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
NEWS 
