Offshoring Jobs

Banks send thousands of jobs abroad…along with your personal data.

In recent years, Australia has seen more than 5,000 finance jobs sent off-shore. New Zealand has lost hundreds, too.

You’d think, maybe, companies that make so much money wouldn’t have to chase cheap labour abroad. But no. Every year, more jobs go, and your personal data with them.

That’s right. If you apply for a mortgage or loan, chances are it’s processed abroad. You’ll never know, and there are no rules to make the banks tell you.

That’s wrong. You walk into a bank in Australia and New Zealand and think you’re being served there. In fact, your personal data may be anywhere in the world. Address, tax information, employer, family details…there’s nothing to stop banks sending your data abroad along with good local jobs.

Not all banks do this, of course. In Australia, banks like Commonwealth and Members Equity don’t. In New Zealand, Kiwibank keeps jobs in the country, too. But banks like ANZ, Westpac and NAB send jobs off-shore every year, as Canberra and Wellington politicians just watch.

At the same time, Kevin Rudd and John Key want to create financial hubs for Asia-Pacific. How this works with fewer financial jobs doesn’t add up. If banks invest in jobs and skills in foreign countries, not ours, it’s hard to see why our financial sector would grow.

If banks and governments are serious about Asia-Pacific doing more of its banking in Australia and NZ, you’d think they’d get serious about investing in jobs and skills here.