2.6% of NAB profit would have saved offshored jobs: union

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2.6% of NAB profit would have saved offshored jobs: union

National Australia Bank’s big profits and strong performance in Australia show there is no justification for sending local jobs offshore, the Finance Sector union says.

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National Australia Bank’s big profits and strong performance in Australia show there is no justification for sending local jobs offshore, the Finance Sector Union (FSU) says.
 
FSU national secretary Leon Carter said the bank’s $2.66 billion half-yearly profit announced this week showed Australian operations increased their cash profit by 1.9%.
 
The union said such strength — off-set mainly by terrible UK results — only highlights the hollowness of NAB excuses in off-shoring or cutting Australian jobs.
 
'Highly profitable’
 
‘NAB’s own numbers say Australia continues to be highly profitable,’ Carter said.
 
‘And with a daily profit of $14.6 million, there is absolutely no need to keep cutting Australian jobs or sending them off-shore.'
 
‘At an average salary of $50,000, only 2.6% of today’s profit could have prevented NAB’s recent off-shoring and job cuts — about a week’s worth of profit.’
 
Carter said NAB has off-shored 383 jobs already, with another 628 under review for off-shoring. A further 388 jobs are in the process of being restructured.
 
‘This result today again shows that strong Australian regulation helps the banks, especially in contrast to the de-regulated UK,’ he said.
 
‘Yet despite strong banks, solid work from NAB’s Australian employees and generous support from Australian taxpayers, NAB keeps looking to cut jobs from the country on which it depends.’
 
‘Not just a cash cow’
 
Carter said Australia should be more than just a cash cow for NAB.
 
‘It’s about time the bank’s management started returning Australia’s favours, starting with job guarantees to its workers who again delivered for NAB,’ he said.
 
‘Something is deeply wrong when a bank that makes money at home is determined to send jobs abroad.'
 
‘It’s bad for business, bad for Australia and galling given the Government’s generous support of Australian banking.'
 
‘Short-term, greed-driven thinking like off-shoring got the world into this economic mess. And it’s long past time the needs of Australia came before big bonuses to obscenely paid CEOs. Because the world has changed, and cashing in on cutting jobs doesn’t wash anymore.’
 
‘New rules’
 
Carter said that if banks won’t act in Australia’s interest by investing in jobs, being fair on interest rates and embracing responsible lending, his union will continue to work in Canberra for some new rules.
 
‘Because it’s time the government stopped asking banks to behave better, and started extracting conditions in return for generous taxpayer support,’ he said.
 
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