04/10/2025
Shadow Assistant Treasurer and Shadow Minister for Financial Services, Pat Conaghan MP, has blasted the Commonwealth Bank, following reports it was offshoring Australian jobs, warning the big four banks can’t keep cashing in on Australia while turning their backs on Australians.
“The Commonwealth Bank set a new record last financial year with a $10.25 billion profit – but it seems it wasn’t enough. Banks shouldn’t be sacking Australians and then re-advertising the same jobs overseas just to save a buck,” Mr Conaghan said.
The Commonwealth Bank has come under fire after being caught advertising roles in India soon after making almost 300 Australians redundant. Employee numbers at CBA India have increased to 6,788 from last year, up 21 per cent.
“Sure, outsourcing can have its place if we don’t have the right skills or capacity here. But banks can’t sack Australians just to replace them with cheaper overseas staff. That’s unacceptable.”
Mr Conaghan highlighted that Australians in the cities and the regions are both being let down by the banks. “They’re taking back-office and technology jobs from the cities, and since 2018 hundreds of regional branches have shut their doors, leaving too many towns without face-to-face banking services.”
“These banks get a sweet deal from Australia: taxpayer-backed deposit guarantees and regulatory settings that support them. All of that has made the big four some of the most profitable banks in the world,” Mr Conaghan said.
“Profit is a good thing. I want profitable banks and big, successful, profitable Australian businesses. But the big four banks have a privileged position in Australia, so their profits can’t be coming at the expense of Australian jobs or the removal of services from the community. Privilege comes with responsibility and they need to remember that,” Mr Conaghan said.
“Banks must remember their long-term strength depends entirely on the community they serve. They can’t keep pulling out of our towns, sending jobs overseas, and expect Australians to accept it. Frankly, Australians deserve better.”
