Bank Staff Face Fruitpicking Future

Date: 03 August 2000

The Finance Sector Union will tomorrow call on the Senate Economics Committee to save Bank staff in rural communities from a future of fruit picking as it reviews the Financial Sector Legislation Amendment Bill. This Bill would see mergers becoming easier on the basis of Commonwealth Bank style undertakings between the Treasurer and finance sector companies.

"The voluntary undertakings provided by the Commonwealth Bank saved only 60 Branches, while a further 250 will be closed and more than 2500 employees will lose their jobs," FSU National Secretary Tony Beck said.

"In communities like Bourke NSW and Scottsdale Tasmania, where unemployment rates are higher than the national average, our members know this deal will cost jobs. In Scottsdale, our members say that once their jobs with Colonial are gone their only option for work will be seasonal fruit picking.

"Tomorrow we are calling on the Committee to recommend the inclusion of a Public Interest Impact Assessment to ensure customers, communities and jobs are considered in any decision about finance industry mergers - not just competiton.

"We want the Committee to understand the impact on real people and real communities and think the Treasurer should be forced through legislation to do the same before signing off on mergers," Mr Beck said.

"The Australian Bankers Association would have us believe that banking services are no different to McDonalds and should not be subject to minimum service requirements. The ABA argue in a media statement this week that tax payers should foot the bill for banking services in areas where the banks have pulled out to cut costs.

"With a combined annual profit of more than 7 billion dollars it is clear the 'Big Four' are out of control and enough will never be enough. We think it is time the Federal Government took decisive action and will be saying so at the inquiry tomorrow. Meanwhile Government inaction means customers, jobs and communities like Scottsdale Tasmania continue to pay the price," Mr Beck said.

For further information

Contact:	Sharron Caddie
Union:	Finance Sector Union - National Office
Phone:	039 261 5328
Email:	sharron.caddie@fsunion.org.au
WWW:	http://www.fsunion.org.au

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