FSU stands against job off-shoring

The Finance Sector Union (FSU) is calling on all parties ahead of the election to make a commitment to protect Australian jobs against off-shoring.

Referring to the latest Essential Report from Essential Media Communications, FSU national secretary Leon Carter said Australian jobs and the protection of local industries were ranked third in importance after the management of the economy and the quality of the health system.

“Finance sector workers and the community have said loud and clear that off-shoring is unacceptable,” he said. “When banks send jobs overseas they are putting profits over people and local communities.”

Carter stated it was strong regulation rather than the strength of the banks that saved Australia from the worst impacts of the global financial crisis, and added that further regulation was needed to protect local jobs.

He said that the financial sector and the economy would be much better off with the implementation of key reforms that were recommended in the FSU’s Better Banking Charter. The charter recommended that the Government and banks should make a commitment to stop off-shoring jobs and invest in developing skills in the Australian financial sector; that Government regulation should prohibit or significantly limit the extent to which performance could be measured by sales targets linked to selling debt products; and that a regulatory requirement for banks to demonstrate a direct link between their fees and charges be introduced, along with a customer service provision.

“This election all candidates and political parties have a chance to put their hand up for Australian workers and a strong local finance sector through supporting our Better Banking Charter,” said Carter.