial networks.
  2. make every effort to stop the military regime's capacity to buy jet fuel being used to attack and persecute the people of Myanmar.
  3. support international accountability and monitoring mechanisms, including at the ILO; and
  4. increase humanitarian assistance delivered through trusted local and international partners and support Myanmar’s democratic movement in their campaign.

Furthermore, a recent Senate Standing Committee inquiry into democracy and human rights in Myanmar also recommended, among other things, that Australia impose sanctions on Myanmar's Central Bank and other military-linked financial institutions.

"The Central Bank is not an ordinary financial institution," Julia explained.

"It is the financial heart of the military regime and facilitates access to foreign currency, supports international financial transactions, and plays a central role in financing the junta."

The Myanmar Campaign Network - of which the FSU is a member - recently sent this open letter to Prime Minister Anthony Albanese and Foreign Minister Penny Wong, which furthers our calls for the Australian Government to impose stricter sanctions and to implement the Senate Committee's recommendations swiftly and decisively.

A union issue

Australian unions, including the FSU, continue to meet with leaders of the Myanmar labour movement about their ongoing struggle for democracy, workers’ rights and human rights, including at the recent Myanmar Workers Resistance to Authoritarianism event hosted by Unions NSW.

"Listening to their stories reminds us what courage really looks like," said Julia.

"These are trade unionists whose colleagues have been imprisoned, tortured and killed simply for organising workers and defending democracy.

"Yet they continue and their resilience is extraordinary.

"Our responsibility is to ensure they are not fighting alone."

Over the past five years, the FSU has consistently advocated for stronger Australian action. Specifically, the FSU has called for:

  • stronger targeted sanctions against the military and its business interests
  • action to cut off jet fuel supplies to the regime
  • recognition of Myanmar's National Unity Government
  • humanitarian assistance that bypasses the junta
  • implementation of Australia's international obligations under Article 33.

For FSU members who are looking to make a difference and do their bit to help the campaign – or if you're simply passionate about social justice issues – please consider joining the FSU's Human Rights Network. If you’d like more information about the committee, please email [email protected].

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Authorised by Julia Angrisano, Finance Sector Union of Australia, Level 13, 380 La Trobe Street, Melbourne, VIC 3000.
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