Westpac's Strong Results Raise Off-shoring Fears

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4th November 2009, 01:02pm - Views: 1205





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Media Release


Wednesday, 4 November 2009 





Westpac’s strong results raise off-shoring fears


Westpac today announced a $4.627 billion cash earnings result for the full year.  It continues

the run of solid underlying results from Australia’s major banks and puts Westpac in a good

position to reward staff.


But the Finance Sector Union said news isn’t all good at Westpac.  Earlier this year, in a

much-publicised move, CEO Gail Kelly suspended the bank’s program of sending Australian

jobs abroad until after the global financial crisis ended.


FSU National Secretary Leon Carter said strong profits and an improving Australian

economy raises concerns that Westpac will resume its offshoring program.


“Australians are clear.  They believe banks should keep jobs in this country, no matter what,”

Mr Carter said.  


“There is no reason that good news for Westpac’s bottom line should cost Australian finance

workers their jobs.”


He said the on-going strength of Westpac’s operations in Australia should mean greater

investment here, not less.


Recently, a poll commissioned by the FSU and Senator Nick Xenophon showed

overwhelming opposition to banks sending jobs abroad.  


Ninety-one per cent of people said they would prefer to do business with a bank committed

to investing in Australian jobs and skills.


“We will continue to work for laws that require customer consent before personal data is sent

abroad by the banks, and we’ll continue to argue for appropriate recognition of the efforts of

staff through decent pay outcomes.” Mr Carter said. 


ENDS

Media: Leanne Shingles, 0423.821.773

Spokesperson: Leon Carter, 0409.946.597







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