Media releases

The Finance Sector Union (FSU) said while it welcomed the plan as an important first step in acknowledging the impacts of AI, the government must turn this into meaningful action by implementing strong laws and legal protections to ensure: 

• workers have a say when new technology is being implemented; 
• workers have the skills and training to be part of the finance sector of the future; 
• workers have adequate support and time to find redeployment opportunities or retrain if they are displaced by new technology; and 
• workplace surveillance is only used to keep workers safe.  

In a sector where jobs are being offshored and surveillance tools rolled out at a rapid rate, the union said voluntary principles will do nothing to shift the behaviour of major banks that are already using AI to cut jobs and intensify work.  

Workers are seeing jobs disappear, workloads escalate and automated monitoring systems introduced with little to no consultation or care by the major banks. 

Technology has increased surveillance and demolished job security across the economy.  

A recent FSU survey found a staggering 70 per cent of those surveyed believe AI threatens their job security, up from 60 per cent last year. Surveillance concerns are rising fast, with half of workers surveyed describing monitoring as high or very high and more than half saying it harms their wellbeing. Only 30 per cent said they felt prepared to work alongside AI. 

It’s clear AI is being deployed to drive down costs, not improve conditions.  

Strong laws around AI are urgently needed so employers are held to account on the impacts of their decisions, rather than focus only on the profits AI will generate.  

Finance Sector Union National Assistant Secretary Nicole McPherson said: 

“Finance workers are already living with the consequences of unchecked AI. Jobs are disappearing, systems are tracking workers more than ever, and voluntary guidelines won’t protect anyone. 

“Technology is moving faster than the law, while workers are left carrying the uncertainty and fear that their job will be next. Without strong laws employers will not care about the harms that technology can cause and its impact on workers.  

“The simple truth is major finance employers only respond to laws. We need genuine enforceable rights that guarantee transparency, consultation and real worker voice whenever new technology is introduced. 

“Voluntary guidelines won’t cut it, we need strong laws that employers must follow. 

“We look forward to working with the government on this.” 

Media contact: Kate Shuttleworth – 0447 418 726 or [email protected]