Finance Sector Union National Secretary Leon Carter has slammed secret trade negotiations that may result in a tidal wave of finance job losses in Australia.
Australia is jointly leading negotiations for a Trade in Services Agreement (TiSA) with other WTO parties including the US, the EU and Japan. On the table are things like cutting government regulation of banking while at the same time lifting restrictions on the entry of overseas labour, storage and access of personal financial data and the number of banks and financial services providers that can do business in Australia.
“It is widely accepted that regulation of our finance industry sheltered Australia from the worst ravages of the GFC.”
“In what appears to be a case of collective amnesia, we now we have a government willing to capitulate to the demands of our big banks and financial services lobbyists at the expense of jobs, data security and the best interests of customers,” said FSU National Secretary Leon Carter.
“The danger of leaving the banking and finance industry to its own devices without any form of public accountability and regulation is the exposure to risky behaviour and practices that can cause financial harm and devastation to members of our community and to our economy as a whole.”