Federal Minister for Financial Services and Superannuation Bill Shorten has urged the country’s ‘Big Four’ banks to ‘remember who backed them during GFC’.

 

In a blog entry on the Australian Labor website, Mr Shorten praised Australian banks, while urging them to conduct responsible management decisions to ensure the continued health of the economy.

 

“Thanks to superannuation many Australians now own bank shares, directly or indirectly.  It means that more of us than ever before have an interest in having a robust banking sector that delivers sustainable shareholder returns,” Mr Shorten said.

 

Mr Shorten admitted that banks are operating under difficult conditions thanks to ongoing global volatility, while urging bankers to ‘be smart’ to ensure their continued success.

 

The minister also warned against the ‘strategic sloppiness’ of shedding jobs or off shoring them from Australia ‘without consideration of the alternatives’.

 

“ Banks should be very mindful of the long term impact on their brand off shoring jobs from Australia as the first and only option when costs might need to be shaved or business models refined to meet the challenges ahead,” Mr Shorten said.

 

The full piece can be found here