The ANZ Bank has announced 3,500 job losses across Australia. NAB followed with 300, and Bank of Queensland added another 400.
What is going on?
Since 2000, housing loans have ballooned from around 55% to over 80% of the Big Four banks’ loan books. Mortgage brokers account for 77% of new home loans, meaning fewer bank staff is required. Meanwhile, small business and personal lending has plummeted from 40% to just 18%. As a result, banks have shut down 2,100 branches, abandoning the personal and business lending that once formed the backbone of their service.
Today, Australian banks employ 85,000 people nationally, while nearly 40,000 roles have been outsourced overseas. Total employment has dropped from 166,000 to 124,000 over the past decade. Despite this, bank profits have surged—from $27.5 billion in 2015 to $31.5 billion in 2025.
The latest round of job losses won’t be the last. Banks are racing toward a fully online model of operation, focused to only include asset-secured lending. That means personal loans, unsecured small business loans, and overdrafts for those without property as security will cease to exist entirely.
And yet, the Federal Government continues to support the banks with a guarantee that saves banks $3.5 billion in financing costs.
One Nation believes this public support should come with public benefit. We propose replacing the banking guarantee’s extra profit with a new Banking Code of Practice—one that guarantees face-to-face banking, fair compensation for victims of AFCA bank fraud cases, and a ban on de-banking legitimate businesses.
This would buy time to establish a People’s Bank—a public institution that will restore banking services and jobs to everyday Australians.
They did this once before It was called The Commonwealth Bank! Now it is as big a thief as the rest of them.
Agreed, Senator Roberts!
Sad days when profit(rape) takes precedent over service and community growth.