Red hot anger over ANZ job cuts

There will be red hot anger in the community over the latest banking job cuts by the ANZ, says the ACTU. The decision to axe 500 Australian jobs and shift work to India is absolutely appalling and totally unacceptable, said ACTU President Sharan Burrow.

Australians are doubly angry that banks are slashing jobs while receiving taxpayer support for the global financial crisis.

Ms Burrow said the banking and finance sector had benefited from massive taxpayer support in the past few months to help steer it through the GFC.

She said conditions must be attached to this support to maintain jobs, including no sending of work offshore.

The Federal Government has made available taxpayer funds in the form of the deposit guarantee, a wholesale funding guarantee, the purchase of $8 billion of mortgage backed securities to ease the liquidity squeeze, and the commercial property fund, that may be extended to other areas of commercial activity.

"The banks begged for Government support, but are not giving the Australian community anything in return," Ms Burrow said.

The ANZ made $3.3 billion in profit last year, and recently reported that cash earnings were up 18% for the first four months of this financial year.

Chief executive Mike Smith received total remuneration of almost $13 million last year, including a $2.4 million bonus.

"Australians are angry about the lack of social responsibility shown by big businesses such as ANZ, Pacific Brands and Telstra, who have all announced major job cuts recently.

"At a time like this, the banks and many other businesses can still afford to trim their profit margins and reduce executive salaries before cutting jobs.

"If they won’t do it voluntarily, then it is time for the Government to attach strict conditions to any support it provides."

ACTU