Westpac profit should mean secure local jobs

1 May 2008
For immediate release

Westpac healthy profit growth should mean secure local jobs

Westpac New Zealand's increased half-year profit of $244 million announced today is enough to provide secure and well paid local employment, and not go down the path of offshoring jobs to the cheapest labour market, say bank workers' union Finsec.

Today's profit announcement came at the same time as reports emerged that Westpac Australia is planning to offshore 3000 jobs to India.

"Westpac needs to show it is serious about committing to its New Zealand business and workforce," said Andrew Campbell, Finsec Campaigns Director.

"Westpac's profit improvement shows it is weathering current economic conditions well, that it can afford to pay fair wages to local staff, and that it doesn't need to move work overseas to stay profitable," said Campbell.

"Ordinary New Zealanders, staff and customers, are behind Westpac New Zealand's profit increases, and they expect the bank to invest profits here - not send jobs overseas."

"Banks who export jobs to countries with rock bottom wages will not enjoy the confidence of local customers," said Campbell.

"In light of this profit announcement and Westpac Australia's reported offshoring plans, we formally call on Westpac New Zealand to reject the low cost off-shoring model and commit to investment in their hard-working Kiwi workforce. They owe this assurance to their staff and customers," said Campbell.

ENDS

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