Statement from the Shadow Treasurer - ANZ Decision sends a Broader Signal About Victoria's Economy

Statement from the Shadow Treasurer, James Newbury

James Newbury, Shadow Treasurer

The decision by major bank ANZ to cut almost 20 per cent of its permanent Melbourne-based workforce sends a significant economic signal about our state’s economy.

ANZ has announced its intention to reduce its Victorian workforce of 18,500 by 3500. The business has a 40,000 headcount globally.

A reduction that significant, by an institutional business in our state, has a broader ripple effect.

Sadly, the outgoing Chief Executive Officer of ANZ, Shayne Elliott, sent repeated public warnings that have been ignored by the Labor Government.

Mr Elliot previously said Victoria is “one of the toughest places” in Australia to do business.  He also said that “if you keep making it harder and more difficult and more expensive to employ people in Victoria or riskier, there must be an impact of that”.

We have seen the “impact” of the Victorian settings, including the highest tax regime in the country, today.

Shadow Treasurer, James Newbury, said:

“It is deeply distressing to see an institution of this state shed thousands of fulltime jobs as well as contractors. Every job was held by a fellow Victorian. Every one of those workers was a neighbour to the broader community.

“ANZ’s announcement sends a much broader signal about the economic sickness of our state. It hurts to see so many Victorians lose their jobs. Just as it hurts to know that ANZ’s repeated warnings have been ignored.

“It is a sad day for thousands of Victorians and a sad day for our economy.”